5 Mobile apps you can use to calculate your income tax

Under the new tax regime, people with annual income of less than ₹5 lakh will not pay any income tax. Those earning between ₹5 lakh and ₹7.5 lakh will pay 10% tax.

For the ₹10 to ₹12.5 lakh bracket, the tax rate is now 20%. (Pixabay)

This year's Union Budget has introduced new personal income tax slabs which will come into effect on April 1, 2020.

Under the new tax regime, people with annual income of less than ₹5 lakh will not pay any income tax. Those earning between ₹5 lakh and ₹7.5 lakh will pay 10% tax, while those between ₹7.5 lakh and ₹10 lakh will be taxed 15%.

For the ₹10 to ₹12.5 lakh bracket, the tax rate is now 20%. The revised tax for people with income between ₹12.5 lakh and ₹15 lakh is 25%. On the other hand, people with Income above 15 lakh will pay 30% tax.

However, people opting for new tax rates will have to let go off permissible exemptions and deductions.

If the new rates are making you dizzy and you are still juggling with calculating the tax, worry not. Today, we highlight 5 mobile apps that will help you calculate your income tax:

Aaykar Setu: The free mobile app, Aaykar Setu, is an initiative by the Income Tax Department that enables users to calculate their tax amount easily. It also offers various other features such as Ask IT (a chatbot that gives an instant answer to the queries of taxpayers), TPS Verticle (helps users locate nearby TPS offices), Tax Tools, Live Chat, apply for PAN online, Tax Gyaan among others.

Income Tax Calculator by MorAppsStore: Salaried people who fall under any tax bracket can calculate the amount that they will have to pay as tax to the government with the help of Income Tax Calculator app. The app allows users to create, update or delete records.

It comes with added features such as the ability to export your details (to mail accounts), and enabling multiple user entries among others.

My Tax India: This app lets one also calculate tax splits and know how much more investment needs to be done to save tax on income.

Easy Tax calculator: As the name suggests, Easy Tax calculator provides an easy and quick calculation of income tax for the salaried persons as well as pensioners. It also provides the income tax slab rate for the financial year 2018-2019, 2019-2020, and 2020-2021.

The Easy Tax calculator gives you guidelines on how to file your income tax return online in the ITR Filing Guide section. It has other features such as how to register in an e-filing portal for online submission of ITR, how to login to the income tax portal, how to choose ITR forms, how to e-verify your return, among others. The app also provides tax saving ideas to users.

Income Tax Calculator by Ray&Sons Group: Other than the usual features, this income tax calculator offers many investment options. This includes suggestions to invest in mutual funds and other schemes.

These tax calculation apps can be downloaded on both iOS and Android devices from the Apple App Store and the Google Play Store.