Income Tax Calculation for FY 2020-21? 

To use the income tax calculator for tax calculation, you must use the following steps:  Choose the year for which you are calculating your income tax.  In India, the tax liability changes as per your age. Therefore, you must choose the correct age group.  Once you make these selections, you need to provide details regarding your salary or income you receive after all the deductions such as house rent allowance, insurance premiums, and rent. This information is a prerequisite if you are planning to file your taxes under the old tax regime. If you wish to know your tax liability in the new system, you need to provide the salary information without deductions. And exemptions.  Besides all these details, you must also enter interest income, rental income, and any other sources of income.  If you want to calculate the tax as per the old slab, then you must also provide details regarding your tax-saving investments that fall under section 80C, 80TTA, 80E, 80D, and 80G of the income tax act.  Once you have entered all the details, you must click the calculate button to know your tax liability. You will be able to compare your tax payable in both the old regime and the new tax regime. Also,  you will get a detailed calculation of your income tax by entering your phone number. This information will help you choose the correct taxation method that gives you maximum benefit.  Aside from giving you instant and accurate tax estimates, an income tax calculator also makes it easy for you to plan your investments. You can use the calculator anywhere and enter different figures to work out how you can save maximum tax as per your income. Since it takes all factors like age and future growth of income into account, you can also use this tool for financial planning.