The Tax Planner is a unique tax planning product meant for both repeat taxpayers and first time tax payers. It’s a platform for both resident and non-resident Indians to plan their tax remittance for every financial year, free of cost. Its intuitive design and sophisticated personal interaction enables the tax planner to create a personalized tax planning experience for each and every user.
The platform is designed to capture all sources of income and expenses, consolidating them to calculate, plan and manage your personal income tax. Tax Planner is an intuitive and interactive tool, which enables you to input your income and expense related data with great ease to plan investments from tax-saving point of view. Based on proven tax planning principles, Tax Planner is the beginning of a holistic approach towards tax planning for you.
Are there any other benefits to managing my taxes?
When your tax history is clean and all your financial documents are in order, you are in a better position to expedite credit facilities from banks or other financial institutions. It also gives you a clear chit in case you are summoned by the authorities.
I’m paying taxes. Do I need to file my returns as well?
Filing one’s tax returns is required by the law in India, and paying your taxes is not enough. It also helps you claim back any deductions you are eligible for.
What is TDS?
TDS is Tax Deducted at Source, and is usually deducted from the taxable portion of your salary before it reaches you, every month. This is usually mentioned by the company on tax documents.
What is ITR1?
ITR1 is the Income Tax Return Form that every tax paying Indian citizen is obliged to submit to the Income Tax Department before the specified date.
What is Form 16?
Your Form 16 is a document issued by your employer that contains information about the tax deducted at source from the taxable portion of your income.
Am I eligible to pay tax?
If you’re an individual who earns via salary, house rent, business, profession, hobby and your income is over the taxable limit, you are eligible to pay tax. You needn’t worry about it as VitteTax will do this for you.
Why does my money have to be ‘white’?
‘White’ money is considered to be money that has been earned legally, and for which you can account lawfully. You can ensure that your money is white by declaring all your assets, paying taxes and filing returns on time.
Should I file my returns even if there isn’t anything due to me?
You should, as it is required by law.
I have inherited some money. Is that taxable?
No, inheritance is generally not considered taxable.
When is the Financial Year in India?
The Financial Year or FY, also called Previous Year or PY is the period from April 1st of this year to March 31st of the next.
What is VitteTax?
VitteTax is a proprietary e-filing platform in India to help ease the process of paying taxes and filing returns.
Is this an app?
VitteTax is a Software as a Service (SAAS) model, cloud based tool which means it can be managed from anywhere – your workplace, your home or on the go.
Who can use VitteTax?
VitteTax can be used by any responsible tax payer, whether they are salaried individuals, pensioners, or self-employed people who want to save tax and manage their finances sensibly.
Where can I download VitteTax from?
The beauty of using VitteTax is that you don’t need to download or install anything at all. Being of a SAAS model, VitteTax is accessible from any desktop or mobile device.
How can I access VitteTax?
You can login to VitteTax here: http://vittetax.com/. For easier access, you can create a launch icon on your device.
Why should I choose VitteTax over a professional tax planner?
A professional tax planner will also offer services similar to ours, but at a very high price. VitteTax charges a very nominal fee of Rs. 180, and we are accessible round the clock, 24×7.
I have multiple sources of income; can I include all of them in VitteTax?
Yes, you can. VitteTax has provisions for entering multiple sources of income and specifying their type, so your tax benefits can be calculated accordingly.
Do I have to enter my expenses as well?
VitteTax has provisions to enter your expenses, as well as take snapshots of your bills and receipts. This will help to determine your eligibility for any kind of tax deduction.
What about losses I have entailed on my investments?
VitteTax takes care of that too. For proper and thorough tax management, you need to enter your capital gains as well as capital losses, and VitteTax offers a provision for the same.
I don’t live in India, can I use VitteTax?
Yes, you can. VitteTax is available for any responsible Indian tax payer, whether he’s a resident or non-resident Indian.
What if I still have a query that isn’t covered here?
We have tried to make this FAQ section as comprehensive as possible, but if you still have an unanswered tax-related query, please mail us and we’ll get back to you as soon as we can.