How to get savings account interest rate deduction of up to Rs 10,000 during Income tax returns filing

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A deduction under Section 80 TTA up to Rs 10,000 can be claimed against savings account interest, which means that any interest income on savings bank account over and above Rs 10,000 will become taxable.

The interest earned on saving accounts is taxable under the head 'income from other sources'. However, a deduction under Section 80 TTA up to Rs 10,000 can be claimed against savings account interest, which means that any interest income on savings bank account over and above Rs 10,000 will become taxable.

Further, your bank statements reflect the interest earned on savings bank account on quarterly or half year basis, which can be used as a documentary proof. Alternatively, you can also obtain interest certificates from the respective banks which reflect the interest earned by you on your savings bank account on a yearly basis.

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Reliance Small Cap Fund

Reliance Small Cap Fund scheme seeks to generate long term capital appreciation by investing predominantly in equity and equity related instruments of small cap companies.

Reliance Small Cap Fund has beaten its benchmark in all seven years since its inception and has held onto a three or four-star rating without a pause. The fund adheres to a philosophy of finding good businesses at a good price without leaning overtly towards either the value or growth styles of investing. This approach has helped it outperform both its benchmark and category over one year, three years, five years and also in the since launch period. The margin of outperformance has remained high in the last one year as well. The fund's aggressive approach shows up in a portfolio-turnover ratio of 131 per cent.

The only constraint is that this fund hasn't seen really challenging bear markets like the one in 2008. In 2011, it capped its losses at levels far lower than those of the index and the category.

Reliance Small Cap Fund has recently shut itself to fresh lump-sum investments, but you can still invest in it through SIPs.

SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

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SBI Magnum Balanced Fund

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SBI Magnum Balanced Fund is now SBI Magnum Hybrid Equity Fund

• Asset allocation is vital for shielding an investor's portfolio from wide market swings of euphoria & panic. Balanced funds, as the name suggests, are hybrid funds which invest in equity & debt instruments. They provide diversification to an investor's portfolio by blending the growth capability of equity with the relative stability of debt.
• SBI Magnum Balanced Fund aims to provide investors long term capital appreciation, along with the liquidity of an open-ended scheme by investing in a mix of debt and equity. The scheme will invest in a diversified portfolio of equities of high growth companies and balance the risk through investing the rest in a relatively safe portfolio of debt.
• The fund provides a suitable investment opportunity for those who wish to benefit from the growth potential of equity without being completely exposed to equity markets.

SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

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Long Term Debt Funds

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If you are a fixed-income investor. These are relatively low-risk investments but most of them got their calls wrong in a sense that everyone was expecting a rate cut but we haven't seen any. I would say that holding it for two-three years would enhance the return. These funds haven't given great returns but at least protected you from the downside. No doubt, 2-3 per cent is nothing compared to 10-11 per cent, if everything would have fallen as expected. But you will have a decent return in two-three years time and things like this will keep happening.

And, if you want to avoid such thing in future, don't take chances. Be conservative, invest in a short-term debt fund. It will give you predictably 8.5 per cent. During this period, when dynamic bond funds have given 2-3 per cent return only, those funds have given 7-9 per cent returns.

SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

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What are the different Types of ITR status?

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Submitted and pending for e-verification: This status is shown when you have filed the ITR but either have not e-verified it or have manually verified it and sent the acknowledgement to the department but the same has not been received by the department yet.

Successfully e-verified: If the status of your return shows the status as successfully e-verified, it means that you have submitted and duly verified your return. But the ITR has not been processed yet.

Processed: If the status of your return shows 'processed', it means that the return is successfully processed by the department without any discrepancies.

Defective: The status of an ITR shows 'defective' if it hasn't been filed in accordance with provisions of the law. "If your return is found defective then you will receive a notice of defective return under section 139(9) asking you to rectify the defect within 15 days from the date of receiving notice. If you don't respond to a defective return then ITR shall be treated as invalid

Case transferred to Assessing Officer: 'Case transferred to AO' means the Centralized Processing Centre of the Income Tax Department has transferred the ITR to the jurisdictional assessing officer to process it. CPC generally transfers only those cases to the assessing officer which may involve complexities that could not be processed without any human intervention and thus require the assessing officer to step in

If your case has been transferred to the jurisdictional assessing officer, then just wait for a communication from the officer. "The assessing officer may contact you via telephone, email, letter or SMS and he may ask you to provide necessary evidence in support of your claim or assertions to process the return

If the income tax department finds any discrepancies between the income declared, the tax paid and the data available, an intimation shall be issued to the taxpayer to explain the discrepancy. If a demand is raised on a taxpayer, he can agree with it and pay the additional tax and interest or he can disagree with the demand and file the revised return or rectification request with the department

SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

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How to Get your Tax Returns Verified

 Several taxpayers who have already e-filed or will do so by the due date of July 31 will heave a sigh of relief. Congratulations on getting your taxes done in time! Now begins the wait for your tax refund. Or a confirmation from the tax department that your return is processed. But none of this happens unless you complete a crucial step in your return filing process — verification of your income tax return (ITR). Income tax returns must be verified after submission. This process means signing a physical copy of your ITR-V and sending it via speed post to CPC, Bengaluru.

