The present invention is a smart electrical system comprising a smart control panel connected to various electrical interfaces. Each electrical interface is inbuilt with at least one IC chip to identify it. The smart control panel comprises a processing unit to process information from various electrical interfaces and load connected to each electrical interface. The processed information is displayed on the display unit, as at least one menu list, that allows the user to select and control various electrical interfaces from panel itself. The smart control panel allows the user to reset the circuit breaker box in case if it is tripped due to overload. The panel monitors each electrical interface and alerts user when overload or marginal load condition occurs.