TAX SAVING SYSTEM

Information Science Engineering

Tax planning is an essential part of our financial planning. Efficient tax planning enables us to reduce our tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions, deductions under chapter VIA, rebates and allowances while ensuring that your investments are in line with their long-term goals. the project deals to find out the most suitable and popular tax saving instrument used to save tax and also to examine the amount saved by using that instrument. Over all findings reveals that the most adopted tax saving instrument is Provident Fund, which got the first rank in this study and the second most adopted tax saving instrument is Life Insurance policy. Tax Saving System is software that assists people who are employed or currently working in saving Taxes using the different government schemes and regulation . This application takes customised inputs from the user and gives personalised recommendation of saving taxes based upon the feedback or the input provided by the user. This project streamlines the process by eliminating the work of going to chartered accounted for personalised tax saving option. The Tax Saving will take various inputs from the user such as name ,age, gross income, dependent age, medical expense and deduction .These details can be uploaded manually or can be fetched automatically from the income tax slip using Optical character recognition. The tax saving options are provided depending upon the input entered by the user .These options come with an option of explore which can guide you to the details of each option.

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