As Indians gear up for the annual tax savings season, ETMONEY, India’s largest online wealth management app with 7.5 million users, has launched a unique tax-saving investment solution that empowers Indians to maximize their tax-savings and save up to Rs.78,000 in taxes, right from their mobile phone within minutes.
Among Indian retail investors, there are four main investment options for tax-savings such as ELSS (Tax saving mutual funds), NPS (National Pension System), Health Insurance, and Life insurance. However, there is hardly any awareness among many retail investors that one can save a massive amount of up to Rs.78,000 in taxes every year if one chooses the options rightly. ETMONEY’s Tax Solution attempts to change that by bringing these options to every Indian on a single app.
To avail tax benefits from all the four options, one has to deal with multiple websites or agents which is not only cumbersome but also very confusing as everyone has a different view of these options. Finding the right product and how much to save through each of the four options is another problem because of which consumers end up buying the wrong products. Also buying these products requires going through multiple forms, physical documentation, and each payment in different places. To ensure the tax benefits are claimed, one has to collate tax proofs which add to the already painful journey of tax saving. Lastly, once you have done everything, management and tracking of all these products becomes a bigger headache every year.
All these problems result in three big losses for consumers. First, investors are saving less in tax saving options than they ideally could. Second, they may end up buying the wrong financial products and don’t have a way to manage them. Lastly, they forget that each of the products apart from saving taxes also serves a very important financial need like protecting their families and end up comprising these critical goals.
This is where ETMONEY Tax Saving Solution comes in & solves all these problems in one go. It’s the first time in India that on one app, Indians will be able to buy and manage all the four tax saving options of ELSS, NPS, Term life insurance and Health Insurance for self and parents from one app.
ETMONEY app will also guide the user in recommending the best possible combination and allocation in each of these options to maximize tax saving. So if one already has already exhausted the Rs.1.5 lakh tax-saving limit under section 80C of the IT Act, it will recommend investing in NPS to secure retirement or protect the family by buying a health insurance policy.
Once the best allocation is decided, one can buy all the four products within minutes and get instant tax proofs. It will also help you to track the performance of all these products 24 x 7 and 365 days a year.
Speaking on the new initiative, Mukesh P Kalra, Founder & CEO – ETMONEY, commented: “Every year Indians end up grossly under-utilizing the tax-saving benefits as well as end up compromising their financial goals. ETMONEY Tax Solution reimagines tax-saving journey for today’s digital India and combines everything from ELSS to NPS to Insurance into one seamless experience on their mobile phone, all without ever needing to sign on a piece of paper”