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Friday, May 26, 2017

E filing of IT Returns for Previous years

E-filing of IT returns for year 2014 - 15 & 2015 - 16


The I-T Department accepts tax returns for past two financial years



The I-T Department accepts tax returns for past two financial years. This means that you will be able to file returns for 2014-15. However, you cannot e-file your returns for 2013-14.


The deadline for filing returns for the Financial Year 2014-2015 was July 31, 2015. If you missed this deadline, you could file by March 31, 2016. If you missed the late deadline too, you can still file by March 31, 2017. But this might attract a penalty.


The returns filed after the due date i.e. 31st July or 30th September is considered as Late Return under section 139(4).




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Thursday, May 25, 2017

Use ATM to e-verify Income Tax Return


Use an ATM to e-verify your income tax return

Recently, State Bank of India and Axis Bank have started offering this facility



Every year, when the last date for filing IT returns approaches, income tax assesses crowd tax-filing kiosks and the income tax department's website.

The usual last date is 31 July. During the assessment year (AY) 2015-16, more than 1.4 million returns were filed on 31 August (8% of all the returns filed till then). That year the deadline was extended by a month to 31 August and then again to 7 September.


Similarly, about 1.7 million returns (13% of all the returns till then) were filed on 31 July during AY2014-15, when the last date was not extended. In the last-minute rush, as in other spheres of life, what can go wrong, will go wrong.


Plus, the process of filing the return is not complete till you verify it. Ideally, this verification should be done after uploading your return, so that you have a chance to rectify any errors. With last-minute filings, you miss out on this last chance, which could cost you in the not so distant future.


Thankfully, this verification is pretty simple to do.


You can do it electronically or by sending a signed copy of the ITR-V (acknowledgement-cum-verification) form over ordinary post. Without one of these, your ITR will not be processed by the department.


Generating the EVC
To verify electronically you need an electronic verification code (EVC), a 10-digit alphanumeric code. When you have it, you should log in to the e-filing website

http://incometaxindiaefiling.gov.in/ and enter it in the 'e-verify Return' section. Your tax filing process for the year is complete only after you do so.


An EVC can be generated through various methods. Once generated, it is valid for 72 hours. In case the code lapses, you can generate it again.


You can use this code to e-verify during or after uploading your return on the e-filing portal.


To e-verify after uploading the ITR, log in to the e-filing website and click the "e-Verify Return" option. Here you can choose how to generate the EVC. To generate it using Net banking, log in to your tax account with your bank or demat account number. The EVC will be delivered to your mobile or e-mail, which is registered with this account.


If you don't want to use Net banking, link your e-filing account with your Aadhaar. Once this is done, you can get the EVC on your mobile.


Generating EVC through ATM
The department also allows e-verification using ATMs. Recently, State Bank of India and Axis Bank have started offering this facility. Other banks are expected to follow


To use this facility, swipe your ATM card and you will see the option 'PIN for income tax filing'. Select it to receive the EVC on your mobile number and email.







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Mutual Funds vs Fixed Deposits


When it comes to saving money, people often opt for fixed deposits (FD), considering them to be risk-free. The security of having money in the bank is apparently a significant factor and with FDs, it is highly unlikely that you will lose your money. However, with other factors at play, notably inflation and taxes, do FDs provide more bang for your buck?

Let us take a closer look at this phenomenon. You invest Rs. 10,000 in an FD for five years at an interest rate of 7.5% compounded every quarter (Most Indian banks offer 7-7.5%). After five years, the maturity value is 14,499 rupees. However, with an inflation rate of 5.8%, the purchasing power of 10,000 rupees has fallen. The interest on FDs are also taxable, the more one invests in FDs, the more tax one has to pay (on the returns). However, FDs give fixed rate of interest, and mutual fund schemes do not guarantee returns. With rising inflation, a fixed interest rate can seriously undermine the value of long-term investments.

In the case of Mutual Funds (MF), the scenario is a wee bit different. Although MFs are affected by market volatility and do have a level of risk depending on the portfolio, they seem like better options. During positive market conditions; MFs have the potential to earn high returns whereas FD rates are unaffected. Concerning risk; equity mutual funds carry high market risk, and debt mutual funds carry lower market risk than equity. Thus, an investor can design his portfolio based on his risk appetite, or even diversify to manage risks better. Besides, MFs are managed by professional fund managers, who do their best not only to protect investments but also to grow it.

