ETMONEY has launched a solution that will allow users to save Rs 78,000 in tax this fiscal year, according to an announcement.
It will enable tax payers to choose from a combination of tax-saving mutual funds, the National Pension System (NPS) and life and health insurance products. The Times Internet-backed app will customise a solution for users within minutes.
“Every year, Indians end up grossly under-utilising the taxsaving benefits and also end up compromising on their financial goals,” ETMONEY chief executive officer Mukesh Kalra said. “ETMONEY Tax Solution reimagines the tax-saving journey for today’s digital India and combines everything from ELSS (equity linked savings scheme) to NPS to insurance into one seamless experience on mobile phones, all without ever needing to sign on a piece of paper.”
Times Internet is part of the Times Group, which publishes ET. The app will also generate instant tax proofs. ETMONEY will constantly track the investments on a real-time basis for its users.
The tax solution will cut short the “cumbersome” and “confusing” process of visiting multiple websites and consulting with agents before making a decision on the right combination of investments, according to Kalra. The app wasn’t just aimed at maximising tax savings but also ensuring that users get the right financial products that would enable them to meet critical goals such as protecting their family.
“One tends to forget that while choosing tax-saving instruments our primary goal is also to make a wise financial investment,” Kalra said. “We are able to do that for you at one place by using a combination of products that are right for you with the help of our analytics.”
The app has more than 7.5 million users and leads the market for app-based sales of financial products. ETMONEY facilitates $500 million of investments annually.
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