FundsIndia.com launches free online tax filing in partnership with TaxYogi

“Filing taxes online is a convenient, fast way of getting it done, and we are happy to offer it free of cost to people when they open an account with us”, said CR Chandrasekar, CEO of FundsIndia.com

India’s leading online financial services company, FundsIndia.com, today announced a free online tax filing service for customers opening a new account with them. They are offering this in partnership with TaxYogi, an online tax filing service.

“Filing taxes online is a convenient, fast way of getting it done, and we are happy to offer it free of cost to people when they open an account with us”, said CR Chandrasekar, CEO of FundsIndia.com.

The FundsIndia.com account opening is also free from any charges or fees. “So, in effect, investors are getting a two-in-one deal—free online tax filing as well as a free account in our investment services platform”, said Mr Chandrasekar.

“The Income Tax department has been urging people to file their taxes online, and have promised faster processing of refunds for online tax filers”, said Mamtha Banerjee, CEO of Investment Yogi, the company behind TaxYogi, “We are looking forward to seeing a significant increase in the number of people coming forward to file online using the FundsIndia platform powered by TaxYogi. We are happy to be partnering with FundsIndia.com to make this free as well, making it much more beneficial to our customers”.

The process for availing this offer is simple–one would just need to go to www.fundsindia.com and register for a new account and enter their tax filing details. When their FundsIndia.com account gets activated (after verification of documents), their tax filing details will automatically get sent to the IT department. The filer would just need to send the signature verification document to the IT collection center to complete the process.

FundsIndia.com is a leading online investment platform specializing in mutual fund investments. All their mutual fund services–including investments, redemption, SIP etc. are fully free to the investors. Additionally, they also provide free advisory and other value-added services that would all be available to investors who hold an activated FundsIndia account.

The free online tax filing offer is open for both ITR-1 and ITR-2 tax filers, and will be open for a limited period.

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COMMENTS

raghulallihari

6 years ago

There is really nothing free here because, the software for emailing IT Return (both ITR1 and ITR2) are available in website of incometax department.

It would have been worthy, if the offer involved the FundsIndia site sending IT return using their digital signature thereby making it not necessary for the consumer to send the acknowledgement printout by post.

CWG case: Kalmadi denied bail

Special CBI judge Talwant Singh dismissed Mr Kalmadi’s bail plea along with that of Games organising panel’s joint director-general (sports) ASV Prasad, saying that “the offences are of serious nature”

New Delhi: Sacked Commonwealth Games Organising Committee (CWG) chief Suresh Kalmadi, arrested for his alleged role in awarding a Games contract to a Swiss firm at an exorbitant rate, was Monday denied bail by a court in Delhi, reports PTI.

Special Central Bureau of Investigation (CBI) judge Talwant Singh dismissed Mr Kalmadi’s bail plea along with that of Games organising panel’s joint director-general (sports) ASV Prasad, saying that “the offences are of serious nature.”

The court also said that they might try to influence witnesses, if enlarged on bail at this juncture.

The court also said that “Mr Prasad was close to Mr Kalmadi” and had a key role in awarding the contract which caused huge loss to the exchequer.

Mr Kalmadi was arrested along with Organising Committee (OC) joint director general (sport) ASV Prasad and three others on 25th April for awarding the contract for installing the Time-Scoring-Result (TSR) system to a Swiss firm, Swiss Times Omega, at an exorbitant cost of Rs141 crore, causing a loss of over Rs95 crore to the public exchequer.

The court had earlier reserved its order on bail pleas of Mr Kalmadi and Mr Prasad on 16th May.

The CBI prosecutor had opposed Mr Kalmadi’s bail plea, saying his “conduct (in resorting to corruption in holding the 2010 mega sporting event) has tarnished the image of the country.”

The agency had argued that Mr Kalmadi, as the head of the OC, had “supreme and overriding powers” and “any official of OC, who dared to protest against the illegal activities of Mr Kalmadi and his associates, was threatened, harassed and removed from their position or were forced to leave.”

The CBI had said that Mr Kalmadi and his team had declared the Swiss firm eligible for installing the Times Scoring Result, even while the tendering process was still on and there was ample time for various possible bidders for submitting bids for it.

But Mr Kalmadi and his team closed the bidding process abruptly even before submission of a single bid for it after arbitrarily choosing the Swiss firm for the job.

“The accused persons had become so brazen and bold with no care and fear of the rules, regulations and the laws that they openly declared that TSR will be provided by Swiss Timing even when the tender was on and not a single bid had been received,” the CBI said in its reply.

Pressing for Mr Kalmadi's bail, senior advocate UU Lalit had said his client had extended his support at all stages of investigation to CBI.

“From lodging of the FIR till my arrest, at every level, I (Kalmadi) have extended my support. I even went to the extent that I did not file an anticipatory bail,” he had pleaded.

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Cost-benefit analysis of UID necessary: IIM-A professor

"There had been serious debates in countries like Australia, Canada and UK about the viability national identity policy, given that the chances of misuse of data in a centralised system increase by leaps and bounds," the working paper written by Prof Rajnish Dass of IIM Ahmedabad says

Ahmedabad: A cost-benefit evaluation of the Unique Identification Project (UID), which aims to provide a unique 12-digit number to each of the 1.2 billion Indians, is necessary, considering difficulties in implementation and scope for misuse afterwards, reports PTI quoting a 'working paper' (WP) by a professor at Indian Institute of Management.

"There had been serious debates in countries like Australia, Canada and UK about the viability national identity policy, given that the chances of misuse of data in a centralised system increase by leaps and bounds," the WP written by Prof Rajnish Dass of IIM Ahmedabad says.

"It becomes a single point of failure," it adds.

The paper, titled 'Unique Identity Project in India: A Divine Dream or a Miscalculated Heroism?' tries to put the UID project in a perspective.

The government of India established Unique ID Authority of India (UIDAI) in January 2009 to execute this largest IT project in the world. The project, it is envisaged, would lay foundation for better delivery of public services and targeted subsidies. It aims to achieve financial inclusion of the poor.

Nandan Nilekani-led UIDAI had claimed that 10 crore UIDs would be distributed by March 2011, and 60 crore by March 2014, the WP states.

However, as of 25 November 2010, only 1,53,791 UIDs were generated. This raises doubts about the "optimistic target", it says.

It would be a massive project for implementation, but there are still many technological challenges in creating and managing the database of such a huge population, it adds.

Around five megabytes of data will be required to store the compressed fingerprint images (of all the 10 fingers) of an individual, so the size of the entire database would be at least six petabytes (6,000 terabytes), making it amongst the world's largest databases, according to Professor Dass.

The government of India is expected to spend as much as $250 billion over five years on programmes aimed at the poor, including subsidies for food, diesel, fertiliser, and jobs.

But 40% of the benefits, as the system now stands, will go to the wrong people or "ghosts" with fake identification papers, according to a report by the brokerage firm, CLSA Asia-Pacific Markets, the WP states.

In view of the huge cost and effort, it becomes essential to put forward a detailed cost-benefit report before the people before initiating and executing such a mammoth task, given that there are other areas of priority, Mr Dass' paper concludes.

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