Section 80C of Income Tax Act, 1961, provides a deduction of Rs.1,50,000 from the gross income. An individual and HUF can reduce the Net Taxable Income by Rs.1.5 Lac., and minimise the tax liability for the financial year.
Income Tax Calculator FY 19 - 20
The Income Tax Calculator – An Ultimate Gadget to Trim Your Tax Liability
The Income Tax Calculator in India plays a very important role in helping the users to correctly assess their income tax liability, and thereby effectively plan their overall budget for the prospective years of their lives. For decades, strained relationships between the governing authorities and the public were prevalent due to the stringent tax policies with no apparent solutions or relaxations. Though, it is not practical to mould the laws passed by the parliament according to the convenience of the general public, but acting wisely in accordance with the prevailing laws is the least that we could do to streamline the difficulties in the taxation system, and thus prepare a more accurate and more reasonable estimation for the tax liability.
And for making this possible, the online Tax Return Calculator has been developed by the tax experts in association with the market gurus, in order to provide a platform to the regular investor to correctly determine where and how much he should invest to optimise his tax savings, and reduce the burden of his levies.
What is the Online Tax Planning Calculator?
Apart from being the largest democracy in the world, India is the second most populous country, after China. With such a huge population residing in the Indian landmass, it is obvious to think that the administration of the country is not strong enough to impose a seamless control over every task. This further led to many loopholes popping up in the system, which further led to the aggravation of corruption and unlawful means being practiced against the sovereign system of the nation.
If we talk about tax, it is the main source of income for the supreme government which in turn is used to run the country, and improve its economic status. But if we look at the number of people who judicially pay the taxes, it is surprisingly low, floating at about 3 crore out of the gigantic figure of 130 crore residing individuals. The main reason behind such a low number of taxpayers is that the people are reluctant to pay taxes, because of the heavy liabilities imposed by the government. But this is only half the answer. The other half, which is more important, is that they aren’t aware of the various relaxations and deductions allowed by the government and thus, fail to appropriately plan their taxes. To bridge this gap of lack of awareness, the Tax Calculator in India was devised to help the users to optimally have their tax planning sorted, and become more acknowledged of the latest amendments made in the Indian tax laws.
Hence, in simple words, we can say that the Tax Calculator is an online gadget to help the common man to properly make a computation of their tax liabilities, without the need to consult any tax consultants who are normally very expensive to afford. Furthermore, it provides recommendations on some schemes which fall under the ELSS fund category, to invest via SIP or lump sum in order to earn profits and tax benefits.
What are the Salient Features of the Tax Return Calculator?
- Easy Access: The foremost feature of the Tax Planning Calculator in India is its accessibility. Being an online gadget, it comes with the inbuilt virtue of being able to be accessed from any part of the world, during any minute of the day. Thus, it has eradicated the problem of immediate access to the tax consultants, which is otherwise not possible during emergencies or from remote areas where there is no such facility of consultants available.
- No Cost Expert Advice: Nothing comes free in this world; even the air we breathe and the movies we watch on weekends, everything has a price being paid either by you, or by someone else on your behalf. And when its about something as important as tax consultancy, the notion of heavy fees is always attached to it. But, the Tax Return Calculator is the only gadget in the realm of taxation which comes without any price, and helps the users to get the most accurate calculations which isn’t possible to be made by any human. All this for no charge, not a single dime at stake!
- Instant Results: Tax calculation is a very complicated task which requires even the experts to devote surplus time to properly chart the course of your tax planning. But unlike your regular tax consultant, this remarkable online gadget doesn’t need weeks to arrive at concrete tax calculations. Instead, the results will be flashing on your computer or smartphone screen the moment you push the “calculate” button. This unmatched speed and accuracy is what makes the Tax Calculator stand miles ahead of its competitors.
- Regular Updates: Indian tax law gets amended every year, following the announcement of the annual budget made by the Finance Ministry. Hence, it is utterly important to stay abreast of the latest laws and policies introduced by the government, and those which have been removed from the text of the bare act. Since it is quite reasonable to think that it is not possible for a prudent person to instantly scan the areas of amendment, the Tax Calculator in India gets automatically updated as per the latest alterations or modifications made by the government, and reflects these changes on its interface to help the users in correctly planning their investment which are attuned to their tax intricacies.
