Finance

All you Need to know about an Income Tax Calculator

The biggest challenge an individual would face is filing taxes after each financial year. Visiting your CA and going through the entire computation can be a time-consuming task. However, there are simple alternatives to this situation available just around the corner.

We are talking about an income tax calculator that can now be found easily. Even if you are a layperson who is trying to file for the first time, these calculators can be of great help. Mainly due to their simple design. 

Therefore, if you wish to know more about an income tax calculator 2021, then continue reading. Along with this, we will also share with you the benefits of using this simple income tax calculator online.

What is an online income tax calculator?

An income tax calculator is a tool that is available online for those who are looking to file returns. It allows you to evaluate taxes depending on your income during a financial year. Besides, an income tax calculator can be customised for information in order to get accurate results.

Therefore, if you want to get a computation outline for the previous financial year, then consider using a calculator today. These calculators can be found online by simply searching. Also, they are available for free so you would not have to spend a lot of time.

On the other hand, you will be able to calculate income tax for the current active year as well as previous ones. So, even if you have not paid your taxes for the last year you will be able to get an accurate idea of what you owe to the IT department.

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Benefits of an online income tax calculator 

  1. Convenience 

A key benefit of using an income tax calculator available online is convenience. Imagine having to take out time from your busy schedule to visit a CA. Besides, with the current situation and ones work life, it is now impossible to do so. Therefore, with an online calculator, you will be able to finish the work from your own home.

  1. Availability 

Another great thing about an online income tax calculator is that it is available 24/7. Therefore, if you are someone who likes to work late at night, then you would not have to deal with time limitations. Besides, there is less to no downtime on these calculator websites. Hence, you do not need to worry about last-minute filing issues. 

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  1. Easy to use

Even for first time users calculating taxes using this particular tool is very easy. Most income tax calculators have a very straightforward user interface. Therefore, you will not have to struggle when it comes to putting in information. Besides, the tool generates quick results so there is almost no waiting time. 

  1. Specified fields

Most of us are not CAs so we do not know what all can be deducted or added to our ITR file. However, the online calculators available these days have specific fields marked for the same. All you would have to do is fill in information and press submit.

  1. Defined exemptions 

Lastly, while using a similar calculator you will also be able to get information on exemptions. The calculator would ask you specific questions so that it could take note of the possible exemptions in your case. This too reduces the need for you to visit a professional or expert while getting your computation prepared.

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Since now you are well aware of the income tax calculator and how it is beneficial, we suggest you try using one yourself. Besides, if you need more help, you will be able to get additional information on different tax calculator websites.

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