Meanwhile, as the name suggests, FDs have a fixed period and have little liquidity till the tenure of the deposit ends. If you withdraw money from your FD prematurely, most banks will impose a penalty on the final amount.

In the case of MFs, most of them offer high liquidity on the condition that the minimum holding period has passed and subject to lock-in period as applicable. If the investment is withdrawn within a short duration (under a year), an exit load may be charged. Some MF schemes allow withdrawals at any given point of time, without any exit load or extra charges.    

A crucial factor to be considered before choosing between FDs and MFs should be the tax status.  When it comes to FDs, the tax levied is at the maximum rate depending on your current tax slab, irrespective of the tenure of the fixed deposit. On the other hand, the tax status of MFs depends on its category. Equity funds held for long term (more than a year) are not taxable. Short term equity funds are taxable at 15%. Long-term debt fund gains are taxable at 20% with indexation, and 10% without indexation and short-term capital gains are taxable according to investor's tax slab. Hence, we can say that MFs are tax friendly compared to FDs. Especially gains on long-term equity funds, which are not taxable at all.  

In the end, the decision to invest between an FD and an MF is based on the risk capacity and the horizon of the individual. When the economy is booming, MFs can give great returns, and when the markets are volatile, they can provide a secure platform that can help grow your money in the days to come.


Invest Mutual Funds Online







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Top 10 Tax Saver Mutual Funds for 2017 - 2018

Best 10 ELSS Mutual Funds to Invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Tata India Tax Savings Fund 

3. Birla Sun Life Tax Relief 96

4. ICICI Prudential Long Term Equity Fund

5. Invesco India Tax Plan

6. Franklin India TaxShield 

7. Reliance Tax Saver (ELSS) Fund

8. BNP Paribas Long Term Equity Fund

9. Axis Tax Saver Fund

10. Sundaram Diversified Equity Fund



Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


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Wednesday, May 24, 2017

Free Credit Report every year

Get one credit report free of cost every year




In a move that is set to benefit consumers, the Reserve Bank of India (RBI) has mandated that all credit information companies (CICs) should provide one credit report free of cost to customers once a year.

The customer can access it from the company's website and the CICs need to start the service from 1 January 2017.

"We see the move by the RBI to introduce the free credit report in India as a positive step for consumers. Similar to other markets, we also believe that this will represent the next level in the Indian consumer's awareness and involvement in their individual credit information, the health of which has become critical to accessing credit," says Mohan Jayaraman, Managing Director, Experian Credit Bureau, India.

The credit report contains score based on one's credit history. This information is used by the banks and financial companies in giving approval to any loans you may apply for.








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Investment Needs Hierarchy


All investments are not equally important. You need to fulfil the basic investment needs first before moving on to the others



We know how investing is different from just saving. If we put our saved money somewhere where it will grow, then that's investing. However, there are a number of possibilities available when we want to invest, and it isn't possible to make sensible choices without having a way to classify things.


However, let's not jump into classifying investments right away. Before we do that, we need to classify our need for making an investment. Investments can be made for a huge variety of needs. You could be saving for emergency medical funds which are usually required at a moment's notice. Or you could be saving for your retirement which is a few decades away, or anything in between.


At Value Research, we have created a useful framework for thinking about these investment needs. We divide investment needs into four levels. Each level is more fundamental than the ones that come after it. You should satisfy the need at each level before going on to the next one.


Those who know a bit about psychology may recognise this system as being based on the 'Hierarchy of Needs', a concept proposed by psychologist Abraham Maslow. Maslow's hierarchy dealt with basic human needs like food, shelter, etc. Basically, human beings deal with their higher needs after the simpler ones are satisfied.


So here's Value Research's Hierarchy of Investing Needs:


LEVEL 1: Basic contingency funds 
This is the money that you may need to handle a personal emergency. It should be available instantly, partly as physical cash and partly as funds that can be immediately be withdrawn from a bank. Online banking and ATMs make it relatively simple to get this organised.


