FLAME Newsletter - January 08, 2014


QUOTE OF THE WEEK:

"Inflation is often the heaviest tax on the poor. Its places the heaviest burden on the poor in countries" - Gerry Rice, IMF spokesman

YOUR FINANCE DEMYSTIFIED:

Common mistakes people make when filing income tax returns

All those who have taxable income are required to file their return. Also, those with income above Rs 5 lakh have to compulsorily e-file their return from assessment year 2013-14. It’s very important to file error free Income tax Return to avoid future problems. Let’s see the most commonly committed mistakes those could be avoided.

Every year a large number of returns are rejected for incorrect personal details like name, bank account number, IFSC code and address. This leads to delays in refunds. So please be sure to fill correct personal details... Read more

10 tax saving options other than Section 80C

Tax: Inter-source adjustments vs inter-head adjustments

Taxpayers earn income from salary, house property, business or profession, capital gains and income from other sources. There cannot be a loss from salary and income from other sources. However, we could suffer losses under other heads of income such as loss from house property, business loss and capital loss.

Adjusting loss from one head against any gain under the same head is called 'inter-source' adjustment. For example: You have two businesses 'A' & 'B'. Business 'A' is making a loss, while business 'B' is making profit. Then, the loss from business 'A' can be set-off against profit from business 'B'. Set-off means the process of reducing one’s income using losses under other heads or same head of income... Read more

DID YOU KNOW?

What is resident foreign currency account?

After having worked abroad as an NRI (non-resident Indian), you would surely have some foreign investments such as your bank account balance, investments in shares, mutual funds, etc.

You would surely like to bring back your foreign currency from your overseas back account. After your return to India, you can open an RFC (resident foreign currency) account which can be used to credit your income from foreign sources... Read more

TERM OF THE WEEK

What is Section 80G of income-tax

To encourage people to donate, the Indian government allows for income tax deductions under Section 80G for the amount which has been donated. The amount donated by a person is allowed to be claimed as a deduction under Section 80G, at the time of filing his income tax return... Read more

IN THE NEWS THIS WEEK

Foreign investors to use 'Put' and 'Call' options: RBI

Create unified financial redress agency to resolve customer grievances: RBI

RBI panel recommends banks for low-income households

MFs scale 13-quarter peak with 8.4% gain in average assets

ABOUT FLAME

FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.



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