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Filing the income tax returns is an annual chore for millions of citizens in the country. The Income Tax Department is the main governing body that takes care of all the tax related activities, which in turn is under the direct control of the Central Board of Direct Taxes (CBDT) which comes under the jurisdiction of the Finance Ministry of India. With the tax season approaching with full force, a sound tax planning is the need of the hour. And what better advice could anybody give other than the mighty online gadget, the Tax Calculator? With the help of simple to use and informative online portal, you can gain access to this amazing online gadget, and even find out the best schemes for you to add to your portfolio and gain marvellous returns overtime.
This write-up has been written to acquaint you with some of the most amazing facts related to the online Tax Calculator, which are sure to excite you from tip to toe. So, don’t wait! Just swing in the melody of a sound tax planning while you read this article.
Enriching Your Tax Knowledge
Before we start talking about everything good that the Tax Planning Calculator holds within, let us first understand some basic points related to the Indian Tax Laws which will help you to enhance your knowledge about the prevailing tax system, and equip you with the ability to correctly arrive at the estimate of your tax liability with the help of this amazing online gadget.
Some of the common FAQs are discussed below: -
1. How the Income Tax is Calculated? No. It isn’t as simple as the daily crossword puzzle that you solve in the newspaper. Since, tax is the main source of revenue for the government to expend on infrastructure, salaries of the government employees and so forth, there ought to be complex calculations attached to the procedure of tax levies. Income tax is levied on all kinds of income that a person may earn which includes his salary, business income, any commission/dividend/interest earned from miscellaneous sources, and even the prize money that he might have won in any event or competition. There are different slabs existing for different kinds of tax payers, and the income tax rate gets progressively higher with the increase in income.
2. What is the Current Tax Slab for the AY 2018-19? Though, the tax slabs announced by the government change every year following the announcement of the country’s annual budget, but as of now the prevailing tax slabs are as follows: -
3. How to Use the Online Tax Return Calculator on MySIPonline? The use of the Tax Calculator is quite easy and convenient, which lets you arrive at the most accurate results in just a few clicks and after feeding some basic information as follows: -
Individual Status: Since calculating tax liabilities is an official task, you ought to define your status, i.e., whether you are normal or senior citizen.
Residential Status: Select the appropriate residential status to arrive at accurate results.
Annual Income: Compute and feed your annual income to the Income Tax Calculator to arrive at the tax liabilities.
Deduction: Don’t forget to mention any deductions for which you are eligible under the Income Tax Act, 1961.
Thus, through the free online financial services portal MySIPonline, you can gain access to the all-powerful Tax Calculator.
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