LEVEL 2: Term Insurance 
Calculate a realistic amount which allows your dependents to finance at least short and medium-term life goals if you were to drop dead or be struck with a debilitating injury or disease. You should have an adequate term insurance before you think of any savings.


LEVEL 3: Savings for foreseeable short-term goals 
This is the money needed for expenses that you plan to make within the next two to three years. Almost all of this should be in minimal risk, deposit-type savings avenues.


LEVEL 4: Savings for long-term foreseeable goals 
Same as level 3, except the planned expenses are more than three to five years away. This level should be invested in equity and equity backed investments like equity mutual funds.


One could think of many levels beyond this and really, the details matter much less than the concept. Depending on one's circumstances, any of the levels may have to be modified. For example, you may have enough income-producing assets to make insurance relatively less important.


However, this doesn't decide how much to invest in each need. This system aims at preventing you from going to higher level unless the lower one is fulfilled. If you haven't put emergency cash in a savings account, then don't buy term insurance. If you don't have term insurance yet, then don't start putting away money for your daughter's college education, and so on.








Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

Top 10 Tax Saver Mutual Funds for 2017 - 2018

Best 10 ELSS Mutual Funds to Invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Tata India Tax Savings Fund 

3. Birla Sun Life Tax Relief 96

4. ICICI Prudential Long Term Equity Fund

5. Invesco India Tax Plan

6. Franklin India TaxShield 

7. Reliance Tax Saver (ELSS) Fund

8. BNP Paribas Long Term Equity Fund

9. Axis Tax Saver Fund

10. Sundaram Diversified Equity Fund



Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


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Tuesday, May 23, 2017

Mirae Asset Great Consumer Fund

Invest Mirae Asset Great Consumer Fund Online
 
For retail investors, investing in the current market scenario seems to be a tricky exercise. One theme that works not only in the short term but also in the long term is consumption. Among schemes which have sharp focus on consumption theme, Mirae Asset Great Consumer Fund has consistently delivered good returns.

At present, close to 25% of the scheme's portfolio is exposed to banking and financials. One of the chief reasons for this is that these sectors serve as the backbone of the economy by funding growth. The scheme also has reasonably good exposure to other themes under the broad consumption category. One such theme is automobiles. The scheme's fund managers Neelesh Surana, Bharti Sawant and Sumil Agrawal have consistently stuck to the fund house's philosophy of refraining from buying overvalued stocks and buying those firms which have high cash flows and good investment ratios.

Due to this, the scheme has beaten its peers by a wide margin and benchmark indices BSE 200 (65%) and S&P Asia Pacific Emerging BMI Index (35%). The only concern about the scheme is its assets under management at `42 crore. But considering the performance of Mirae Asset as a fund house, the performance of this scheme is expected to sustain given its investment philosophy.






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Recurring Deposits

Recurring Deposits Online

 

Recurring Deposits combine regular investing with guaranteed returns - making them an attractive option for risk averse investors

 

The recurring deposit (RD) is one of the most basic financial products available it the market. It can be used as a tool to inculcate the habit of saving.

 

What is a recurring deposit?


An RD is a type of term deposit offered by banks and non-banking financial companies.

 

There are two types of RDs-regular and flexible.

 

A regular RD is offered by all banks, while only some offer flexible ones. A regular RD allows you to deposit a pre-specified amount at pre-decided intervals. It becomes a compulsory investment. The instalment amount once fixed, cannot be altered. For instance, if you sign up with a bank to invest R1,000 every month for 12 months in a regular RD, you will have to invest the specified amount at a fixed date every month. In a flexible RD, you can deposit any amount, on any day, and any number of times. Other than visiting the branch to open an RD, nowadays many banks allow you to open using the Net banking facility as well.

 

How does it work?
According to loan comparison website, Deal4loans, you can start an RD with a minimum amount of R10, but it can vary from bank to bank. The tenure ranges from three months to 10 years. Some banks have a lock-in period of 1-3 months. The money you invest in an RD, earns interest, and it gets compounded. Data from Deals4loans shows that as of June, interest rates on RDs were in the range of 7-9.10% per annum, depending on bank and tenor chosen. Senior citizens get an additional 15-25 basis points as interest. (One basis point is one-hundredth of a percentage point.)

