Interesting Facts about Mutual Funds

A mutual fund collects money from the investors and invest the money on their behalf. It charges a little fee for managing the money. Mutual funds help the people who are willing to invest but not much aware about investments. There are different types of mutual funds. People can choose mutual fund schemes and invest as per their financial state and their goals. Mutual funds are an ideal investment for regular investors.

You can either invest directly with a mutual fund or can take help from the services of a mutual fund advisor. If you are investing directly, you will invest in the direct plan of a mutual fund scheme. If you are investing through an advisor or intermediary, you will invest in the regular plan of the scheme. There are various myths about mutual funds and people do not know the real facts about the funds. Some of us are really afraid to invest in the mutual funds because of the myths and this happens because of our less awareness about the mutual funds. Investing in the mutual funds can actually be a good idea if you know the facts regarding the funds. Here is a small guideline for you :

#Fact 1

Mutual funds are not only meant for experts. Yes! They are for common investors who are less aware of the information regarding the investment and securities. Mutual funds are professionally managed by expert fund managers after in depth market research and it is beneficial for the investors. It is such an inexpensive way to get a full time fund manager to manage their money. So you can invest in mutual funds without worrying.

#Fact 2

Not every mutual fund is made for long run. It completely depends on your investment horizon and goals whether you will invest in the long term mutual fund or short term mutual fund. If you are hesitant to invest in long term mutual fund investment, here are various short term mutual funds in the market. You can even invest for a few weeks. So go ahead.

#Fact 3

No. You don’t have to invest a lot of money in a mutual fund. It is not necessary that every investor invests a large amount of money in their mutual funds and especially when you are going to invest for the first time, then you can start investing mutual funds with just ₹5000 for a lump-sum / one-time investment with no upper limit and ₹1000 towards subsequent / additional subscription in most of the mutual fund schemes.

#Fact 4

Mutual Funds invest in stock market, bond market, and Money Market instruments such as Treasury Bills, Commercial Papers, Certificate of Deposit, Collateral Borrowing & Lending Obligation etc. Many of these instruments are not available to retail investors due to large ticket size of minimum order quantity and hence, retail investors could participate in such investments through mutual fund schemes .

#Fact 5

Holding mutual fund units in Demat mode is not compulsory except in respect of

Exchange Traded Funds. For other schemes including the close ended schemes like Fixed Maturity Plans, it is completely upto you whether to hold the units in Demat mode or conventional physical account statement mode.

There are various mutual fund in India such as equity Mutual funds, Debt mutual funds, Hybrid mutual funds and Solution oriented mutual funds. So go through the details before you invest. It is really easy and various finance related websites can be a guide for you.

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Safety Tips for the Debit Card Users

Most of us use debit cards and debit cards have made our life easier. From withdrawing money from the ATM machine, bill payment, to shopping and everything is possible in fraction of seconds. You can do a large amount of money transaction without carrying cash with you. In a nutshell a debit card is basically a card used for fund transactions. Known as plastic cash, bank card, you can enjoy electronic access to your savings account in any bank via ATMs with the help of this card. You can deposit and withdraw as per your convenience this way without the hassle of standing in long queues. Same can be utilized for mobile banking and Internet banking.

As per the Reserve Bank of India guidelines, the banks which are issuing debit cards to their customers are responsible for keeping the details of their customers private and secured but multiple cases of data breaching have happened already. In some cases the banks were responsible for it, in other cases the users were responsible. Here are few guide lines for the safety of the debit card users

  • Once you got the PIN number of your debit card, you should remember it. Do not share it with others and never ever write it down anywhere. Otherwise your card will be misused if it ever gets in wrong hand.

  • Sometimes the fraudsters may jam the ‘enter’ and ‘cancel’ button in ATMs. So, the transaction gets hold. In such cases don’t leave the ATM, before canceling your transaction.

  • While withdrawing cash in the ATM, check that no one is watching you. Otherwise they can get your PIN number. Do not deposit the balance receipt in the ATM.

  • Track your transaction on a regular basis and in this way you will able to identify any unusual activity in your account.

  • Your bank will never ask for your debit card details. So, never share it with anyone over phone, calls, message or anything else. Even if he claims to be from the bank, don’t trust anyone that easily.

