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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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Friday, May 19, 2017

How to revise Income Tax Return Once Filed


The revised income tax return can only be filed if the original return was filed on or before the due date of that assessment year


The last date for filing the income tax returns (ITRs) of assessment year (AY) 2016-17 was extended to 5 August from 31 July this year. It has been almost a month since then. For most law-abiding tax payers, their tax filing process would have come to an end on the day they verified their returns.


However, there can be instances when a tax payer discovers-after filing the return-that there was an omission or a wrong statement in the ITR. This could lead to the imposition of penalties by the tax department. To correct such mistakes, the department gives you the opportunity to file revised returns.


When to file a revised return

Section 139(5) of the Income-tax Act, 1961 allows you to file revised returns. But the revised return can only be filed if the original return was filed on or before the due date of that assessment year. Accordingly, if you are thus eligible to file a revised return, you can do so up to one year from the end of the relevant assessment year or before the assessment of your return by the department, whichever is earlier.


Typically, the department sends you a communication regarding the assessment of your return. So, if you had filed the return for AY17 on or before 5 August, you can revise it till 31 March 2018 or before your return is assessed by the department, whichever is earlier. Similarly, you can revise your return for the AY16-if it was filed before 7 September 2015-till 31 March 2017, provided its assessment has not been started.


Ideally, you should immediately file the revised return upon discovery of any omission or wrong statement in the originally filed return. If you declare any additional income in the revised return, you may have to pay additional tax and the interest on it.


A revised return is not considered a belated return, i.e., a return filed after the due date. Therefore, you can continue to claim the benefits of the return, in line with the original return. For instance: in case of a belated return, the assessee is not allowed to carry forward the capital losses, whereas in a revised return it can be done.


How to revise a return 

Note that a return can be revised any number of times, as long as the conditions mentioned above are fulfilled. However, the mode of filing the revised return cannot be different from the mode used to file the original return. That means, if the original return was filed electronically, your revised return should also be filed electronically. Similarly, if the original return was filed physically, the revised return should also be filed physically.


The process, and the forms, for the revised return are similar to those for filing of the original return. While filing a revised return, however, you must indicate that it is a revised return, by checking the appropriate box in the online or the offline form. The acknowledgement number of the original return also needs to be mentioned in the revised return. Once a revised return is filed, the original or previous return is deemed to be withdrawn.


A revised return can be filed multiple times-within the stipulated window of time-if needed, and only the latest one will be considered as valid.








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Thursday, May 18, 2017

How to link your EPF Account with Aadhaar

Aadhaar can make EPF withdrawals easier

Here is a step-by-step guide on how to link your EPF account with Aadhaar


The Employees' Provident Fund (EPF) Organisation now has a completely online process for withdrawals from your EPF corpus. Using this facility, you can make final claim settlements, partial withdrawals as well as pension benefit withdrawals. The new online system is expected to reduce the settlement time for claims from about 20 days at present to around 10 days. However, this facility is available only for those who have an active Universal Account Number (UAN) and have linked this account with their Aadhaar number.

Here is a step-by-step guide on how to link your EPF account with Aadhaar.


Activate your UAN
When you change jobs, your employer creates a new EPF account, called member ID, for you. The UAN is a single account number that has details of all your EPF member IDs. You can get your UAN number from your employer. You can also check your UAN from the 'Know your UAN status on the EPF member portal. To use this option, you will need your EPF member ID, which is usually mentioned on your salary slip.


You will need to activate the UAN from the 'activate UAN' option on the EPF member portal. This includes creating a password for logging into the member interface. Your UAN as a user ID and the password you create, can be used for all of EPF's online facilities, including checking your EPF passbook.


Linking Aadhaar
After you log in to your member interface, find the tab labelled 'manage'. Under this tab, click the KYC button.


Here you will find a list of most common KYC documents that you can use to activate the UAN. To be able to use the online withdrawal facility, select 'Aadhaar' from the list and fill in your details-your name, exactly as it is in the Aadhaar database and your Aadhaar number.


Note that while processing your claim through the online claims facility, the EPF system will move forward only if your name, date of birth and gender in your Aadhaar records match your details that are available with the EPF. Accordingly, if there are mismatches in your record, make it a point to make the corrections wherever needed. Moreover, while making an online claim, you will receive an one-time password (OTP) for authentication over SMS from the Aadhaar authority. So, make sure that the phone number that you have registered with Aadhaar is in working condition.


