Prajna Capital - An Investment Guide

Best SIP Funds to Invest Online   Franklin India Taxshield Fund scheme seeks medium to long term growth of capital, with income tax rebate. The scheme invests in equities and there is an exposure to PSU Bonds and debentures and Money Market instruments. An established fund in the ELSS category , it has steadfastly maintained a large-cap bias amid different market phases. Consistency of returns and an ability to contain downside have helped it retain four to five-star ratings for much of the last eight years. Franklin India Taxshield Fund returns in the last one year show a slowdown relative to the category and benchmark. The fund's year-to-year returns don't always beat its more aggressive peers, but its performance adds up to very handsome returns over the long term. Franklin India Taxshield Fund is a Fund which allocates a minimum 60 per cent to large caps, it has pegged up this exposure even higher, to 80 per cent in the last one year. Mid and small-caps now make up less tha...

The ITR forms now allow non-residents to give details of bank account outside India, so they may receive the refunds in it directly The last date for filing income tax returns (ITRs) for the assessment year (AY) 2017-18 is 31 July 2017. All those who want to claim tax refunds, have to mandatorily   e-file their income tax returns irrespective of the amount of their taxable income. And to claim refunds, one has to provide details of a bank account in which the refund is to be credited. However, for this, till now they could only provide details of a bank account in India. If they did not have an account in India, their tax refunds would become difficult. This has been rectified now. In the ITR forms for AY 2017-18, NRIs can furnish details of foreign bank accounts to claim refunds. Read more about it here. Need for foreign bank details Almost all types of incomes attract tax deduction at source (TDS). TDS is collected at different rates, which are stipulated in the Income-tax Act, 1...

Best SIP Funds to Invest Online   Allowing taxpayers to submit returns up till August 31, provides relief to those have not filed it yet, especially employees who did not receive their Form 16 in the designated time frame. They now have time to claim the right refunds. More importantly, the extension is a boon to individuals who might have claimed wrong deductions or made mistakes during their filing. Now, under Section 139(5) of the Income Tax Act, these individuals have a chance to revise their returns by rectifying or omitting incorrect facts. Why is this important? As India embraces digitisation, the IT systems have become more vigilant than ever before. If the taxpayer doesn't rectify errors within a given period, the returns would be deemed null and void for the year. In fact, while assessing returns, Computer Aided Scrutiny Selection (CASS) will select the returns for scrutiny, in case of any under reporting of tax returns. The tax department will send a notice to the taxpay...

Top SIP Funds Online   The income tax return (ITR) 1 or Sahaj is the form used by most of salaried people for their ITR filing. Unlike last year, this year's form requires taxpayers to give a detailed break-up of their salary income and income from house property. In the FY18 form, for instance, you need to provide details about value of perquisites, non-exempt allowances, interest paid on borrowed capital and so on. And don't worry, you will not have to run helter-skelter in a bid to find these details, especially those Taxpayers filing their return using ITR Form-1 (Sahaj) can find all the information in their Form-16. Form-16 provides all the information about their salary details which includes basic, allowances, perquisites etc. While Form16 provides you all the details regarding your salary income, here's how you must fill the required details to file your return correctly. Incorrect details could lead to scrutiny from income tax department. Income from salary Under ...

Top SIP Funds Online   In order to make e-verification of ITR (Income Tax Return ) filing easier, the Income Tax department has operationalised new e-filing system, that allows online verification of a person's ITR by using either the Aadhaar number, internet banking, ATM or email. This saves you from the practice of sending paper acknowledgment to the Centralised Processing Centre (CPC) of the IT department located in Bengaluru. However, if you want you can still use your paid tax challan to verify your ITR and send the paper acknowledgment called ITR-V through post to the Bengaluru based CPC. Here is how you can e-verify your ITR via net banking Those taxpayers who have activated internet banking facility can do the e-verification. Once logged in to the banking portal, the taxpayer will be sent Electronic Verification Code (EVC) on his/her mobile number provided to the official e-filing portal of the IT department. This is the same EVC which tax payers will have to put in their I...