  • Never save the details of your debit card on any merchant site. In case that site get hacked, the hackers will get the details of your card and they can misuse it.

  • While transacting at petrol bunks, restaurants, and similar places, ensure that your debit card is swiped in the POS machine only in your presence. Otherwise, there are chances of your information being skimmed. Skimming is the process of duplicating a debit card with the use of a skimming device.

  • Try to keep changing your PIN number time to time. It is good for your safety. Make sure that your phone number is connected with your bank account. You will get notification message from the bank for every transaction. The message will arrive on your mobile.

Always handle your debit card with care. Follow the aforementioned tips. If your card ever get lost, contact to the bank and block it immediately. You can get more details on the internet.

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Facts about Income Tax refund

Income tax is a tax imposed by the central govt on individuals or entities who earn money or earn profit more than a certain limit. Income tax is calculated at specified rates on total income of a person and paid directly to the central govt.The provisions relating to the income tax was governed by income tax act 1961. Paying the income tax is responsibility of every citizen, but while paying the income tax one should be aware of the details about income tax. They should know if they earn enough to pay the tax, if they are paying the right amount of tax , if they are paying more than their tax liability and even if they are doing so, what should be done in this situation?

Income Tax Refund

We have heard the term so many times, but very few people have clear idea about the Income tax return or Income tax refund. What is Income tax refund? How it works?

When a person pay more tax than his/her actual tax liability, then the tax payer can file the return on income tax.This usually happens when the advance tax, self-assessment tax paid or TDS deducted of the taxpayer is higher than the total tax liability of a taxpayer.

Income tax return or Income tax refund is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form. Every year different forms of returns of income are prescribed by the Income-tax Department for different taxpayers having different income from different sources. 

When it is found that the tax payer pays more than his tax liability, the Income Tax Department returns their extra amount of tax. Either they directly return the extra tax amount to the taxpayer’s back account or directly send Cheque to their mail address.

Process to file the Income Tax Return

As per the Income Tax Act 1961, One should file his/her return in the relevant assessment year by July 31 to claim the refund. The FY (financial year)immediately succeeding a financial year is the relevant assessment year for that financial year.

Filing for Income tax refund or Income Tax return can be done online. Your refund is determined by comparing your total income tax to the amount that was withheld for federal income tax. Assuming that the amount withheld for federal income tax was greater than your income tax for the year, you will receive a refund for the difference. For more such details follow the finance related sites on the Internet.



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Facts you need to know about PAN card

PAN is the abbreviation form of the permanent account number. A small card consisting of the unique 10 digit number is called PAN card. The 10 digit code is issued by the income tax department of India under the supervision of the Central board for direct taxes (CBDT). Those who earn a taxable income should have PAN card. While opening a bank account, or doing a large amount of money transaction PAN is required everywhere. There are different money transaction limits for buying different products and services. The PAN number helps the income tax department to monitor the money transaction of each of PAN card holder. In fact, how much tax they are paying, that also can be observed and it is necessary for those who want to file the income tax return.

The applicant for PAN card can be Indian or Nonresident Indians who pay tax here or the overseas citizen of India card holders. While the Indians have to apply with the 49A application form, the foreigners have to apply with the 49AA form. One can apply for a PAN card online. Just go to the NSDL(National Securities Depository Limited) site and you can apply for PAN card by submitting required documents including valid proofs of the name, address, image. The charges for getting a PAN card can be sent online. Pan cards can also be obtained by applying to the centers established by NSDL.

Various usage of PAN

We often use PAN card as an identity proof and it is well-accepted everywhere as PAN card contains the name, photograph, and address of the holder and it is valid for the rest of the life once it is issued. Pan card can’t be used as a proof of Indian citizenship. Apart from this PAN card has other uses too.


PAN card is mandatory while applying for a loan, you need to submit your permanent account number to the those who are lending money to you. From educational loan, home loan to business loan, submitting your PAN number is mandatory.


If you are planning to invest money or thinking about making a fixed deposit in the bank. Then you have to submit your PAN card number there if the transaction money is more than 50,000. Even if you are depositing money to any bank account and the amount is more than 50,000 you have to submit your PAN details. It is a rule made by the RBI. PAN is also required if you are paying for insurance.


