What Is The Formula For Calculating Your Net Worth How to Make the Best Use of a Tax Calculator?

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How to Make the Best Use of a Tax Calculator?

Confused about your tax liability? Do you want to calculate the exact amount of money the taxpayer is withholding? If yes, then a tax calculator is the best tool for you. Although financial advisors and tax advisors claim to provide the right solution for tax savings in a given year, the online tax calculator has left them behind.

Tax calculation is not an easy task at all as we have to take into account various factors in order to make accurate calculations to calculate the taxes paid to the Income Tax Department. While filing tax returns, it is very important to follow each step correctly to ensure that each section is considered. A tax calculator is one of the needs of every assessee as it helps him in calculating the total values. Do you know how to make the most of such an amazing tool? Let’s test it.

Reasons to Choose Tax Calculators

  • Simple calculation:- The online tax planning calculator in India is easy to use even for common people. One needs to fill in the details, and it generates the most accurate amount.
  • Investment Recommendations:- There are some tax accountants in India who provide better investment advice. As we know that Section 80C of the Income Tax Act provides tax deduction up to 1.5 lakh, tax planning tools suggest plans where one can avail such deduction.
  • Tax Planning made easy:- Tax planning in India is an automatic task as there are many parameters that need to be kept in mind. These online tax calculators simplify such tasks by providing better solutions.

Various Tax Calculators

Tax calculations are difficult because of the problems involved in assessments. So, one should use the best tax calculators in India so that the correct rates of return can be calculated. The online tax planning calculator uses the following parameters to calculate the correct rates:

  1. Type of Test – The first thing a person should mention in the calculator is the type of person they are. Apart from different classes of assessees, ie, individual, HUF, company, BOI, etc., it is necessary to mention which level is the first. Moreover, in the case of each person, he is asked to specify his age group so that calculations can be made according to the correct slab dimensions.
  2. Status of Residence – It is an additional requirement for the assessor to state the nature of the residence. The reason is that the Income Tax Act has different rules and requirements for Residents, Non-Resident Persons (NRIs), and Residents & Non-Ordinarily Residents (RNOR).
  3. Gross Annual Salary – Once the nature of the assessee and the state of residence is determined, the person is asked to declare the annual income on which the tax payable is calculated. It is the total annual income earned by the assessee in a particular financial year. It is the sum from which different adjustments are made, and the individual claims a deduction to calculate taxable income.
  4. Withdrawal of Claim – The online tax calculator also asks for deductions claimed under various sections of the Act, say 80C, 80D, etc. etc. this financial year.

Hence, by assessing the actual amount payable by the taxpayer, one can make the best tax planning in India for any financial year. Tax calculator is the most used tool on the internet as one does not pay any fee to use it. If you are concerned about calculating your taxes, you should start with the best tax calculator.

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