ArthaYantra Introduces Tax Planning Advice on Arthos Online Platform
January 30, 2013 - Mumbai, Maharashtra, India
-- Optimizes the tax savings for a salaried employee
-- Auto-calculates the tax liability of an individual and recommends how much and where one needs to invest for tax benefits based on one’s overall personal finance picture
ArthaYantra, India’s first integrated online personal financial service company, has launched a unique Tax planning feature on its online personal finance platform – Arthos. The new feature integrates tax planning to overall personal financial life of an individual and would be available for free during its beta phase. Arthos addresses the challenges faced by consumers while analyzing the tax component in isolation. These challenges include :
-- Failing to assess the tax saving financial investments based on their merit;
-- Holding financial instruments which do not contribute towards achieving one’s future goals; and
-- Failing to assess the liquidity needs in future
Over the years, we have observed that tax planning when done in isolation often negatively impacts the capability of an individual to achieve his/ her goals. Making investments for the sake of tax savings affects the surplus available for goal oriented investments. Generally people tend to either underutilize the tax benefits or overdo the tax saving investments. The new tax feature of Arthos helps salaried employees overcome these shortcomings by:
-- Providing detailed tax assessment
-- Providing actionable advice on the potential tax savings from each section not just 80C
-- Provides a comparison of tax liability and available surplus before and after making tax saving investments
This makes it easy for the users to take a decision on whether to save for tax or not.
Nitin B. Vyakaranam, CEO & Founder ArthaYantra, says : “Right Tax planning is important as it has a huge impact on ones personal financial goals. People often fail to look at tax planning objectively and make fortuitous investments to save tax. This practice often leads to wrong selection of financial instruments and overspending to gain tax incentives. It is also important to decide if tax savings is really required.”
The tax planning feature of Arthos uses information from the individual’s investments, expenses and income and automatically make a tax assessment. The assessment provides clear and unbiased advice on tax savings to users besides highlighting the implications of tax savings on their entire personal financial life cycle. It also provides a rare seamless integration between tax planning and financial planning which generally lacks in the current tax planning habits of the salaried employees.
Harish Navuluru, Director HR ArthaYantra, adds “Tax planning is a big logistical exercise in every HR department and employees are often mislead about the best tax saving financial instruments for them. Employees wish to know where and how to invest to save tax and Arthos’s tax planning feature is a boon for the salaried employees. We see it as a great employee engagement tool.”
ArthaYantra is a young and innovative company started by a group of alumni of the Indian School of Business (ISB) Hyderabad. It provides integrated online personal finance services using its unique proprietary framework, Personal Financial Lifecycle Management (PFLM)TM, which helps clients achieve their financial goals. ArthaYantra’s vision is to provide independent, high quality, customized financial planning solutions and their efficient execution to individuals. They employ proprietary financial models and enable investments through well balanced passive investment strategies. ArthaYantra’s clientele includes individuals from India, US, Europe and Middle East.
Specialities: #taxplanning #taxsaving #80C #taxcalculator #ELSS #onlinetaxfiling #ULIP #LIC #taxsavinginsurance #financialplanningsoftware
Source: Business Wire India