Online tax calculator: The government collects tax for the development of the country and filing tax in India is also a social responsibility along with legal responsibility. Filling tax at the right time can avoid legal problems and also gives the benefit of tax exemption. For its correct calculation, you can use the tax calculators given.
Why is tax filing necessary?
1. Considerable is necessary- Under the Income Tax Act, 1961, every person earning more than a certain income slab has to file income tax. If a person does not pay tax or gives wrong details, he may also face legal action.
2. There is also a need in the form of a experienced document- Income tax return is proof of your income, which is also necessary for taking advantage of many types of government schemes, taking loans or many other types of financial transactions.
3. It is also necessary for tax refund- If you have paid more tax, you can claim refund by fileing income tax. If you introduce the correct documents, then shortly after the tax filing, the extra tax paid by you will be refunded directly to your bank account.
4. It is also necessary for the financial plans of the future- By filing income tax, it helps you to prepare your annual income, annual expenses and in addition to preparing an investment and savings plan. By using it, you can also prepare a structure of your future savings.
Top calculators helping tax filing
While filing tax, it is important that you do the correct calculation of the tax on the above. Also, at the time of tax filing, many types of exemption are also given by the government, whose calculation is also necessary.
Therefore, further information about some major online calculators is given, which can help you a lot in tax filing. By using these calculators, you can pay tax correctly and can also avail maximum discounts in tax.
1. Income Tax Calculator
Income tax calculator There is an online calculator, which calculates your income tax based on your income, investment, expense and other necessary information.
Through income tax calculator, you can also compare tax imposed under old and new tax systems and choose the right option for yourself. You will find this on the income tax portal as well as many other websites.
2. Section 80D Calculator
Under Section 80D, you can claim tax cuts on the health insurance premium paid for yourself and your family and this will help you a lot in saving your money.
80d calculator The use of you helps you calculate this cut, which gives you a lot of discount while paying tax. Many websites provide you free facility, where you can calculate your savings.
3. House Rent Allowance (HRA) Calculator
If you live in a rented house, then you get the benefit of some exemption at the time of tax filing under the Income Tax Act 1961.
According to your income and rate, you can calculate how much discount you will get as HRA allowance, you can calculate through house rent allowance calculator. Many websites and portals provide these facilities.
4. Section 80 C Calculator
Under Section 80C, you can also avail tax exemption on PPF, EPF, NSC, ELSS, Life Insurance Premium, Children’s Tuition Fee and Home Loan Principal and Interest.
Whatever amount you have done, you can know about your discount by putting it in section 80C calculator. You will also find this calculator on websites related to finance.
5. Home Loan Tax Benefit Calculator
If you have taken a home loan, you can claim discount on interest and principal amount under section 24B and 80C.
According to your loan, you can use a home loan tax benefit calculator for its calculations. You can also see such calculators on many other portals including banks’ websites.
6. Capital Gain Tax Calculator
If you have benefited from selling your property or selling stocks and mutual funds in addition to income from salary, then you can claim exemption on this as well.
For the correct calculation of tax on such assets, you can use a capital gains tax calculator, which you will get to see on many websites.
7. Pension Plan Calculator
If you have taken a pension scheme to make your retirement secure, then you also get the benefit of tax exemption on it.
According to your scheme, you can use pension plan calculators to calculate the discounts received while filing tax, which you get to see on many more portals including NPS.
Some important tips to file tax:
Some precautions are necessary to take some precautions while filing tax or else you may get into trouble. Therefore, by using further tips, you can save your time, as well as stay away from any kind of legal trouble.
1. Tax file on time: You should always file your returns a few days before the last date of tax filing arrives or else you may have to face a lot of problems at the last moment.
2. Take help from Profanals: If you are having trouble in the tax or calculation of tax, then you must take help of a professional.
3. Give all information: To get the right refund and to avoid any legal action, it is necessary that you give correct information about your income, investment and deduction.
4. Use E-Filing: Now you can also file returns by visiting the Income Tax Department website and file your tax sitting at home.
conclusion
Filing tax is not only legally necessary for every citizen, but it also helps in your financial stability and future plans. You can not only calculate the correct calculation of your tax by using the online tax calculators mentioned above while filing tax, but you also get the benefit of many types of discounts. Therefore, it is important that you file the correct tax and take advantage of the exemption given by the government.
