FLAME Newsletter - July 17, 2013


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:

How to file your I-T return online

The Internet has taken our lives to new levels of comfort. Like most other things, transferring of funds and making payments have also become extremely easy because of the Internet. Now, we can even pay our taxes online in the comfort of our home. The Income-tax department, with the help of information technology, has enabled automated tax return filing. Now, we can pay tax and view tax credits online. We do not have to wait endlessly is serpentine lines to get our refunds. They will be directly credited to our bank accounts.

E-filing your tax returns is just as easy as clicking the mouse button. You can file your tax returns online anytime and from anywhere; all you need is a computer and an internet connection. There is no need to visit the tax office anymore. You can file your returns within minutes on the website... Read more

Track your income tax refund

Here is what you have to shell out for missing tax deadline 

Many people fail to file their tax returns in time. This happens every year for many reasons. While some simply forget to file them, other do not get the time to file their tax returns in time. Lack of planning or plain laziness can also be reasons for missing the deadline. You may also file your return after the deadline but you will attract some penalty. The penalties applicable are different for various situations.  

If your tax has already been paid through advance tax or Tax Deducted at Source (TDS), you do not need to pay any more taxes for that year as you do not owe anything to the tax department. This is a great feature for taxpayers if the tax is paid within the assessment year. However, penalty of Rs. 5,000 will be charged if the tax is not paid within that assessment year. The assessment year generally ends on March 31... Read more

E-filing of ITR now a click away

How to calculate income from house property

The Indian Income Tax Act divides income received by an individual into five heads for calculating tax. The five heads of income include income from salary, income from house property, profits & gains of business or profession, capital gains and income from other sources. This article will teach you how to find the income from the home you own... Read more

DID YOU KNOW?

What is tax evasion

Tax evasion, in the common parlance, means the act of evading payment of tax payable by a citizen of a nation. The laws of every country clearly define tax evasion as being criminal in nature and that offenders could be subject to criminal prosecution...  Read more

TERM OF THE WEEK

Securities Appellate Tribunal

Securities Appellate Tribunal (SAT) is an appellate tribunal where an appeal can be filed by an aggrieved person or a listed company against an order passed by SEBI (Securities and Exchange Board of India) or any stock exchange in India... Read more

IN THE NEWS THIS WEEK

Banks to strictly follow KYC rules for customers: RBI

Cheques containing fractions of Re not be rejected: RBI

Equity MFs accounts fall 1.1mn in April-June 2013

Insurers can lend equities to generate extra income: IRDA

IRDA may allow banks to sell multiple insurance

Weak rupee may affect general insurance industry

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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