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Highlights of Budget 2012-2013

HIGHLIGHTS FOR COMMON TAXPAYER DTC rates proposed to be introduced for personal income tax.

Income Tax Exemption limit for the general category of individual taxpayers proposed to be enhanced from Rs. 1,80,000 to Rs. 2,00,000 giving tax relief of Rs. 2,000.

Upper limit of 20 per cent tax slab proposed to be raised from Rs. 8 lakh to Rs. 10 lakh.

New Income Tax Limits

Upto Rs. 2,00,000 for General category (Both men and Women)    - Nil

(This limit is Rs. 2,50,000 for senior citizens)

Rs. 2,00,000 to Rs. 5,00,000    - 10%

Rs. 5,00,000 to Rs. 10,00,000    - 20%

Rs. 10,00,000 onwards    - 30%

Proposal to allow individual tax payers, a deduction of upto Rs. 10,000 for interest from savings bank accounts. Other bank deposits like FD will not attract this clause.

Proposal to allow deduction of upto Rs. 5,000 for preventive health check up. This is within the overall limits of Rs. 15,000 u/s 80 D.

Tax saving u/s 80CCF for investment in Infrastructure bonds abolished for FY 2012-13.

Life Insurance deduction available only if premiums are below 10% of Sum Assured. Tax exemption u/s 80C shall apply only to the Insurance policies where the premium or other payment made on an insurance policy, other than a contract for a deferred annuity, does not exceed 10% of the actual capital sum assured.

Senior citizens not having income from business proposed to be exempted from payment of advance tax.

Securities Transaction Tax (STT) reduced from 0.125% to 0.1%

As per the new sub-section (5D) to Section 80 G any payment exceeding a sum of Rs. 10,000 shall only be allowed as a deduction if such sum is paid by any mode other than cash.

TDS @1% at the time of real estate sale above 50 lac. If you sell your any kind of property / real estate, and if the selling price is more than Rs. 50 lacs, you will have to compulsorily pay TDS @1% , even though after indexation and your decision to use the funds in next house purchase, your overall tax out of the transaction might be Zero. In such cases where the tax is nil, you will have to claim that tax amount back by filing a return. Property registration at the registrar office will not be permitted without proof of deduction and payment of this TDS.

Exemption from Capital Gains tax on sale of residential property, if sale consideration is used for subscription in equity of a manufacturing SME for purchase of new plant and machinery.

The amount of duty free goods you can bring from outside India increased to Rs. 35,000 from the earlier Rs. 25,000 for adults and children above age 10.

Tax filing compulsory for any resident who holds a property outside India even if the taxable income in India is below the limit.

Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 % to new retail investors, who invest upto Rs. 50,000 directly in equities and whose annual income is below Rs. 10 lakh to be introduced. The scheme will have a lock-in period of 3 years.

Proposed to levy 1 % excise duty on non-branded gold jewellery besides doubling import duty on gold to 4 %.

Proposed that jeweller should collect 1 % tax from every buyer if sale consideration exceeds Rs. 2,00,000 in cash.

Branded silver jewellery has been fully exempted from excise duty.

Turnover limit for compulsory tax audit of account and presumptive taxation of SMEs to be raised from Rs. 60 lakhs to Rs. 1 crore.

Proposal to extend the levy of Alternate Minimum Tax to all persons, other than companies, claiming profit linked deductions.

Tax proposals for 2012-13 mark progress in the direction of movement towards DTC and GST.


GDP is estimated to grow by 6.9 % in real terms in 2011-12, after having grown at 8.4 % in preceding two years. India however remains front runner in economic growth in any cross-country comparison. India’s GDP growth in 2012-13 expected to be 7.6 per cent +/- 0.25 per cent.

Fiscal deficit at 5.9 per cent of GDP in RE 2011-12.

Fiscal deficit at 5.1 per cent of GDP in BE 2012-13.