Why Tax Calculation Tools Are Essential in 2024
With ever-changing tax laws and GST rates, manual calculations risk errors and penalties. Tools like Teddy Jewellers’ Tax & GST Calculator automate compliance, saving time and reducing stress for individuals and businesses...
Key Features of Teddy Jewellers’ Calculator
- Multi-Purpose Use: Calculate income tax, GST liability, deductions, and TDS in one place.
- Business-Friendly: Track input/output GST, generate GSTR-3B-ready reports.
- Scenario Analysis: Compare old vs. new tax regimes to choose the best option.
Case Study: Small Business GST Savings
**Example**: A jewelry SME reduced GST liability by 18% using the tool’s input tax credit tracker. By automating invoice matching, they reclaimed ₹2.4 lakh annually...
Step-by-Step Guide to Using the Tool
- Select User Type (Individual/Business).
- Enter Income/Revenue and Expenses.
- Add GST Invoices (for businesses).
- Review Automated Calculations & Download Reports.
Tips for Maximizing Tax Savings
- Claim HRA exemptions even if you work remotely. - Use the tool’s “Deduction Optimizer” to identify underused sections like 80CCD(1B)...
Future Updates: AI-Driven Tax Predictions
We’re integrating AI to forecast tax liabilities based on spending patterns, helping users plan better for FY 2024-25...