Buying or selling any motor vehicle, or any other property that costs more than 50,000 requires the submission of the PAN number while having the transaction. Even if you are purchasing jewelry costs more than 50,000 that also requires PAN number.


When you are applying for a credit card or debit card to any Bank, submitting your PAN details is mandated by the regulations of RBI.


If you are earning a taxable amount of money, then you are supposed to file the income tax return and while applying for the tax return, you have to submit your pan card details.


As per section 139A of income tax act 1961, one can have only a single PAN card. In case, you lose your card, you can apply for duplicate PAN card or can reprint it. For more such information follow


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Understanding GST as it Crawls Through the 1st Year

The Goods and Services Tax, popularly known as GST, is just three weeks away from celebrating its 1st anniversary mark. It was a ceremonial affair where the President of India, Pranab Mukherjee, along with the Prime Minister of India Narendra Modi announced the implementation of the most awaited reformed taxation, the GST. After years of trial and turmoil, the NDA-led government implemented it from 1st July 2018, at the midnight special hour. The launch was marked as a historic event with both the houses of parliament convened at the Central Hall of the Parliament.

It’s nearly one year since the introduction of the new indirect tax regime. It was after 70 years of our Independence that the tax system was revised. The modification in the GST or the consumption tax is levied on the sale of goods and services. The changes in the indirect tax system was deemed necessary to simplify the taxation by opting for ‘GST: One nation, One tax.’ GST is applicable at every step in the production process, but is refunded to all the middlemen executives in the stages of production, except the final consumer. The GST is levied at the place of procurement and not at the place of production.

This one step indirect tax replaced several other taxes like the central excise duty, services tax, additional customs duty, surcharges, state-level VAT etc. The GST regime has also demolished taxes that were applicable on inter-state transportation of goods. GST involves sale, transfer, purchase, barter, lease, or import of goods and services.

The Indian GST model follows a dual character. It is administered by both the Union and the state governments. Exchange of goods and services within a state is levied Central-GST (CGST) by Central Government and State-GST (SGST) by the State governments. In case of inter-state purchase, an Integrated GST (IGST) is levied by the Central government.

The GST incurs variable rates for different products. The different GST slabs are 0%, 5%, 12%, 18% and 22%. With some exceptions being made to dairy products, petroleum, gold etc.

Revision of Tax Slab Rates

The GST reforms have had a total of 27 meetings in just one year denoting the unstable marking of tax slabs. These slabs have had a severe impact on consumer-oriented markets. Fixing of prices and allotment of discounts all depends on the indirect tax regime. And frequently modifying it make the work even more complex to calculate and to fetch new labels. GST rates in India have been touted to be one of the highest in comparison to other developing countries. And the presence of 4-5 different slabs for different products only leads to confusion. Although reduction in the tax rates was a welcoming step, it needs a more rationalized approach for a sprouting business environment.

Getting Accustomed to it

For smoother business and market operations, traders had a really hard time getting used to the new taxation policy. Dealers had to obtain a GST registration in each state of operation. One of the key challenges of service providers was to bear with the GST portal. Due to the technical glitches and setbacks, the government has extended the dates of return-filing and also looks forward to a simplified version of registration.

Introducing E-way Bills

E-way bills were introduced for ease in the transportation services as tokens to be uploaded online without any hustle, but to everyone’s’ surprise the portal crashed on the very launch day due to site traffic. The Government has been quick in responding and thus came with the idea of opting for two different E-way bills, one for inter-state and the other for intra-state.

Blockage of Working Capital of Exporters

The GST council had a meeting on the refund issues on export items. The Central and state government authorities keenly observed the problems faced by the various exporters and has promised to adhere to them at the earliest. Export duties were given special category of the economic section and this has created a haywire of sorts for the zero percent slab rate. The export rate witnessed a setback but with timely intervention from the government, things will get smoother in the coming times.

Anti-Profiteering Rules

It was observed that GST led to a price hike, hence the need arose for anti-profiteering guidelines. These were issues to make sure the end users are benefited with the GST rates. It will help control inflation. Price swinging from the retailers stock can be overcome by the provisions in anti-profiteering rules to safeguard consumer interests.