 

In a regular RD, in case of delayed instalments, a penalty is charged as a flat fee or a percentage of the amount. For instance, with ICICI Bank Ltd, the depositor is liable to pay monthly interest at the rate of R12 per R1,000, and it depends on time and the amount. If you withdraw the amount before the maturity date, you will have to pay 0.5-2% as penalty, depending on the tenure. You cannot withdraw partially.

 

Some banks allow you to take a loan against the deposit. Generally, the loan amount can be 75-90% of the deposit value. For instance, State Bank of India allows you to take a loan of up to 90% of the deposit amount at an interest of 0.5% per annum above the interest rate of the RD.

 

What should you do?
It can also be useful for those who do not have access to financial instruments such as equity or debt. If you are in the lowest tax bracket or have no taxable income and are looking for guaranteed returns, it may work for you.

 

However, you should know that since RDs come under the definition of time deposits, the interest earned will attract tax deducted at source (TDS). So, TDS will be applicable if the interest earned on the RD (or if you have more than one with the same bank) exceeds R10,000. If you come below the income tax bracket, you can avoid the TDS by filing Form 15G or 15H.


Mutual Funds are give better returns and more tax efficient. Invest Now

Sunday, May 21, 2017

How to check the status of your tax return acknowledgement sent by post

How to check the status of your tax return acknowledgement sent by post

 

A large number of taxpayers are likely to send physically signed ITR-Vs to the CPC. In that case, here's how you can track your acknowledgement

 

According to a press release by the Central Board of Direct Taxes (CBDT), 7.53 million taxpayers used the e-verification facility to verify their income tax return (ITR) this year (till 5 August). Popularity of e-verification soared this year compared to assessment year (AY) 2015-16, when about 3.29 million taxpayers had used this facility till 7 September 2015, the last date that year. For AY 2016-17, the last date for filing ITR was extended to 5 August this year.
 
 

Aadhaar as a means of e-verification also found favour with more people. While about 1 million had used it in 2015, about 1.77 million used Aadhaar this year. Roughly 22.7 million e-returns had been filed till 5 August, "thus, over 35% of taxpayers have already completed the entire process of return submission electronically. The Department encourages all taxpayers who have submitted their ITRs to use the e-verification as an easy alternative to sending their ITR-V form to Centralized Processing Center (CPC), Bengaluru," the release stated.

 

Data, however, also shows that a large number of taxpayers are likely to send physically signed ITR-Vs to the CPC. If you are among them, do track the acknowledgement. Here's how.

 

Verification of ITR-V

ITR-V is an acknowledgement-cum-verification form that needs to be submitted after filing the ITR. It contains a summary of the return filed by the taxpayer, and can be used as proof of income for various purposes. It can be verified either electronically or physically by mailing a signed copy to CPC. There are various processes through which you can e-verify your tax return-using digital signature, Aadhaar, internet banking and even ATMs. On the other hand, offline verification can only be done by downloading the ITR-V, signing it physically and mailing it to the CPC within 120 days from date of uploading the ITR.

 

If the e-verification is not done, or the signed copy of the return is not received by the tax department within the stipulated time, the ITR filed would not be treated as a valid return.

Check your status

If you have sent a signed copy of ITR-V to the CPC, you can check whether it has been received or not. To do so, log on to the e-filing website of the income-tax department:

https://incometaxindiaefiling.gov.in Click on the e-Filing tab and under "Services", you will find the option "ITR-V Receipt Status". Enter your Permanent Account Number (PAN) here and relevant AY for which you want to check the status or e-Filing Acknowledgement Number.

 

If the duly signed ITR-V has been received within the stipulated time limit, it will reflect in the status. If it has not been received, status will not be displayed. If status is not shown, and the time limit of 120 days has not lapsed, you can resend the signed ITR-V or e-verify. Failure to do so will invalidate your return and it will not be processed by the CPC. If you fail to file your return on time, the department can impose penalties.

For further information contact SaveTaxGetRich on 94 8300 8300

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UTI Transportation and Logistics Fund






Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saver Mutual Funds to invest in India for 2017

Best 10 ELSS Mutual Funds in India for 2017

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

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