Save Taxes With ClearTax Tax Saving Report

Understanding a tax summary or tax saving report can be difficult and complex. But this year, ClearTax’s Tax Saving Report simplifies and presents your tax summary in easy-to-understand visuals. Your ClearTax Tax Saving Report is a brand-new, crystal-clear, and super user-friendly summary designed to help you view your tax details with ease. 

Find out more about how to view your tax summary and the details provided in the tax saving report.

What is the Tax Saving Report?

ClearTax Tax Saving Report summarises all your tax details to help you understand all aspects of your taxes without any hassle. Here, you can access all your crucial information at your fingertips, such as your income, tax savings, refund you are eligible for, additional deductions you can opt for, and the best tax regime.

The first part of your tax saving report shows the summary of your income, including the tax payable or refund you will receive (if any). Click on 'Read More' to get a quick AI-generated summary of your tax details. 

The tax calculation is broken down and shown in a very simplified manner. Just by viewing the report, you can quickly find out your taxable income and the tax you need to pay. 

First tab shows your net taxable income (gross income—deduction), next tab is the tax payable (tax payable on your net tax income + interest and fees), and finally, the net tax payable or refund, if any (taxes paid as TDS—tax payable). 

You can also view income sources, tax-saving deductions, and uploaded documents in one place. 

ClearTax automatically chooses the best regime for you and maximises your savings. You can view the comparison of the taxes you need to pay under the old and new tax regimes. 

All deductions applicable to you are automatically added, thereby reducing your tax liability. You can view the additional deductions applied, like the standard deduction, setting off LTCG and STCG gains, carrying forward losses, or the 30% standard deduction on rental income.

The report provides tax-saving strategies and suggests deductions that you can further claim. For example, if you haven’t fully utilised your Section 80C deduction, ClearTax will suggest alternative investment options to maximise your benefits. You can even download and save the report and refer to it when making investments to claim maximum deductions next year.

We have also answered common queries, clearing up your doubts. If you need a second opinion, you can also easily download and share the report with anyone. 

Through this report, you get in-depth information on your taxes, tax saving options, and the best tax regime applicable to you to maximise your tax savings.

How to view the Tax Saving Report?

Follow the simple steps to view your tax savings report:

Step 1: Log in to ClearTax.

Step 2: Upload Form 16 or AIS. Most details will be auto-filled from your Form 16 or AIS. Fill in the other missing details.

Step 3: Once your details are entered, click on the ‘Tax Summary’ tab. Here, click on ‘View Report’.

Here, you will find your customised Tax Savings Report.

Benefits of Tax Saving Report

• The Tax Saving Report will tell you the best tax regime based on your income details to maximise your savings. It will also compare and show how much taxes you will need to pay under each regime.
• The report shows you how much taxes you have saved through smart and intelligent tax savings algorithms.
• It summarises all your tax details, right from your income to deductions, and helps you understand your taxes without needing any expert help.
• ClearTax automatically adds all applicable deductions and ensures you pay the lowest tax possible. The report provides details of all deductions claimed.
• The report shows the additional deductions that you can claim. This ensures you do not forget deductions or miss any opportunity to claim them.
• The report also provides tax-saving strategies you can use for the upcoming year to maximise taxes.
• The report will also suggest alternative investment options to maximise your tax benefits.

Your personalised ClearTax Tax Savings Report will help you understand your taxes easily and suggest how to save more tax. We also compare and select the best tax regime for you and auto-add any deductions you missed to ensure maximised savings. So, why wait more. File your return today with ClearTax and transform your tax filing experience with ClearTax Tax Saving Report.