Complex and Uncertain provisions

Although GST was implemented to have a smoother and simplified tax regime. But as is the case with any new law, it comes with its own set of uncertainty and complexities and GST was no exception to the law. This one year journey of GST was met by many hurdles and uncommon problems and mixed reactions from people all around India. GST had to overcome issues like refund problems, changing rates, curbing inflation, monitoring double taxation, omitting credit blockages etc.

GST has fought many economic hurdles at the very nascent age and looks prepared to enter its 2nd year of glory. GST has empowered make in India and the problem of dual taxation. The improvisations made help us understand the economic fragmentation the better way and has assisted in curbing tax defaulters.

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Most Common Concerns of NRIs Regarding Income Tax

Income tax is definitely a prime concern of the taxpayers and more than that the involvement of government in the same makes it important. In the recent past, a slew of measures have been announced to check misreporting of income by individuals. In light of the new developments, it has become a must for all of us to clearly understand our tax liabilities and abide by them accordingly. We may have to face the wrath of the income-tax (I-T) department in case we fail to do so. In case you are a non-resident Indian then definitely the things becomes much more complicated. Keeping that in mind, here are the some very common income tax related questions of NRI’s along with the best possible answers.

Does my residential status changes only once in my lifetime?

The answer is no. Under the provisions of the I-T law, the residential status of a taxpayer is determined every year. Initially, a person could be a resident; his status may change to being non-resident. In case this NRI decides to come back to India, his status would change to the resident but not ordinarily resident. This is an ever-changing process.

Do I have to pay taxes in India if I am an NRI?

You do not have to pay taxes in India in case you are not earning anything here. In case you are making a certain profit in India (even if it is through money lying in  your savings account which is known as passive income), that particular part of your income will be taxed in India while the remaining part of your income would be taxed in the country of your residence.

What are the deductions not allowed to NRI?

Unlike resident Indians, NRIs do not enjoy deductions on some investments under Section 80C of the I-T Act. These include:

  • Investment in the Public Provident Fund (You can, however, maintain your PPF accounts if you opened them while they were a resident.)
  • Investment in the National Savings Certificate
  • Investments in five-year Post-Office Deposit Scheme
  • Investment in senior-citizen savings scheme
  • Investment in the Rajiv Gandhi Equity Savings Scheme
  • Deductions are given to differently-abled people under Section 80DD, Section 80DDB and Section 80U

Is it a must for NRIs to pay advance tax?

As an NRI, if your tax liability exceeds Rs 10,000 in a financial year, you are required to pay advance tax. In case you fail to do so, you will have to pay an interest on the outstanding liability under Section 234B and Section 234C of the I-T Act. Advance tax is a part payment of your tax liabilities, and the individual pays as he earns under the scheme. The tax is applicable if you are making money from sources other than your monthly salary. Gains made through the sale of property, interest earned on investments, profits gained through business, et cetera, attract advance tax payments.

What are the deductions allowed to NRI?

On a par with residents, NRIs are allowed deductions for houses purchased in India.

  • Under Section 80D, NRIs can also claim deduction of up to Rs 40,000 in a financial year for health insurance premiums.
  • Under Section 80E, NRIs can also claim deduction on interest paid against education loans.
  • Under Section 80G, NRIs also claim deduction on charity and donations.
  • Under Section 80TT-A, NRIs also claim deduction on interest earned on money lying in savings bank accounts. There is a cap of up to Rs 10,000 on that income, though, which is applicable to both residents and non-residents.

Consult an experienced NRI tax service company for better knowledge of the things. Having a good support will always lead your way in better tax management.

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Can NRI Purchase or Own a Property in India?

Before any monetary investment, it is very much important to know about the tax rules. Any non-resident Indian (NRI), who is interested in buying a property in India, should be aware of certain legal provisions pertaining to the purchase or owning of an immovable property in India under the Foreign Exchange Management Act (FEMA). NRIs and persons of Indian origin (PIOs) are treated at par, for the purpose of investment in real estate.

Types of Properties for NRI’s to Invest in India

The Reserve Bank of India, through a circular, has given general permission to NRIs, to purchase any residential or commercial property in India. The investor need not seek any specific permission from the RBI, nor is he required to send any communication or intimation in this regard to the RBI. Under the existing general permissions, an NRI can purchase any number of residential or commercial properties. The income tax laws also allow an NRI to own as many residential or commercial properties as he or she wishes to take.

