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 20 - 21
The income tax is collected by the Indian Government in 3 different ways: A. Voluntary Payment by Taxpayers in Banks B. Tax Deducted at Source (TDS) C. Tax Collected at Source (TCS)
Yes. The lottery or prize amount is taxed at 30% with no exemption.
Yes. It is mandatory to disclose every source of income even if it is exempted from tax. ITR filling is mandatory for every earning individual liable to pay tax.
Tax Deducted at Source (TDS) is the tax which is deducted by the employer from the income. Any tax deducted at the origin of the income is called TDS.
It is a statement which contains details of TDS, TCS, advance tax, and paid refund. It is maintained and generated by the Income Tax Department for every individual.
The last date to file an ITR is 31st July. The last date to make investments under section 80C to reduce the tax liability of the financial year is 31st March.
Financial Year (FY) is the year between 1st April and 31st March in which you earn your income while Assessment Year (AY) is the year followed by the financial year in which you have to evaluate the income earned during the previous financial year and pay taxes on it.
Yes. Income from the pension is taxed as per the tax slab, however, pensions received from the United Nations Organization is tax-free.
No documents are needed to be attached necessarily unless the Income Tax Department asks you to personally submit documents.
Form 16 is a certificate for TDS deductions given by the employer. It also contains the details of salary, allowances, and other deductions.
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.