QUOTE OF THE WEEK:
“There are substantial number of people with good income who are not paying taxes and the focus should have been more on bringing them under the tax net”— Sunil Duggal, CEO, Dabur India
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.
Incorrect personal details:
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
Income tax exemptions & deductions under various sections
Investment covered u/s 80C Income Tax
With every new year comes new joys, new wishes and new dreams coupled with new liabilities and responsibilities including the old ones. One such responsibility is financial planning for ourselves and our family for each financial year. The tax plan has always been a concern of the last minute, be it for the service or business class.
Even in today’s tech-savvy generation, there are many people who are not aware of the basic tax planning requirements. Let us understand the various avenues for investment where tax can be saved under Section 80C.
Under Section 80C of the Income Tax Act, 1961, there is a total investment limit of Rs. 1 lakh to avail tax benefit. Please do remember that one or more items taken together the total investment amount should be a maximum of Rs. 1 lakh to entitle you to a deduction u/s 80C... Read more
DID YOU KNOW?
How to prepare a Will
The subject, “How to prepare a Will” is quite exhaustive and each Will is a special and separate document. However, some tips are being given to draft a Will. A Will can be written on plain paper, preferably typed double space, and witnessed by two persons (Should be younger & reliable).A beneficiary cannot be a witness... Read more
TERM OF THE WEEK
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... Read more
IN THE NEWS THIS WEEK
RBI proposes to use unclaimed deposits for education, awareness
RBI standardises gold loan guidelines
NSE launches ‘NSE Bond Futures II’ on 10-year GOI bonds
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.