Important Do’s and Don’ts for Property Investment in India

In case the NRI is unable to come to India, the documents pertaining to the purchase can be executed by any person, who is given a valid power of attorney. Under the RBI’s general permission, an NRI cannot purchase any agricultural land or plantation property in India. Consequently, under the existing regulations, NRIs cannot purchase farmhouses in India. So, if an NRI wants to purchase a farmhouse or plantation, s/he will have to approach the RBI for a specific permission and the RBI will consider this on a case-to-case basis.

Joint Ownership: An NRI can purchase the property, either as a single owner, or jointly, with any other NRI. However, a resident Indian or a person, who is otherwise not allowed to invest in a property in India, cannot become a joint holder in such property, irrespective of the second holder’s contribution towards the purchase.

Continuance of Ownership of Property, After Becoming an NRI: What if a person who owns properties in India, subsequently, becomes an NRI? Such a person can continue to hold the property in his name in India. An NRI is also allowed to continue to own any agricultural land, plantation property, or farmhouse that he owned when he became an NRI, which he is otherwise not allowed to purchase, after becoming an NRI. They are also allowed to let out the property, irrespective of when it was acquired. The rent received from such property, can be remitted, after appropriate Indian taxes have been paid on such rent.

Likewise, any NRI is allowed to sell, or gift an immovable property to any person resident in India. He or she can also gift or transfer any property, other than agricultural property, farmhouse, or plantation property, to any NRI. It is very necessary to learn each and every clause of investment well. Taking the assistance from a reliable and trustworthy NRI tax service company will also help in this matter.

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What Things Should an NRI Keep in Mind While Investing in Indian Real Estate?

Investment on real estate needs a lot of knowledge and also the person is supposed to keep a close eye on all the recent developments in the same.  For an NRI, investing on real estate is really a difficult task to deal and also to handle. A very common question that emerges in the situation is that, ‘Can NRIs legally invest in Indian real estate? If so, what should I keep in mind while investing?’ Well, the answer to this is that yes, NRIs with a valid Indian passport can invest in the Indian realty market, though there are a few restrictions. NRIs with a valid Indian passport need no prior approval unless they are citizens of some neighboring countries like Pakistan, Bangladesh, Sri Lanka, Iran, Nepal, Bhutan, Afghanistan or China.

NRI can buy as many properties (residential or commercial) as they want but are not allowed to buy agricultural land, plantation properties and farmhouses unless such properties are gifted to or inherited by them. So, this is very much clear that apart from the agricultural land or plantation properties NRI can buy as many properties as the wish in India. There is no restriction for them in buying only residential or commercial land as they can go for the both. A very important thing that has to be kept in consideration is that transactions must be done in Indian rupees through regular banking channels via an existing NRI account. Just like Indian citizens, NRIs can also avail of home loans to purchase a property, with the maximum loan amount generally being 80% of the property value. Finally, the RBI doesn’t impose any rule for immovable property which is inherited or gifted. So, if you are an NRI and wish to grab a land piece here then it is not as complicated as earlier because now you can also get the easy bank loans for the same.

NRIs can lease or rent such properties without any restrictions. But, it is required that the NRI should hire a reputed lawyer to vet all property documents. It is important to verify the original title deed documents and ensure that the property title is in the name of the seller. Do a thorough check to ensure the seller has cleared all the dues related to the property. Verify that the seller has not diluted the right to transfer the property to a buyer, and cross-check if the property is built on agricultural land without requisite government permissions as an NRI may get into legal problems in such transactions. In the case of under-construction properties, an NRI has to give a power of attorney to the developer or a trusted associate.

What Kind of Property is A Good Option for Investment in India for an NRI at Present?

Well, investment on property is considered to be one amongst the crucial one and therefore the person who is investing his property is always supposed to learn about the things well.  A very common question by the NRI’s planning to invest in Indian real estate is that, what kind of property is a good option for investment for them. For a long time, the return on investments on residential assets had been rewarding considering the significant capital appreciation while the rental yields have always been low. However, during the last couple of years, due to a slowdown, capital appreciation has not been as per most investors’ expectations.