For the online claims facility to work, you also need to submit your bank account information-account number, name as in bank records and IFSC code. Also, if you have not been an EPF member for 5 years, and want to make a claim for permanent settlement, you will also need to submit your PAN number.


Once you submit these details, click 'Save' on the page. After this, these documents will be listed under 'pending KYC' on the same page. It could take between one and two weeks for the approval, according to EPF officials. Once a particular document is approved, it will be listed under 'approved KYC' on the same page.


After you have your Aadhaar, bank details and PAN under the 'approved KYC' list, you are eligible to submit an online claim for withdrawals.



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



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Tax Refund on excess investments under Section 80C Investments

Investments made under 80C investments are given a tax deduction (tax break)



Investments made under 80C investments are given a tax deduction (tax break). Under this section, you can invest a maximum of Rs1.5 lakh.

However, if you make investments more than the said limit of 
Rs1.5 lakh, then you do not get any tax deduction on the amount over and above the limit. Nor can you claim a refund. Tax refund is applicable only if you have paid excess tax to the Income Tax department for the financial year.







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Birla Sun Life Advantage Fund Dividend


Invest Birla Sun Life Advantage Fund Online


a dividend has been declared by the trustees of Birla sun Life Mutual Fund in Birla Sun Life Advantage Fund (An Open Ended Growth Scheme), with the record date of 26th August, 2016 and in this regard, the details are mentioned below:







Mutual Fund investments are subject to market risks,
read all scheme related documents carefully.








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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Wednesday, May 17, 2017

How Freelancers can take Claims and Reduce Tax





The benefits you can claim to save tax as a freelancer

It's tax season, and as the salaried hurry to meet the deadlines to submit proof of investments and claim benefits, for freelancers, the scenario is quite different. Unlike salaried individuals, the latter don't have employers to lay down the rules and roll out the facilities for them. However, while tax filing can be more of a hassle for freelancers, since they have to do all the legwork themselves, they also have certain advantages when it comes to benefits.

As individuals, they can claim the tax-saving deductions that are available to their salaried counterparts, and as freelancers, they can also claim the deductions available to business owners.


Freelancers have the best of both worlds. They can claim the different Section 80 tax-saving deductions as well as on the expenses incurred for doing their work.


Most freelancers are aware of the Section 80 benefits they are eligible for as individual taxpayers. To boot, they can also claim tax-saving deductions on their business expenses. Here's how a freelancer can go about claiming these benefits:


DEPRECIATION OF ASSETS

As a freelancer, the electronic equipment you use for your work are your assets. These could include computer systems, laptops and cameras. The more these assets are used, their value depreciates. A small part of the value of the asset can be claimed as a deduction from your taxable income every year. Even the vehicle you use to commute for work is an asset that you can claim depreciation on. Any repairing cost can also be claimed.


OFFICE OVERHEADS

The expenses that you incur to run the day-to-day activities are the overheads you bear. You can claim these expenditures as deductions while filing your tax returns. If you have purchased a website domain to showcase or discuss your work, you can claim deductions on that too.


CLIENT MEETING EXPENSES

Freelance work often involves meeting clients at coffee shops or restaurants. If you pay for the food or beverages consumed during such meetings, you can claim deductions.


You can also claim tax-saving deductions on travel expenses incurred to meet clients. This includes deductions on fuel expenses for own vehicle and fare for hired cabs. Expenses on outstation work trips can be claimed.


OFFICE RENT

Most freelancers work out of home or coworking spaces. If you rent a desk at a coworking space, you can claim deduction on the amount you pay . If you work from a house you rented yourself, you can claim part of the rent. If you work from family home, you can enter into a rental agreement with a parent or relative who owns the property, and pay them rent, which can be deducted from taxable income.


CONTRACTING COSTS

For certain projects, you might have to enlist the services of another person or firm. If you have quoted this entity's charges in your fees for the project, you will need to make the payment to whoever you employ. Such payments, which are made on a contractual basis, are also deductible.














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

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. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. ICICI Prudential Long Term Equity Fund

5. Birla Sun Life Tax Relief 96

6. Franklin India TaxShield 

7. Reliance Tax Saver (ELSS) Fund

8. BNP Paribas Long Term Equity Fund

9. Axis Tax Saver Fund

10. Birla Sun Life Tax Plan



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


For further information contact SaveTaxGetRich on 94 8300 8300

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