FintraGPT Helps You To Save Taxes & Top 5 Ways FintraGPT Can Manage Your Money
Achieving success with personal finances can be a daunting task, especially when it comes to comprehending where your money is going, how to utilize it effectively, and how to save taxes. However, with Fintra, a personal finance platform operating in the same space, you can track your spending, budget your money, and meet your financial goals.
Fintra has recently integrated ChatGPT, an AI chatbot, into its platform, allowing users to benefit from its advanced features. With the new GPT function, users can easily achieve their financial goals, including saving on taxes, while enjoying an improved user experience.
In this blog, we will highlight how FintraGPT helps you to manage your money and enable you to save taxes.
How can FintraGPT help people save taxes?
Although at times FintraGPT might not be able to provide personalized tax advice, it can explain some general ways in which you could save on taxes in India, keeping in mind the guidelines you provided.
- Utilizing Section 80C Deductions: Individuals can claim a deduction of up to Rs. 1,50,000 under Section 80C for investments in specified instruments like Provident Funds, National Saving Certificate, Equity-Linked Savings Schemes, etc.
Calculation Example:
- Investment in PPF: Rs. 50,000
- Investment in ELSS: Rs. 50,000
- Investment in NSC: Rs. 50,000
- Total Deduction under 80C: Rs. 1,50,000
Hence, taxable income is reduced by Rs. 1,50,000.
- Section 80D – Health Insurance Deductions: Deductions are available for the premiums paid on health insurance.
- For self, spouse, and children: Approx Rs. 25,000
- For parents: Additional Rs. 25,000 (or Rs. 50,000 if parents are senior citizens)
Calculation Example:
- Premium for self: Rs. 20,000
- Premium for parents: Rs. 30,000
- Total Deduction under 80D: Rs. 50,000
- House Property Income Deductions: Deductions for interest on home loans for self-occupied properties can be claimed up to Rs. 2,00,000.
Calculation Example:
- Interest on home loan: Rs. 1,80,000
- Deduction under Section 24: Rs. 1,80,000
- Standard Deduction: A flat deduction of Rs. 50,000 is also believed to be available to salaried individuals, reducing taxable income by that amount.
Calculation Example:
- Standard Deduction: Rs. 50,000
- Tax Planning for Businesses: Proper planning of expenses, understanding depreciation, and availing benefits under specific sections of the Income Tax Act can help in minimizing tax liability.
- Utilizing Exemptions for Capital Gains: Sections 54, 54F, etc., provide exemptions on capital gains if the proceeds are reinvested under specified conditions.
- Setting up Business in Special Economic Zones (SEZs): Various tax incentives are provided to businesses set up in SEZs.
While the examples provided offer some insight, tax laws are intricate and subject to change based on government fiscal policies in India. However, tax laws are complex, and it would be wise to consult a tax professional or Chartered Accountant in India who is well-versed with the current tax provisions, as they may change with the fiscal policies of the government.
Following three pictures are snapshots of how FintraGPT guides on how to save taxes:
How FintraGPT can help you to manage your money?
FintraGPT is entirely automated and available throughout India
FintraGPT simplifies financial management by allowing users to connect all of their financial accounts and leverage technology. With access to multiple Indian banks, FintraGPT provides a secure platform for tracking bank accounts, credit cards, loans, and investment accounts free of charge. Users can easily manage cash flow, set budgets, and gain valuable insights into their spending habits with FintraGPT.
FintraGPT provides intelligent insights
What separates FintraGPT from other financial apps is that it's India's first GPT-powered (Generative Pre-trained Transformer) personal finance platform. It offers a new level of financial management, allowing you to ask any question regarding your expenses, income, and taxes.
Curious about how to save taxes and how much money you're currently saving, FintraGPT provides detailed answers that can help you make more informed decisions about your finances. This innovative technology can be used for a multitude of financial objectives, including strategies for saving taxes.
FintraGPT offers customized financial guidance
No matter what financial goals you're working toward, it can be challenging to figure out where to start and what steps to take. Whether you're looking to save on taxes or navigate tax laws in India, our platform offers instant, customized action plans to simplify long-term financial planning. With personalization tools that adapt to your unique needs, setting and managing budgets becomes effortless. With personalization tools that adapt to your unique needs, setting and managing budgets becomes effortless. Our platform also provides personal insights to help track your spending across categories and monitor your progress on the go. FintraGPT even allows you to set personalized rules to tailor your budget to your preferences. Let us help you achieve your financial goals with ease.
FintraGPT makes your finances easier to understand
Understanding finances can be a daunting task, especially for those who are not well-versed in banking terminologies and financial products. FintraGPT is here to help you navigate the world of finances with ease. It specializes in simplifying complex financial concepts and presenting them in a user-friendly manner. It effectively clarifies bank, lender, and financial professional jargon for everyone to comprehend.
FintraGPT can improve your financial literacy and empower you to make informed decisions. This practical tool simplifies financial jargon, bridging the gap in financial knowledge and making it less intimidating to manage your money. With FintraGPT as your trusted companion, you have the freedom to inquire about various finance-related topics, ranging from ETFs to stock dividends to taxes. You can absorb knowledge at your convenience and communicate with it as you would with a financial advisor or professor.
FintraGPT maintains the utmost privacy
Achieve your objectives with FintraGPT, and rest assured that your data is being kept safe, secure, and private. Our platform does not gather or retain any sensitive information such as your card details, login credentials, or payment information. This means that it cannot initiate any transfers, payments, or charges to your credit card. FintraGPT employs state-of-the-art technology, including end-to-end encryption and compliance with the latest regulations, when syncing your accounts. You can trust that your data is completely secure with these measures in place. Additionally, FintraGPT never shares, sells, or rents your data to any third parties.
Conclusion
From the above details, we can conclude that FintraGPT, India’s first GPT-powered personal finance platform, uses cutting-edge AI technology to help you save on taxes and manage your finances. With FintraGPT, you can converse as you would with a financial expert to set financial objectives, gain insight into your spending patterns, and receive customized advice. It's like having a personal financial advisor at your fingertips.