In the current market conditions, NRIs can consider investing in commercial properties which offer good rental yields as well as capital appreciation. There is a continuous rise in demand for Grade ‘A’ commercial spaces, especially in the wake of the massive demand for such assets and the probability of REITs hitting the market soon. Apart from Grade ‘A’ offices, you can also consider IT parks and logistics centers, which are typically yielding very healthy returns on investments.

To learn more about NRI tax services, tax laws and rights of the NRI’s for investments in India, you can contact a trustworthy NRI tax service company that could aid you in meeting up with the desire at the positive result.

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For NRI’s Salary Paid in India Won’t Face Tax

There is very good news for the NRI’s who are earning there and paying tax here or whose salary is paid in India. The Authority of Advance Rulings (AAR) has held that the salary income of a nonresident individual for services rendered overseas cannot be taxed in India, even when such salary is paid into a bank account in India. The ruling stands out because apart from providing relief from double taxation under the Indo-US tax treaty, the AAR additionally held that the sums received in India would not be taxable here under the domestic tax laws.

The ruling stands out because apart from providing relief from double taxation under the Indo-US tax treaty, the AAR additionally held that the sums received in India would not be taxable here under the domestic tax laws.

Unlike a tribunal or court order, a ruling by AAR, a quasi-judicial body, does not set a precedent. But it does have persuasive value and is well-considered. Thus, the ruling may benefit expat workers, in particular the over one lakh Indian workers who work in the US, largely on H1B visas.

Typically, when white-collared workers are ‘seconded’ on an overseas assignment by an Indian company, a split salary arrangement is worked out. Under ‘secondment’, the employee is transferred on the payroll of the overseas parent or Group Company, which pays the basic salary and certain allowances, in the overseas country. However, the Indian company deposits a part of the salary in the employee’s bank account in India. This enables the employee to meet certain obligations in India—such as repay such as repayment of housing loan or household expenses (as the family could be in India).

The nomenclature is different under the tax law for an Indian residing abroad and a non-resident Indian. When it comes to tax laws then definitely the country of origin or the number of days stay in India, wont determine the things but there are different laws to be followed for the same. Resident individuals are taxable in India on their global income, irrespective of where it was earned. In the case of non-residents, only income that accrues or arises in India (say, bank interest from a savings account in India or rental income from a house in Mumbai) is treated as taxable in India (see table). There is a third category, that is, resident but not ordinarily resident (RNOR), for whom the tax incidence is the same as for non-residents. Contacting a NRI tax service company that could give a better idea of the things would always be an additional benefit.

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4 Online Tax Saving Investment for the Late Investors

Saving on income tax is what every person wants to do, but at one point or another, he gets stuck to the things that let him to pay more of income tax. A smart investment should be made in consideration to the same; so that one can save the precious hard earned investment should go in the right direction only. If you still have not zeroed in on a financial product to invest in to reduce your tax out for the year, you can take the online route. For those, who could not make it all through the financial year but now they are looking for the last investment to save tax, then we are bringing here some ideas that would definitely help out in reaching of a positive conclusion for the same.

Insurance: Another way Buying insurance plans such as online term plan or unit-linked insurance plans (Ulips) at the last minute may not always work. You can make an online payment for the same that would by the end result in saving some adequate amount of money from income tax.

Ulips: ULIPS is actually unit linked insurance plans. One can buy online Ulips by visiting the insurer’s website. As there is no intermediary involved, there is no commission that gets paid to any agent in online Ulips. The process of applying and making payment through net banking or credit card will be entirely online. With some insurers, Aadhaar number may be mandatory to buy policy online.

PPF: You can invest on PPF as it will also help you to Opening of a Public Provident Fund (PPF) account with a designated bank in itself will take few days. You can only fill up the form online by logging into your Internet banking account. You will have then take a printout of the form and submit it along with certain other documents at the bank branch for verification.

Five-Year Bank Fixed Deposit: The five-year tax-saving fixed deposit is the probably the most hassle-free way of making an online tax saving investment. If you have a Know-Your-Customer (KYC) compliant account, all you need to do is log into your Net banking account and invest from there. Make sure your PAN is updated in the bank’s records. Redemption on maturity comes directly to your bank account.

These are few of the smarter ideas that you can invest in order to save a big portion of income tax by making the right investment on the right time. You can also consult a tax service company, so that you may get the most appropriate solution for saving taxes.

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