Skip to main content

My Tax app

The My Tax app is being developed in-house by the Income Tax Department.

The Income Tax Department will soon launch a mobile app that will act as a portal for almost anything I-T-related. From payments, tax deducted, to communications from the department, everything can be managed through the My Tax app.

It is being developed in-house, a government official. The individual's profile will be mapped to the permanent account number (PAN), allowing the collation of all tax-related information, including deductions by third parties, pertaining to that login. Taxpayers will also be able to respond to queries from the I-T Department or file complaints via the app, which is being developed by the Central Board of Direct Taxes (CBDT) to make the administration non-intrusive and taxpayer-friendly. It will complement similar initiatives by the board such as online scrutiny, which allows tax officials to seek details of transactions and get responses by e-mail.

The department recently unveiled Aaykar Setu, a new taxpayer service module that will have mobile and desktop versions. The app will provide various services such as PAN, TAN (tax deduction and collection account number) and tax payments.

The My Tax app will be personalised, but it's not clear whether tax-filing facilities will be available immediately.

The I-T Department is keen on the initiative as it believes convenience and simplicity are key to alleviating fear of the taxman and widening the tax base, having adopted the motto that taxpayers must be treated as customers.

Prime Minister Narendra Modi has sent a clear message to the tax authorities that they need to ensure that taxpayers do not fear the department.The department is working on a number of initiatives to improve its image.

The department is working on jurisdiction-free assessment, which means a taxpayer will not be linked to a particular ward or assessing officer. Assessment, if any, can be done anywhere in India, reducing the scope for interaction and harassment.

Popular posts from this blog

All about "Derivatives"

What are derivatives? Derivatives are financial instruments, which as the name suggests, derive their value from another asset — called the underlying. What are the typical underlying assets? Any asset, whose price is dynamic, probably has a derivative contract today. The most popular ones being stocks, indices, precious metals, commodities, agro products, currencies, etc. Why were they invented? In an increasingly dynamic world, prices of virtually all assets keep changing, thereby exposing participants to price risks. Hence, derivatives were invented to negate these price fluctuations. For example, a wheat farmer expects to sell his crop at the current price of Rs 10/kg and make profits of Rs 2/kg. But, by the time his crop is ready, the price of wheat may have gone down to Rs 5/kg, making him sell his crop at a loss of Rs 3/kg. In order to avoid this, he may enter into a forward contract, agreeing to sell wheat at Rs 10/ kg, right at the outset. So, even if the price of wheat falls ...

ICICI Prudential Balanced Fund

 ICICI Prudential Balanced Fund scheme seeks to generate long-term capital appreciation and current income by investing in a portfolio that is investing in equities and related securities as well as fixed income and money market securities. The approximate allocation to equity would be in the range of 60-80 per cent with a minimum of 51 per cent, and the approximate debt allocation is 40-49 per cent, with a minimum of 20 per cent. An impressive show in the last couple of years has propelled this fund from a three-star to a four-star rating. The fund has traditionally featured a high equity allocation, hovering at well over 70 per cent, which is higher than the allocations of the peers. But in the last one year, the allocation has been moderated from 78-79 per cent levels to 66-67 per cent of the portfolio. ICICI Prudential Balanced Fund appears to practise some degree of tactical allocation based on market valuations. Within equities, well over two-thirds of the allocation is parked i...

ING Mutual Fund - Invest Online

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300     Information Updated As On December 30, 2013   Name of the Mutual Fund ING Mutual Fund Date of set up of Mutual Fund February 11, 1999 Name(s) of Sponsor ING Group Name of Trustee Company ING Mutual Fund Name of Trustees Mr. Chetan Mehta - Associate Trustee Mr. Haresh M Jagtiani - Independent Trustee Mr. Sunil Gulati - Independant Trustee Mr. Surinder Mohan Pathania - Independent Trustee ...

Tax Planning: Income tax and Section 80C

In order to encourage savings, the government gives tax breaks on certain financial products under Section 80C of the Income Tax Act. Investments made under such schemes are referred to as 80C investments. Under this section, you can invest a maximum of Rs l lakh and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:   Provident Fund (PF) & Voluntary Provident Fund (VPF) Provident Fund is deducted directly from your salary by your employer. The deducted amount goes into a retirement account along with your employer's contribution. While employer's contribution is exempt from tax, your contribution (i.e., employee's contribution) is counted towards section 80C investments. You can also contribute additional amount through voluntary contributions (VPF). The current rate of interest is 8.5% per annum and interest earned is tax-free. Public Provident Fund (PPF) An account can be opened wi...

Fortis Mutual Fund

Fortis Mutual Fund, a relatively new player, it is still to prove its case and define its position in the industry. In September 2004, it came onto the scene with a bang - three debt schemes, one MIP and one diversified equity scheme. And investors flocked to it. Going by the standards at that time, it had a great start in terms of garnering money. Mopping up over Rs 2,000 crore in five schemes was not bad at all. The fund house has not been too successful in the equity arena, in terms of assets. Though it has seven equity schemes, it is debt and cash funds that corner the major portion of the assets. Most of the schemes are pretty new, and the two that have been around for a while have a 3-star rating each. The last two were Fortis Sustainable Development (April 2007), which received a rather poor response, and Fortis China India (October 2007). Fortis Flexi Debt has been one of the better performing funds, after a dismal performance in 2005. It currently has a 5-star rating. None ...
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