Money Apps to assist you in your finances

Planning

oi-Roshni

By Roshni Agarwal

Published: Wednesday, February 12, 2014, 15:04 [IST]

In this technology-driven era, where there is an application or more generically referred to as app for everything from travel to food, the field of finance is also not left behind. And for different areas that constitute the world of finance, including savings, loans, risk tolerance level per se investment decision, taxation, shares and commodities trading, adequate sum assured or insurance cover determination, fund transfer etc. application or some software rendering the task simple as well as providing the utmost accurate results are today available.

Taxation app/calculator

For the purpose of taxation that is an integral part of an individuals finances, Department of Income tax has recently introduced a tax calculator that can be reached at the home page on the income tax website http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx provides a simple and easy means to you to compute your total tax liability, the application is available for both classes of taxpayers who earn income either from a single source or from varied sources. In the primary tax calculator, you ought to provide the assessment year for which you wish to compute your liability, category of taxpayer whether individual, HUF or company, residential status plus net taxable income. While in the other calculator, you need to other than the usual details provide income earned under different heads of income.

App providing for adequate insurance cover

To enable individuals determine their adequate insurance cover different insurers as well as portals comparing insurance policies and premium amount (web aggregators) among others have come up with tools that calculate required insurance cover that an individual must opt to adequately cover likely future risk. Portals including Bankbazaar that compare returns as well as cost associated with different debt and deposit products offer such exclusive calculators.

Loan eligibility calculators

Few of the calculators as may be precisely referred to provide an illustration of what EMI shall be payable for a certain interest rate and tenure. Others also tell whether refinancing option with other banks shall turn out to be more economical or cost-effective or not.

App determining apt risk appetite and Asset allocation strategy

For investment decisions that should well be taken after due consideration in respect of few of the parameters, among which is certainly the risk appetite determinant. Applications or some proforma are provided by the different financial services firms including HDFC Life, ICICI Bank and others who based on the input of the applicant. Accordingly, after knowing the extent of risk you can tolerate, you can bet on the most suitable investment options to realize your long-term financial goals. Even through some of the apps, you can also know about the accurate asset allocation pattern that you should follow in respect of your investment portfolio.

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