How Tax Calculator of MySIPonline Is Revolutionising the Mutual Fund Industry

2024-04-25 02:08:45 Business

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The map of the mutual fund industry is expanding inch by inch every day with the entrants of various schemes and plans for catering to the needs of different investors. With so many investment options being poured into the industry, it?s natural for the confusion to pave its way in the heads of the investors. One of the biggest worries for them is to find the right fund which besides yielding high returns, will save them from paying enormous amounts to the taxman. With so many questions creating a chaos in everyone?s mind, there comes an urgent need for a tool that will help to mellow down all the difficulties attached to the investment process.

Thankfully, MySIPonline has come up with a unique solution to all these quandaries, which is indeed the magic pill for all the diseases. The name of this miraculous pill is the ?Tax Calculator?. It is an online tool that dwells an outstanding ability to decipher enormous amounts of tax-related problems within minutes, and even seconds in some cases. All you need to do is punch in some details that this magical tool will ask, and voila! You will get the pinpoint details regarding your tax liabilities flashing on the screen of your device.

Understanding the Working of MySIPonline?s Tax Calculator

With its introduction on the portal, the tax calculator has become the apple of every investor?s eyes due to its easy-to-use tax planning platform from which thousands have already got benefited in making their tax calculations done. According to section 80C of the Income Tax Act, 1961, individuals and HUFs can reduce their net taxable income by availing a deduction of Rs.1,50,000, and thus minimise the tax liability for that financial year. Just feed the following information to this online device, sit back and relax, and watch it work towards saving on your liability ?

1.Your Residential Status ? Pick the category to which you belong ? Resident; Non-Resident; Not Ordinary Resident
2.Your Age ? Whether below 60, amidst 60 & 80, or beyond 80.
3.Your Annual Income - Which includes the income from different sources, whether salary, profits & gains from business and profession, house property, or other sources.
4.Deductions (If Any) ? Investment under ELSS, LIC, PPF, NSC are all eligible for deductions under Section 80C of The Income Tax Act, 1961.

Thus, on entering the above-mentioned details, you?ll get the tax summary of the respective financial year, which will give you an idea on how to regulate your tax liabilities through various tax-saving options available and thus, you?ll be able to look for other profitable avenues well ahead in time.

Perks of Using the Tax Calculator

Since it?s a tax planner, it already carries a variety of benefits on its back and when it has to be used online, its benevolence broadens. It strikes out the scope of all those painful on-paper formalities which otherwise would be required to be done. The tax calculator not only helps in identifying your current obligations, but also provides the means for framing your future endeavours and empowers you to get geared in the direction of achieving them.

With all those brain-cracking tax calculations deciphered beforehand, you can very well equip yourself to combat future liabilities with ease and watch out for other investment platforms to put all that money you saved, and let it bloom the fragrance of fresh riches all over your life.

MySIPonline has truly sowed the seeds of skyscraping opportunities in the fiscal emporium by ministering the sublime tool like the online tax calculator. It won?t be wrong to speculate that serious maneuvers in the realm of online investing will be leashed by MySIPonline, as the robotic triggers like the tax calculator are quite evident of its visionary approach towards simplifying the process of choosing the best mutual fund products.