No tags yet.
Death and taxes are two inevitable parts of our lives. They do not distinguish between caste, creed, religion or colour, and arrive in every individual’s life regardless of any such things. While the former takes its toll on the human life only once, the latter is a more frequent phenomenon that happens every year like clockwork. While we can’t control our own death, but we can surely put a leash on our tax payments by using the mighty online tool, the Tax Calculator. This device is a revolutionary innovation in the world of finance and the technology at large. It lets you be your own master in deciding how much taxes you are going to pay this year, the next year and the year after. How? Well, that’s what we are going to cover in this write-up today, along with some killer tips on how to use this online machine to the best of your tax planning. So, without much faffing let’s begin our discussion!
What is the Tax Calculator?
Before we start our class on the ‘Tips to Use the Tax Return Calculator’, let’s first understand what this tool actually is. The Tax Calculator, as the name suggests, is an online tool to calculate your taxes and determine your prospective tax liabilities. It allows the users to get a better knowledge of how much tax he or she is going to pay to the government, and also disseminates vital information regarding the various ways available to obtain the deductions and relaxations available in the Income Tax Act, 1961.
Where you can Find It?
There are many online websites today that have the online Mutual Fund Calculator installed, but not all of them have a good, working online model. MySIPonline is one of the top ranked online investment portals in India and the best in the entire Northern Region of the country that apart from providing free investment assistance and facilities, offer a vibrant range of online tools that includes the Tax Calculator. It has been constantly ranked by many official ranking sites as one of the most trusted brand in online investing, hence, you could be sure of getting the best products to use.
The Best Tips to Use the Tax Calculator
While we are not going to show any magic here, but the following points will work nothing less than wizardry. Our years of research and client-handling at MySIPonline have made us come to a conclusion that sometimes, the simplest of things lead to some of the best results, and we have shared some very simple yet useful tips down below: • Know Your Status Assessees in India are dissected into Individuals, HUFs, and Companies etc. For individuals, the government has set a minimum threshold for different age groups, up to which no tax shall be paid. Knowing where you fit in will automatically save your from paying a good amount of tax. • Leverage on the Endowments Section 80C of the Income Tax Act, 1961 allows a deduction from annual income on making certain investments. Some of those investments are paying life insurance premium, investing in ELSS plans and purchasing National Savings Certificate etc. Such investments allow a mighty deduction up to Rs. 1,50,000 from your annual tax bill, thus curtailing your liability by as much as Rs. 46,350/- per annum. • Stay Abreast with the Latest Amendments The tax law is a dynamic field and gets changed every year. While the online Tax Calculator has an inbuilt feature that automatically fetches the amendments from the web, knowing them all by yourself further improves the chances of strong tax planning as you’d exactly know where to hit.
MySIPonline is proud to assert that it has some of the most brilliant brains working for it, who spend countless sleepless nights to make available top quality information and unbiased reviews on different topics related to the financial world, all for free. We hope that the above tips on using the Tax Calculator would surely prove to be a great aid in controlling your tax liabilities.