 

The process involved endless wait and of course the fear of ITR-V getting misplaced. But the Income Tax Department has embraced technology with a gusto. Several means of electronic verification have been introduced. You can choose any of these means to verify your tax return and skip sending the physical copy of ITR-V.

 

Net banking – Possibly the fastest and easiest way to verify your tax return is via netbanking. All you need to do is login to your net banking account and look for an option that says 'e-file your tax return' or similar. This option will take you to the income tax department site automatically. Once the department site appears you can click on 'my pending actions'. Select 'e-verify', it will ask whether you want to verify your return. After you click on yes, an EVC is automatically applied to your return and it is verified. This completes your return filing process. Verifying via this option is mandatory if you are claiming a refund.

 

 

Aadhaar OTP – Another option to verify is via the Aadhaar OTP. If you have an Aadhaar card, you can link it on the Income Tax Department website. Your Aadhaar number will be linked to your PAN after validation. After your Aadhaar number has been validated, an OTP will be generated and sent to your mobile number. Use this OTP to e-verify your return. Note that the Aadhaar OTP as EVC is valid only for 10 minutes.

 

EVC code generated on the I-T Department website – Those with total taxable income under Rs 5 lakh can also verify via EVC code generated on the Income Tax Department website. This EVC code is sent to your mobile and email ID and is valid for 72 hours. To get the EVC to your email address/phone number, go to e-File tab and select 'Generate EVC'. Now, you will see four options. Select the first option –'I already have an EVC and I would like to submit EVC'. Provide the EVC in the text box. Click Submit. Your return shall be verified.

 

Bank details — Taxpayers can provide bank details under Profile Settings menu on www.incometaxindiaefiling.gov.in. The following details have to be provided: bank account number, IFSC code, email ID and mobile number. These details shall be validated along with PAN and name with the particulars registered with the bank. Once the details are successfully verified, a taxpayer can opt for 'Generate EVC using bank account details' while verifying their tax return. EVC shall be sent to the taxpayer's email ID and/or mobile number verified from bank. This facility is currently available via PNB. 

 

Demat account — Taxpayers can provide demat account details under Profile Settings menu on www.incometaxindiaefiling.gov.in. A taxpayer has to provide the following details:  Demat account number, email ID and mobile number. These details shall be validated along with PAN and Name with the particulars registered with depository (CDSL/NSDL).Once the details are successfully verified, the taxpayer can opt for 'Generate EVC using DEMAT account details' while verifying their tax return. EVC shall be sent to taxpayer's email id and/or mobile number verified from CSDL/NSDL. 

 

ATM – Taxpayers who do not have net banking facility can now verify by generating an EVC code through ATMs. This facility has been launched with SBI and Axis Bank ATMs.  The Income Tax Department has made available so many ways to electronically verify tax returns. Choose to e-verify this time. Once you have successfully e-verified, there is no need to send the physical ITR-V.

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Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saver Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Religare Tax Plan

4. DSP BlackRock Tax Saver Fund

5. Franklin India TaxShield

6. ICICI Prudential Long Term Equity Fund

7. IDFC Tax Advantage (ELSS) Fund

8. Birla Sun Life Tax Relief 96

9. Reliance Tax Saver (ELSS) Fund

10. Birla Sun Life Tax Plan

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What happens If you do not File ITR within the due date

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If you fail to file the tax return within the stipulated due date, 31 July, you may have to face multiple consequences. Filing a tax return after the due date is known as belated tax return and in such cases some of the benefits get seized.

If you fail to file your tax return before due date, you can still file a belated return till 31 March of the same assessment year (AY). So if you fail to file returns for the current AY19 till 31 July, you can file a belated return till 31 March 2019. However, you will have to pay a late fee at the time of filing returns.

The pitfalls
Penalty payment: A return filed till 31 December of the AY attracts a penalty of Rs5,000 (Rs1,000 if income is below Rs5 lakh), whereas a belated return filed between 1 January and 31 March of the AY attracts a late fee of Rs10,000. While earlier late fee was not mandatory, after the introduction of Section 274F in Finance Act, 2017, you can't escape paying it.

Interest payment: You are also supposed to pay interest under Sections 234A, 234B and 234C of the Income Tax Act, 1961 on due taxes each month until you file returns.

Setting off losses not allowed: You are not allowed to carry forward certain losses to subsequent years for set-off. For instance, capital losses can be carried forward for the next eight AYs and can be adjusted against gains during these years, but only if the return is filed by the due date.

No interest on refund: If any tax refund is due to you and you file the return in time, you can earn interest on refund claim, that is, the excess tax paid on your income during the year as per Section 244A. However, in case of belated returns, you may lose the interest that would be due on the refund amount.

No provision to revise returns: Also, there is no window to file a revised return. This is because filing a revised return is allowed only when original return has been filed within the due date.

It makes sense to file your return before the due date, ideally well in advance to avoid last-minute rush and glitches.

SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com