Simple DIY Tax Planning Tools

Mar 10, 2016 | 3 years ago | Read Time: 2 minutes | By iKnowledge Team

Simple DIY Tax Planning Tools - Aegon Life - Blog

Why depend on accountants and tax agents, when you can easily plan your own taxes? Most people don’t like the idea of depending on other for getting things done. Doing things your way and taking control of your own choices, is extremely empowering. The same goes for tax planning as well. There are several simple tax planning tools that can help you plan your taxes easily. The best part is, you don’t need to have accounting knowledge to use such software. If you have basic knowledge about computers, handling such a software should not be a problem. Furthermore, using online tax solutions will help you save a considerable amount of money, that you otherwise pay to a tax professional.

Many people swear by the fact that preparing one’s own tax is far more satisfying, as they personally plan their deductions and rebates. Although tax planning might take up a few hours of your day, you will have full control over your finances. People have a common fear that they might miss certain deductions and credits if they did their taxes on their own. However, this is not true, just like a standard tax accountant, these softwares are programmed to ask the right questions. So you can be sure, you’re getting all the tax breaks to which you are entitled. In fact, you may find new tax breaks or benefits that you have never come across before. Moreover, tax softwares can cut down on errors, so you don’t have to worry about the threat of penalty and harassment of wrong calculations.

Here are a few simple tax planning softwares you can use, to file IT returns yourself:-

  1. H&R block: – H&R block is the world leader, when it comes to tax filing. It offers a free self-filing software that intuitively calculates your taxes easily and helps you to file the returns. It also has a chat support feature that will guide you through the entire tax filing process.
  1. ClearTax: – ClearTax is a great tool to prepare and file your Income Tax Returns online. You only need to upload your documents and the software will analyse and present a completed Income Tax Return. It is very simple to use and comes free of cost. It provides fantastic support and automatically chooses the right ITR form for you.
  1. Perfios: – It is a popular tax planning tool that is used by more than 200,000 Indians. It provides a variety of ways to generate Income Tax returns. Once you upload your Form-16 (PDF), your income tax Return is auto populated within a few moments.

If you plan tax by yourself, you will have full control over your finances. Companies such as Aegon Life offer iMax or iReturn plans built for tax saving. You can schedule a meeting with their executive for understanding financial planning and taxation. All you need to do is to take out a little time from your busy schedule and tackle those returns yourself.

Want to know your taxes? Access our easy to use tax calculator, and plan your finances.

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