Flame Newsletter - July 02, 2014


QUOTE OF THE WEEK:

"90 percent of our problem is internal, though there may have been global influence. But many of our things can improve if we internally look into it" - Dr KC Chakrabarty, RBI Deputy Governor

YOUR FINANCE DEMYSTIFIED:

How to file income-tax returns online

How to file income-tax returns online

Most of us are so busy in our daily activities that we hardly get time to take care of our finances. We also find it difficult to submit our income-tax returns before the due date. In order to meet the deadline of filing our income-tax return, most of us hire the services of a chartered accountant or tax consultant. However, no one knows your finances and income better than you — so why let anyone else file your tax returns?

Individuals prefer to file their tax return through experienced accountants or professionals due to lack of knowledge or the fear of making mistakes. The below article provides the basics of electronic tax return filing that could help you complete the process on your own... Read more

How e-filing of income tax helps you

The internet has taken our life 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 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

DID YOU KNOW?

Registrars of Companies: In India, the Registrars of Companies (ROC), covering the various states and union territories, are appointed under Section 609 of the Companies Act. They are vested with the primary duty of registering companies floated in the respective states and the union territories and ensuring that such companies comply with statutory requirements under the Act. These offices function as registry of records, relating to the companies registered with them, which are available for inspection by members of public on payment of the prescribed fee. The Central Government exercises administrative control over these offices through the respective Regional Directors.

TERM OF THE WEEK

Petition for appeal: A formal written application requesting a court for a specific judicial action.

IN THE NEWS THIS WEEK

RBI to work on July 1 to facilitate public transactions

Banks should give data about wilful defaulters each month: RBI

Soft warnings given to MFs for violating norms: SEBI

Govt to allow pension money in MFs: SEBI

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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