Cash Flows From Operating Activities To Net Profit After Tax 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 total tax liability? Do you want to calculate the exact amount of money you owe to the IRS? If yes, then the tax calculator is the best tool for you. Although financial advisors and tax advisors claim to offer a complete solution to tax savings in an individual year, the online tax calculator has left them behind.

Calculating tax is not a simple task at all as we have to consider various elements to make accurate calculations to calculate the taxes payable to the income tax department. When filing your tax returns, it is very important to follow each step carefully to ensure that each component is accounted for. A tax calculator is one of the must-haves for an individual assessor, as it helps him calculate absolute values. Do you know how to get the most out of such an amazing tool? Let’s evaluate.

Reasons to choose tax calculators

  • Simple calculations:- Tax planning calculator available online in India is easy to use even for layman. One is required to meet specifications and produce an accurate total.
  • Investment Recommendations:- There are some tax calculators in India that provide suggestions for better investments. Knowing that Section 80C of the Income Tax Act provides a tax relief of up to Rs 1.5 lakh, tax planning tools recommend plans through which you can avail such relief.
  • Easy Tax Planning:- Tax planning in India is a random task as there are several parameters to consider. These online tax calculators simplify such activities by providing the best solutions.

Different elements for tax calculation

Tax calculations are complicated by problems with dosages. Hence, one should use the best tax calculators in India so that accurate values ​​can be generated for filing returns. The online tax planning calculator uses the following components to measure accurate values:

  1. Evaluator type – The first thing to mention in the calculator is the type of person. Of the various classes of assesses viz. individual, HUF, company, BOI etc., it should be mentioned in which category one belongs. Additionally, in the case of an individual, his/her age group should be provided so that calculations are made against the correct slab rates.
  2. Housing status – In addition, it is necessary for the evaluator to indicate the residence status. The reason is that the Income Tax Act has different rules and requirements for residents, non-residents (NRIs) and residents and non-ordinarily residents (RNORs).
  3. Gross annual income – Once the type of assessee and the residential status are determined, the annual income from which the taxes are calculated must be stated. It is the gross annual income earned by the assessee in a particular financial year. It is this sum to which various adjustments are made and deductions are required to calculate net taxable income.
  4. Claimed Deductions – The online tax calculator also claims deductions required under various sections of the Act like 80C, 80D etc. This amount is deducted to calculate net taxable income after appropriate adjustments to obtain the correct tax liability for the current fiscal year.

So by estimating the exact sum of amount payable to the tax office, you can do the best tax planning in India for any financial year. Tax calculator is the best tool to use online as it does not require any amount to be used. If you too have concerns about calculating taxes, then you should start with the best tax calculator.

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