New income tax calculator out! You can file income tax on your own now

Income Tax Department website has introduced a new income tax calculator claiming that it is now easier to do so. During an interactive session with Finance Minister Nirmala Sitharaman, Revenue Secretary Ajay Bhushan Pandey informed about the new income tax calculator being introduced by the Income Tax Department. He said that the new income tax calculator has been designed in such a way that income tax return (ITR) can be filed without taking the assistance of anyone. Most taxpayers generally pay money to Chartered Accountants or other professionals to file income tax.

"We don't want people to go to Chartered Accountants or @IncomeTaxIndia officers or anyone, taxpayers can just visit the website and understand which tax regime is better for them," said Ajay Bhushan Pandey, Revenue Secretary, Government of India. He went on to add that a new tax calculator that has been put on the @IncomeTaxIndia e-filing website on February 7th morning and that it is very easy to operate. He said, "Enter age, income and total exemptions - it will tell you how much to pay in which tax regime, and which regime is better."

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So, those income taxpayers, who file their income tax return (ITR) on their own need not follow accounting professionals any more as the new income tax calculator will let the earning individual know their income tax liability. It will help them know how much they will have to pay as tax even in advance as a salaried person can asses one's earnings and savings in advance.

See Income Tax Department tweet below:

We don't want people to go to Chartered Accountants or @IncomeTaxIndia officers or anyone, taxpayers can just visit the website and understand which tax regime is better for them

- Revenue Secretary, at FM's #Budget2020 interactive session

LIVE: https://t.co/OZOZcFFlql https://t.co/B1bGhbl9tq

— PIB in Maharashtra (@PIBMumbai) February 7, 2020

Here is the step by step guide to use the new income tax calculator being introduced by the income tax department website:

1] Log in at incometaxindia.gov.in/Pages/default.aspx — official income tax department website;

2] Go to the important links on below left and click at tax calculator link;

3] Enter your name, age, income, tax exemptions, etc. and submit; and

4] Your income tax liability will be displayed on the computer monitor.