Are you searching for the best app for income tax calculation to assist you with calculating your taxes? Let’s face it, despite being taxpayers, few of us really submit our taxes. The procedure appears to be perplexing, especially given the many details you must provide. This contains your gross income, exemptions, medical and insurance policy data, assets and revenue, and more. If the calculation of taxes is driving you crazy and you’re still trying to figure out how to calculate the tax, don’t panic. Today, we’ll look at the best income tax calculator app that might help you figure out your taxes.
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What is an income tax calculator app?
An income tax calculator is a web-based application to assist taxpayers with basic tax computations. Using an income tax calculator, people can determine their income tax due in a modern and accessible manner. To assess an individual’s tax due, the Calculator takes basic information such as yearly earnings, rent paid, tuition fees, interest on a child’s school loan, and any other savings. The best income tax calculator apps are available for free and may be used to determine one’s income taxes.
It shows the total amount of tax due under both the old and new schemes. It also recommends investment options for the client based on their tax burden. An online tax calculator is a valuable tool that is also free to use. It’s easy to use, and anyone can use it to determine how much tax they owe.
Income tax planning is a means of structuring your financial affairs so that you may legally save money on taxes. Effective tax planning tactics may help you save, invest, and spend more money. The use of an income tax calculator allows you to take full advantage of deductions, reliefs, and rebates, lowering your tax burden.
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Best income tax calculator apps
Aaykar Setu
Aaykar Setu is the best income tax calculator app, an Income Tax Department initiative that helps provide the best tax calculation tools. The app’s primary goal is to assist users in understanding the different subtleties of direct taxes, filing income tax, applying for a PAN, checking TDS (tax deducted at source) statements, and even reporting grievances to the appropriate authorities. A live chat option will be accessible from 10 a.m. to 6 p.m. and address all tax-related questions.
A section named ‘Got an issue where people may register their problems with the tax authorities for reporting complaints. It also enables users to communicate with authorities from the CBDT (Directorate of Income Tax). Users can also get timely alerts for significant dates and new announcements relating to income tax.
One of the app’s most appealing features is that it allows users to link their Aadhaar numbers to their PAN.
The developer has incorporated a quiz game called Tax Gyaan to make learning taxes entertaining and simpler. Its purpose is to put users’ tax knowledge to the test via MCQs.
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Easy Tax Calculator
As the name implies, this tax calculator app calculates income tax for salaried and retired people quickly and straightforwardly. The income tax slab rates for 2018-2019, 2019-2020, and 2020-2021 are also included.
In the ITR Filing Guide part of the Easy Tax calculator, you’ll find instructions on filing your income tax return online. It also includes information on how to register for an e-filing portal for online ITR submission, how to connect to the income tax portal, how to select ITR forms, and how to e-verify your return, among other things. Users can also get tax-saving tips from the app.
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Credit Karma
Credit Karma, like its rivals, allows users to import a prior return and a photo of a W-2 form and then guides them through the remainder of the process with a series of questions and prompts. This tax calculator app promises to provide more filing choices than its free competitors, including mortgage interest, property tax, and student loan interest deductions. However, the programme does not handle all types of forms. Individuals who file in more than one state or receive cash from a trust or estate should go elsewhere.
Credit Karma does not offer phone help as a free service. It does, however, offer audit defence to its customers, which includes counselling with an IRS consultant who will also attend a hearing on their side in the case of an IRS audit.
Pros
- Free filing for all tax returns
- Free audit defense support
- Imports from other tax software
Cons
- Doesn’t support all forms
- No multi-state filing
- No phone support
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TaxAct
TaxAct is yet another one of the best income tax calculator apps and is quite similar to most other tax software products in terms of features. You can easily import W-2 forms and past returns from other software, and users can then use an online assistance wizard to answer questions and file their returns. For individuals who don’t want to prepare their taxes online, TaxAct also has a downloadable version of their programme for Mac and PCs.
TaxAct provides free and unlimited phone, email, and online chat services, despite its simplicity. Each plan also includes a maximum refund and a guarantee of 100 per cent accuracy. TaxAct has three premium plans that can handle progressively complicated tax forms and provide extra help and a free program for simple returns and support.
Pros
- More affordable than other tax filing programs
- Accuracy is guaranteed
- Users can import PDF files of 1040, 1040A, and 1040EZ returns
Cons
- Limited support for free plan
- No audit support
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How to use income tax calculator?
- Firstly, you’ll need to enter your birth details.
2. There will be parts that demand information on your income in the future, such as:
- HRA on a basic wage
- Interest income
- Profits from a business, and so forth.
3. Fill in the details that apply to you.
4. After that, you must include your revenue from residential property.
5. After that, you must enter the information of your 80C deductions.
6. Then, you must enter the information about your 80D deductions.
7. The Calculator will next ask you to fill in the details of any further deductions you may have.
8. After that, you’ll be able to compute your income tax using the latest tax regimes.
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