Use the Best Tax Calculator in India at MySIPonline
Congratulations!!! Finally, you are at the right place. This blog will help you to know about the various benefits and features of the tax calculator provided at our portal. After learning more about it, you can use it to simplify your tax planning.
Tax planning calculator in one of the most efficient online tools which helps to figure out the accurate amount of tax payable on your total income after making necessary adjustments of deductions (if any). It is easy to understand, and one can use it effortlessly. Let’s know the benefits of using tax calculator of MySIPonline:
- No need to knock at the doors of tax planners. With the use of this online tool, you can easily do it on your own.
- It instantly shows the amount which you can save on your taxable income by investing in various options under section 80 C of the Income Tax Act of India, 1961.
- It calculates the taxable income considering all the necessary deductions from your gross income and generates the correct result.
- Our tax calculator shows you a comprehensive tax summary for the amount calculated on your income. It is very easy to understand the summary and know the actual tax liability after all the adjustments.
- It considers all the important parameters mentioned in the different sections of the Income Tax Act for the accuracy of the results. Some of the various considerations are:
- Relief under section 87 A, according to which a rebate can be claimed of Rs. 2,500.
- Surcharge, Education Cess, and other necessary charges.
- You can calculate income tax using our tax planner for three different residential status which includes:
- Not Ordinary Resident
- It computes the tax amount considering the age group so that it can show the correct figures as per the tax-rate slab in which you fall.
After you enter all the details required in the respective boxes, it will show you quick results, at the same time it also suggests you the required amount which you can invest in ELSS to avail the benefits under section 80 C. You can choose any method for investing be it SIP or Lumpsum, as per your suitability to reduce your income tax liability.
Why MySIPonline for Tax Planning?
Tax planning is one of the crucial works that needs to be done within time. Whenever the fiscal year ending approaches, taxpayers start building strategies to avail maximum possible deduction on their taxable income. Most of them rush to hire the experts in order to get the tax calculation and planning done. They try to get the best person for this work as they do not have much knowledge of the financial talks.
What will you do if we say that we have a magical tool which can help you in calculating tax and planning within a few clicks, and you need not knock at the doors of professionals or experts for help? Yes, this is all what our online tax calculator can do. You can easily compute your net taxable income by entering the required details in the respective boxes provided. Our dynamic tax planning tool shows you complete details, and especially, it focuses on the amount which you can save on your taxes by investing in one or the other investment options under section 80 C of Income Tax Act of India, 1961.
Once you are done with computing your taxable income, you may think that the process end here but, we don’t. We believe to show you the right path at every turn. So, when you are done with your calculation part, we provide you with the two best solutions through which you can avail the possible deduction on your taxable income. You can choose any one as per your suitability and proceed.
Tax Saving Funds:
After clicking on one of the selected options, you will be redirected to our tax saving funds page where you will get an overview of the historical performance of the ELSS funds in providing tax benefits and generating returns. You can check how much you can expect to get by investing a certain sum of amount for a certain period of time. You can also check the suggestions of various ELSS schemes for the amount you want to invest.
This way, you can do your tax planning in the most efficient way by using our online tax calculator and investing in the most suitable tax saving schemes.
Why ELSS Funds?
Equity Linked Savings Scheme (ELSS) is the category of mutual funds which are eligible under section 80 C of the Income Tax Act, 1961, to provide tax benefits to the investors. This section states that you can avail a deduction of up to Rs. 1.5 lakh each financial year by investing in the options eligible under it, of which the best one is ELSS funds.
There are some who still unaware of the fact that why ELSS are the best schemes to invest in for gaining tax benefits. Let’s know why:
- Superior Tax Benefits: ELSS funds provide you with tax benefits that you can save an amount of up to Rs. 46,350 on your income tax.
- Lowest Lock-In Period: ELSS comes with the lowest lock-in of just three years comparative to the other tax saving instruments.
- Double Tax Benefits: You definitely get the tax deduction when you invest in ELSS funds. The interest earned on the investment is also tax-free. Therefore, you get the double tax benefits.
- Higher Return on Investment: ELSS funds invest the capital in the stocks and equities of the various companies which are capable of generating healthy returns in the long run. Therefore, ELSS is the tax saving investment option which provides you with the higher return on investment. The historical returns of ELSS funds are recorded at 14-16%.
Henceforth, you should not skip any more time in thinking. The financial year end is approaching, and you may want to avail the maximum possible deduction on your taxable income. So, start planning today by using our tax calculator and reap all the benefits. We, at MySIPonline, always try to provide you with the best solutions to simplify your investment process.
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