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Cutting a chunk from your income and giving it to the taxman is truly deplorable. Nobody wishes to lose the hard-earned money in the name of taxes; the benefits of which are not even attained. You may often get confused while computing your tax liability and feel annoyed when you have to pay a big sum of money to the taxman just because you are earning. Would you like to compute the actual amount that you are liable to pay to the income tax department? The tax calculator will help you with the same. There are financial advisors and tax consultants who claim to provide the best services for computing the net taxability of the individual. But the online tax calculator which is being designed with a high degree of efficiency is aimed at providing an even better solution for taxation purposes.
What Can You Use Tax Calculator For? The usage of the online tax calculator in India is directly linked with the tax return filing. You file your income tax return after contemplating the accurate amount of taxes in the year, right? This tool helps in generating the exact value of the same so that your tax filing can be successful. This is just one solution that this tax calculator provides, there are several other usages as well which include -
1. Knowledge of Section 80C Deduction:- Some of the online tax planning tools in India also provide information in regards to the deductions available to the individual in their total taxable income. One can come to know how much money they need to invest in the 80C instruments for availing maximum tax savings in the current financial year.
2. Recommendations for ELSS Investments:- The tax planner also provides the best way of investing in the top-performing ELSS investment plans in India. There are some tools which recommend the ELSS mutual funds from several AMCs as per the requirements of the investors so that they can directly invest in them and claim the 80C deduction on their income for saving on taxes.
3. A Tool for Financial Planning:- Taxation is an integral part of financial planning, and the tax calculator assists in the same. By computing the total as well as accurate tax liability for a financial year, it helps in making budgets for planning finances for efficient functioning. This way, you get better assistance in making effective tax and financial policies as well.
So if you are looking to make a worthwhile tax-saving plan, then the tax calculator is a must-have tool for you. With several benefits as described above, you can simply make the most of your tax planning.
The Section 80C investments which provide a deduction of an amount of up to Rs.1.5 lakh will help you in reducing your tax liability to a great extent. This calculator is quite beneficial for every one who comes under the tax bracket in the Indian taxation system.
Various online mutual fund platforms like MySIPonline provide the online tax calculator in India for making easy calculations of taxes. You must avail their services to attain maximum advantages of such solutions.