The payment of taxes in India is one of the unavoidable expenses that every Indian must endure as long as they are living in the country. These amounts are levied by the State and the Central Governments, and also by some of the local authorities in the country such as the Municipality. Taxes are meant to be paid throughout the year, i.e. throughout the assessment year. This year starts from April 1st, 2014 and will end on March 31st, 2015.
Tax planning is therefore one of the most important activities that a person does in order to maintain a sound financial plan so as to meet their financial goals and objectives. A very tedious task to conduct, manually otherwise; there are a variety of online, free tools and calculators that facilitate in the process. One of the most important types of calculators is the Religare Online tax planning calculator.
They are easily available online, where they can be found on different websites belonging to mutual fund companies and other financial portals. They can help a person to determine their estimate tax liability, along with their average and marginal tax rates. All a person has to do is enter in key details (information) such as salary income (basic & DA) per month and per annum, net business income, age, the amount that a person as invested/paid for deduction under Section 80C / 80CCC / 80 CCD of the Income Tax Act.
These online tools calculate your tax liability within a few moments after processing the data. They are known to be accurate and efficient tools to facilitate in the process. They are extremely useful to help a person calculate their liabilities to the Government, keep a record/track of all transactions, eligible tax credits, etc.
So, why make use of these online calculators? Not only do they save a great amount of time, but are accurate and efficient as well. While making investments in a variety of financial instruments is very important, it is also very important to know how much money of yours is paid for tax. This can help a person to keep a tab/record of their finances and feel far more in control of their funds. This is one of the best time-saving tools available to ensure this process.