  Being self-employed seems to be a great idea. You don't have a boss to answer to, you decide your own work timings and you can even choose the people you work with. In many ways, being self-employed can be much better than being a salaried employee. But not in one aspect— filing income tax returns. Income tax returns are more complicated for the self-employed than they are for those who earn a   salary. There are a lot of aspects that get taken care of for the salaried, which the self-employed have to work on themselves. But here are four e-filing strategies that the self-employed can use to make the process simpler. Understanding the tax treatment A self-employed individual is one who doesn't earn a fixed salary from a company. You are hired on a contractual or an assignment basis for your intellectual or manual skills. Hence, from a tax perspective, your income is Profit & Gains of Business & Profession. You have to pay taxes on the combined income you earn in a fi...

Best SIP Funds to Invest Online   There are over 25 changes in current year Income Tax Return (ITR ) forms this year. For the common person, it is important to understand the key implications of the ITR form changes so that you can easily finish the task of filings your income tax returns in the next few weeks. For the salaried person, ITR filing was relatively easy so far. An assessee with income from salary, one house property and other sources (like interest from fixed deposits) uses the most basic one-page ITR-1 or Sahaj form. The new Sahaj form wants you to disclose specific details about your salary. It seeks an assessee's salary details in separate fields and in a breakup format such as allowances that are not exempt, the value of perquisites, profit in lieu of salary and deductions claimed under section 16. Basically, the taxman wants to know the structure in case of salary income. The new ITR-1 Sahaj form also seeks details about income from ...

After a bitter legal and political battle, there is some clarity on the Aadhaar and your tax return. Individuals who have the Aadhaar must mention it in their tax returns. Only those who do not have an Aadhaar are exempt from the rule. Don't treat the Aadhaar as an optional requirement. If you don't quote your Aadhaar, the return can get accepted right now but you may get a notice for willfully holding back information required to be mentioned in the return. The tax authorities have power to slap a fine or even prosecute you for submitting a false statement in verification under section 277 of the Income Tax Act, 1961. If you have the Aadhaar, it is also necessary to link it with the PAN if you are filing your tax return. This is very easy and takes barely five minutes. Experts say the Aadhaar will soon become a must for all your financial needs. Going forward, almost all aspects of one's financial life will be linked to Aadhaar. So, if you don't already have Aadhaar, g...

   Income tax returns can be filed through the physical form. This mode can be used only if the income is less than `5 lakh and no refund is claimed.  Returns can also be filed through the IT website by downloading the appropriate form, filling it and generating a file. The file has to be uploaded and submitted by logging into the income tax website.  Another way is to log into the IT website with user ID and password and fill and submit the appropriate ITR form online itself.  One can take help of the IT departmentappointed tax return preparers to prepare and file income tax if one finds it difficult to do so.  Alternatively, there are many e-filing websites, e-filing apps or chartered accountants who can assist in filing returns. 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 For further information contact  SaveTaxGetRich on 94 8300 8300 OR You can write to us at Invest [at] SaveTa...

  E-filing vault makes your tax e-filing account safer Your e-filing account, which keeps a lot of your financial information in one place, can be vulnerable to security threats. E-filing vault comes into play here Almost all your dealings with the tax department -such as filing tax returns, replying to tax notices, and tracking your refunds-can be done through the income tax department's e-filing website www.incometaxefiling.gov.in . For this, you need to have an account on the website. However, having all the information online can leave you vulnerable to frauds. Therefore, security of your tax filing account-which has all your vital financial information-is of utmost importance. While the e-filing website is secure, you or anyone else can login to it using details such as your Permanent Account Number (PAN ), date of birth and password. This is where the e-filing vault comes in and adds a second layer of authentication, to prevent unauthorised access to your account. Additional...