Skip to main content

File IT Returns online

Buy Gold Mutual Funds

Invest Mutual Funds Online

Download Mutual Fund Application Forms

Call 0 94 8300 8300 (India)



Planning your savings and investment options early in the financial year helps you plan your taxes and is also beneficial to your overall financial health and long-term financial goals

Once you have optimised your tax savings by investing smartly, as a responsible tax payer it is also your duty to file your tax returns with the income tax department.


July is that time of the year when tax payers need to file their returns. And you should complete the process in exactly another two weeks from now, that is before July 31.


To make tax filing efficient, tracking by taxmen easier and technology driven and to avoid long queues seen during the last week of filing tax returns every year, the in come tax department insists on e-filing of returns. This year, as per changed rules, e filing has been made compulsory for every person with an annual income of over Rs 10 lakh. However, even if your income is less than Rs 10 lakh you should opt for e-filing be cause this lessens the chances of mistake and is also hassle free, tax advisors and chartered accountants say.


There are several portals that help you file your re turns. Some are paid services, some are partially paid and others totally free of cost. But before you log in to a file your returns, you need to keep some documents handy.


Documents required


FORM 16: If you are a salaried person, by this time of the year your employer must have given you Form 16, detailing your income under several heads, the savings you have done to lessen your tax burden and also the taxes that your employee has already paid to the government on your behalf. This form is for your income, tax savings investments and tax details for the financial year between April 1, 2011 and March 31, 2012. If you changed jobs during this period, there would be more than one Form 16.


FORM 16A: This document is for income from sources other than your salary income, mainly the details of interest income from bank fixed deposits. You will get this from your bank where you have your FDs. This gives the details about your tax deducted at source (TDS).


FORM 12BA: This is another form that your employer will give you. This gives the details of your perks, fringe benefits, etc that you get along with your regular salary.


Home Loan Certificate:


If you have a home loan, the home finance company or the bank from which you have taken the loan will send you a certificate showing how much you have paid to them. The form will also give the breakup of the total interest and principal repaid.


Certificate For Capital Gains:

 

Your earnings from shares, properties, etc, whether long-term or shortterm capital gains (also loss, if any), should be mentioned in this document. Although long-term capital gains from stocks, mutual funds and some other investments are tax free, at times you still need to mention the same.


In addition, you also need to have the proof of investments in tax savings instruments like equity-linked savings schemes (ELSS) and pension plans of mutual funds, infrastructure bonds (up to a maximum of Rs 20,000), insurance, health insurance premium, donations to exempt charitable institutions, etc.


Pan, Bank A/C:

 

You should also keep your PAN card, bank account number and MICR code handy. For an average tax payer, these are the documents which will suffice to file your return. In case you find difficulty with the filing process, take help of an expert, but make sure to learn the e-filing process. That should help you in the years to come.


Remember while your income is for financial year 2011-12, the return you are filing is for the (tax) assessment year 2012-13. This is always the case: The assessment year is the year succeeding the financial year. The concept is you earned your income last year and you are being assessed in the current year. A large number of tax payers have difficulty in figuring out this small difference. 

 

Happy Investing!!

 

We can help. Call 0 94 8300 8300 (India)

 

Leave your comment with mail ID and we will answer them

                        OR

You can write back to us at prajnacapital [at] gmail [dot] com

---------------------------------------------

Invest Mutual Funds Online

Transact Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Fund Application Forms

Best Performing Mutual Funds

    1. Largecap Funds        Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds     Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds    Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds             Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds              Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Gold Mutual Funds             Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

Birla SunLife Manufacturing Equity Fund

The Make in India program was launched by Prime Minister Naredra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub. The primary motive of the campaign is to encourage multinational as well domestic companies to manufacture their products in India. This would create more job opportunities, bring high-quality standards and attract capital along with technological investment to bring more foreign direct investment (FDI) in the country.   Why India as the next manufacturing destination?   The rising demand in India along with the multinational's desire to diversify their production to include low-cost plants in countries other than China, can help India's manufacturing sector to grow and create millions of jobs. In the words of our Honourable Prime Minister- Mr. Narendra Modi, India offers the 3 'Ds' for business to thrive— democracy,...
Read more

Kisan Vikas Patra - KVP

  Kisan Vikas Patra (KVP) First launched in 1988, the Kisan Vikas Patra (KVP) is one of the premier and popular saving scheme offering from the Indian Postal Department. This product has had a very chequered history- initially successful, deemed a product that could be misused and thus terminated in 2011, followed by a triumphant return to prominence and popular consumption in 2014. The salient features of KVP are as follows- The grand USP- Money invested by the applicant doubles in 100 months (8 years, 4 months). KVPs are available in the following denominations- Rs.1000, Rs.5000, Rs.10,000 and Rs.50,000. The minimum purchase value for the KVP is Rs.1000. There is no maximum limit. KVPs are available at all departmental post offices across India. These certificates can be prematurely encashed after 2 ½ years from the point of issue. KVPs can be transferred from one individual to another and from one post office to another. ----------------------------------------------------- Inve...
Read more

Mutual Fund Review: Reliance Regular Savings Equity

    Despite high churn, Reliance Regular Savings Equity has managed to fetch good returns   In its short history, this one has made its mark. Though its annual and trailing returns are amazing, the fund started off on a lousy note (last two quarters of 2005). It managed to impress in 2006 and was turning out to be pretty average in 2007, till Omprakash Kuckian took over in November 2007 and wasted no time in changing the complexion of the portfolio. Exposure to Construction shot up to 28 per cent with almost 21 per cent cornered by Pratibha Industries and Madhucon Projects . Exposure to Engineering was yanked up (18.50%) while Financial Services lost its prime slot (dropped to 6.69%) and Auto was dumped. That quarter (December 2007), he delivered 54.66 per cent (category average: 25.70%).   When the market collapsed in 2008, thankfully the fund did not plummet abysmally. But even its high cash allocations could not cushion the fall which hovered around the category average. ...
Read more

Total Returns Index brings out real Equity Funds Performers

From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...
Read more

Health for Wealth - How to buy Health Insurance ?

Tax Saving Mutual Funds Online Current open Infra Bond Application form   HEALTH insurance is a relatively new phenomenon in India. Hence, it is not on the top of the mind for most people to make a conscious commitment towards health insurance. However, it is imperative for each one of us to plan for better health for our families and ourselves. There's no better way than to start with making health your top priority this year. So, your health insurance resolution charter would look something like: ■ Invest in health for wealth: Timely investment in health insurance can help build a security net and hedge sudden dilution of another financial asset class in the event of a health emergency, making it imperative to opt for a comprehensive health insurance plan. ■ Buy a comprehensive health cover that fu lfills your health needs for life: Buy a personal health insurance cover even if you have an employee cover because 'employer provided' health insuranc...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now