How Can the Tax Calculator Help You to Organise Your Tax Bill?

Tax planning is an inevitable part of our lives. Every year, people spend almost a fortune in arranging for a tax consultant in the hope to find the best solution for their tax problems. While this age-old method does provide positive results, it indeed comes with a heavy price tag. So, can there be a better and cheaper solution?

The answer is yes, and you can do this by using the online Tax Calculator. It is an online gadget that will help you in doing the best assessment of your tax issues, and help you save big on your tax fees. You can find this tool online for free at MySIPonline – the best online portal for mutual fund investments.

Income Tax – Who is Liable?

India is a home to more than a billion souls, yet the number of taxpayers is surprisingly low. This is because the majority of the population doesn’t fall within the minimum threshold of paying taxes, as a result of the relaxation allowed by the government. A person of an age not exceeding 60 years is not liable to pay any taxes if his annual income doesn’t exceed ₹2,50,000. Any income earned beyond this threshold will be liable to tax as per the prevailing slab rates. However, if the assessee (or the taxpayer) is a company, there are no such thresholds. They ought to pay taxes on the entire income.

How Much Do You Owe to the Government?

Using the online Tax Calculator can provide best and accurate results only when you disclose your income properly. While there are certain exemptions available that do not fall within the tax bracket, most of the sources of income fall within the ambit of tax. For instance, a person might have different sources of income such as rental income, salary, interest on fixed deposits, and dividend on investments etc. These incomes, for the sake of correct measurement of the tax liability, ought to be included in the computation. However, there are certain incomes such as the lottery winnings, which do not form part of the general income and are taxed separately irrespective of the threshold of ₹2,50,000.

What Benefits does the Tax Calculator Provide?

Using the Tax Return Calculator has a horde of benefits attached to it. This online tool is a superior alternative to the orthodox system of tax planning which otherwise involved hiring a tax consultant. Here are some of the benefits that you can savour while using this awesome online tool for your tax related issues: -

• No Cost Consultant : Unlike the fancy tax consultants, the Tax Planning Calculator doesn’t ask for any fees in consideration for its services. Using this tool is simple and straightforward, and you can run tons of calculations with different combinations to satisfy your tax needs.
• Marvellous Accuracy : No matter how good a person might be with numbers, there’s always some margin of error in his calculation. But that’s not the case with the Tax Planner. This tool is devised by experts and coding wizards, who have used powerful algorithms to ensure accurate calculations. Hence, you can stay carefree about your tax planning and proceed with confidence for your future endeavours.
• Available Anytime, Anywhere : Using the online Tax Calculator is as easy as playing a video game. All you need to do is give it some data about your tax issues and boom! Your results will be served hot and fresh. You can find this tool for free at MySIPonline, and can literally run the tax scan anytime, anywhere.

So, if you’ve had major concerns regarding your tax issues, then it’s time to shrug them off by using the Tax Calculator. Log on to MySIPonline today, and start planning for a more organised tax payment.