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Benefits of Using Income Tax Calculator_WC

5 min 13 Sep 2023
Benefits of Income Tax Calculator
Highlights
  • Use Calculators Anytime and From Anywhere
  • Simple and Easy to Use
  • Help with Financial Planning
  • Income Tax Calculators are Quick
  • Understand What Factors Affect Your Taxes

Proper planning is key to achieving your financial goals and an income tax calculator can help greatly in this regard. As per the new union budget, one can file taxes under both the old as well as the new regime. An income tax calculator allows one to understand their tax obligation under each of the different regimes. The calculator requires users to input basic information, such as their annual salary, monthly expenses, tax-saving instruments they have invested in, etc. Other than giving you your tax obligation under both tax regimes, the tax calculator also suggests tax-saving options that you can use to save on your taxes. In this article, we look at why tax-payers should use an income tax calculator and how can the calculator prove useful for them. Let us look at its advantages and reasons why one should use an income tax calculator.

You can Use These Calculators Anytime and from Anywhere

Income tax calculators are easily available online these days. Just search for them and you will get at least a few different options. All you need is a smartphone, tablet or laptop and an internet connection to use these calculators.

They are Simple and Easy to Use

Income tax calculators are easy and simple to use. They require you to enter some basic information, which almost everyone has access to. Thus, even those who have no idea of how the Indian tax system works can use this calculator to calculate their EMI obligation each month.

People Also Read: How to Calculate Home Loan EMI

They Help with Financial Planning

Majority of people in India know nothing about tax-saving instruments, such as tax-saving mutual funds, FDs, ELSS scheme, home loan tax benefits, etc. Many income tax calculators not only calculate an individual's income tax liability for the year but also advise them on what investments they can do to save tax each month. This way, income tax calculators help with financial planning.

Income Tax Calculators are Quick

Calculating tax manually is a difficult task, one that should ideally be left to experts. The good thing about income tax calculators is that they perform all the complicated calculations and tell a user their tax liability within seconds. 

They Allow You to Understand What Factors Affect Your Taxes

Income tax calculators also offer educational value. They tell a user what factors affect their income taxes and how they can use this information to save taxes. 

You can use an income tax calculator at the starting of the year to understand your tax liability for the year and make investments accordingly. This will not only help you invest in the right places but also allow you to save enough money each month or even out your tax deductions through the year so that paying taxes at the end of the year does not feel like a burden.

Also Read: 5 Tax Savings and Other Benefits When You Get Home Loan 

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DISCLAIMER:

While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.

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