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The TaxGenie window is linked to information on an underlying investment declaration window. Whatever you enter on the declaration screen gets reflected in TaxGenie.
For example, in the TaxGenie window shown above, the amount of Rs 8540,000 against "Deposits in Public Provident fund" under "80C, 80CCC and 80CCC and 80CCD(1) Investments" on the TaxGenie window comes from the "Deposits in Public Provident Fund" amount entered on the underlying investment declaration screen. Similarly, the amount of Rs 14,000 against "Life Ins. Premia" under "80C, 80CCC and 80CCD(1) Investments" on the TaxGenie window comes from the screen under the "Life Insurance" tab on the underlying investment declaration screen.
e. TaxGenie is linked to the heads of pay you are entitled to
TaxGenie calculates your annual tax on the basis of the heads of pay/deduction which are there in your pay structure. For heads of pay such as Medical and Leave Travel Allowance - which provide you with tax benefits if you submit bills - TaxGenie will consider them only if you have such heads of pay in your pay structure.
In the above screenshot, the employee receives salary contributes to Provident Fund under the head "Medical reimbursementEmployee PF Contribution" and hence TaxGenie considers the same. Since the employee has not submitted any declaration amount, the "Benefit Provided" amount is zero on TaxGenie.
How to use TaxGenie?
1. Check the scope for tax reduction on TaxGenie
On the TaxGenie window take a look at your annual tax liability at the bottom under the column "Earlier Tax". If the amount under "Earlier Tax" is zero, it means that you have no tax liability for the year (maybe on account of your salary being in the zero tax slab).
If your annual tax liability is greater than Rs 0, TaxGenie may be of some help. Let us assume that you have some tax to pay in a year, like the case below.
In the above screenshot, let us assume that your tax for the year is Rs 94260,725 677 and you haven't have taken any benefit under Section 80C only to the extent of Rs 146,000 as against the maximum available benefit of Rs 150,000. Consequently, TaxGenie is indicating that the "Benefit Remaining" under 80Cunder 80C, 80CCC and 80CCC and 80CCD(1) is Rs 14,50,000. This means that you can invest up to Rs 14,50,000 under 80Cunder 80C, 80CCC and 80CCC and 80CCD(1) in order to reduce your tax liability. You can select the checkbox in the "Benefits Remaining" column in order to see how much tax you can save by investing Rs 1504,000 under sections 80Csections 80C, 80CCC and 80CCC and 80CCD(1).
Similar to selecting "Benefit Remaining" under 80C, 80CCC and 80CCD(1), you can select "Benefit Remaining" under other avenues such as 80CCD(1B), 80D etc. to check how much more tax you can reduce by investing in the respective avenue. After taking a look at the extent of tax you can save, you can fill in the details of the additional investment on the investment declaration screen and submit the same in order to avail the benefit.
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