As the end of the financial year 2017-18 is in close proximity with approximately 70 days remaining of its life, the havoc of tax calculations and return filing is soon going to knock on our doors. But with the use of this amazing online Tax Calculator, you can neutralise the impact of this chaos and effectively plan your investments to trim your tax liabilities. By using the online services of MySIPonline, you’ll be able to avail the benefits of both worlds – supreme mutual fund products that are taking the industry by the storm, and the impeccable services of the Tax Planning Calculator to optimise your tax related decisions. So, without wasting a single minute, check out our website’s various features which are all set to help you take the most rewarding investment decision of your life.
A great thanks to the person who created this tool, as it has helped me very much in the past 2 years, and has literally guided me in saving money. At first I was here just to use the calculator for checking the taxes I have to pay this year. But while entering data I came across the deduction section and from that I got to know about 80C instruments and the benefits they give. In the previous tax filing, I saved around Rs 15000 on taxes and all because of this tool.Manisha Patni Business Development Associate
The best tax calculator for new tax plan! Absolutely amazing! Thanks to the maker of this fantastic gadget that works so effortlessly and show instant results. I have never thought that I could do it myself. Calculating tax is one of the most critical work for most of the people, and when I am talking solely about me, I am a numeric pundit who knows only addition and subtraction in all. So, for me, it’s really a great tool. Thumbs up guys!!!Meenakshi Rathode Fashion Designer
Tax Calculator has helped me a lot in fulfiling my financial goal. When I was planning to invest through SIP, I faced many issues in calculating the amount I need to invest monthly in my favourite mutual fund. Thanks to the calculator which not only allowed me to know the projected amount but also allowed me to check the best and worst case scenario without actually investing. It is a convenient tool and should be used by everyone before investing.Aakash Diwakar Mumbai, India
One of my friends was charged with uncertain tax liability, and he wasn’t prepared for it. As a result, his financial stability was imbalanced. I did not want to suffer the same fate, and hence I looked up online where I found the tax calculator at MySIPonline. The tool helped me to determine the tax liability after inserting the requisite details. It also allowed me to check the tax liability I will be able to reduce by investing a maximum of 1.5 lakh. I can never thank the makers enough!Kuldeep Shekhawat Marketing Manager
I am using the online tax planning calculator of MySIPonline, and it’s been an amazing experience. I liked the way that has provided it because they made it very easy to use and simple to understand so that any one can use it proficiently. Furthermore, if I say about its accuracy, it just provides exact calculations each time you use. I am not facing any problem now in calculating my taxes; rather I am enjoying it because this online tool is just excellent. Thanks for providing such supportive tool for calculating the typical numbers of tax so easily.Amit Gaur Salesman
Calculating taxes is a real headache. I never come to know what to add and what to deduct. Then I found this tax calculator, which has become my favourite just after my first use. It shows the results without any delay and also suggests me the funds where I can invest to save my taxes. This is one of the most user-oriented tools I have ever used. I am very much thankful to the website MySIPonline for providing a fantastic device.Surbhi Mishra Bangalore, India
I would really say the income tax calculator at MySIPonline is of great help and interest after personally experiencing the same. It not only gives the amount of tax you are required to pay, but it also suggests you the amount you can save if you have investment in some tax saving scheme. They have built the calculator in a very efficient and user–friendly way. It helps you justify the amount of tax you are paying. A big thumbs up.Sunil Dave Kolkata, India
Super happy with the tax calculator available on this platform. Easy to use and understand. Very simple build-up. No expertise required to calculate deductions on my taxes. I simply enter the values which are required, and it showed me correct results in less than a second. Other than this tax planning calculator, there are many more reasons why this platform is best for MF investments. The customer support team is one of them. It reverts very fast and with excellent solutions. Thanks to the people putting efforts!Mrinal Vyas Company Secretary