Flame Newsletter - June 25, 2014


QUOTE OF THE WEEK:

"Banks should not take undue advantage of customer difficulty or inattention" - Raghuram Rajan, Governor, RBI

YOUR FINANCE DEMYSTIFIED:

Importance of receiving ITR-V acknowledgement

Most of us file our income-tax (I-T) returns ‘online’ before the July 31 deadline. Electronic filing (e-filing) is convenient and you can even pay your taxes online. However, filing your returns online does not mean that the process of filing return is complete. If you have added your ‘digital signature’ while e-filing, then your return filing process is complete. You will receive the acknowledgement by I-T department through email.

But if you have filed your return online ‘without adding digital signature’, then the process of e-filing is not complete. Your e-filing will only be complete after the central processing centre (CPC) of the I-T department sends an email or SMS acknowledging the receipt of the Form ITR-V.

What does ITR-V mean?

ITR-V stands for ‘Income Tax Return–Verification’ Form. It is a one page document. ITR-V is received when you file your I-T return online—without using a digital signature. It is sent by the I-T Department.  The I-T Department needs to verify the authenticity of your e-filing which does not have a digital signature. On receipt of Form ITR-V, you have to sign the copy of the Form in ‘blue ink’ and submit it to the I-T Department CPC, Bangalore to complete the filing process... 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?

Section 139(5) of Income-tax Act: Section 139(5) of the IT Act provides that you can revise a return within a year from the end of the assessment year or before completion of assessment whichever is earlier. Hence, revised return can be filed by March 31, 2015, or before completion on assessment, whichever is earlier, for FY13. Further, only original return can be revised and omissions / wrong statements corrected. Theoretically a return can be revised any number of times before the expiry of one year from the end of the assessment year or before assessment by the department is completed; whichever event takes place earlier.

TERM OF THE WEEK

De-merger: A business strategy in which a single business is broken into components, either to operate on their own, to be sold or to be dissolved. A de-merger allows a large company, such as a conglomerate, to split off its various brands to invite or prevent an acquisition, to raise capital by selling off components that are no longer part of the business's core product line, or to create separate legal entities to handle different operations.

IN THE NEWS THIS WEEK

SEBI Board meeting: Announces a slew of reforms

AMCs to maintain Rs. 20 cr assets in debt funds: SEBI

SEBI plans to introduce municipal bonds

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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