Showing posts with label myITreturn. Show all posts
Showing posts with label myITreturn. Show all posts

One lakh log into myITreturn’s mobile app in 100 days


·         Interactive “ Ask a Question” feature widely acclaimed


Mumbai, July 13, 2015: India’s leading e-filing platform myITreturn.com achieved a record of 1 lakh installs of its uniquely designed interactive mobile application on android within 100 days of its launch.

myITreturn  introduced its interactive feature ‘Ask a Question’ – within its application which played a key  role getting  the record hits and active users “On an average we are receiving four  out of every 10 tickets from this feature itself. The inquisitiveness to about taxes and how they can save on them s only doubled our enthusiasm to helm our valued subscribers” said Mr. Saakar Yadav, Managing Director –myITreturn.com

“We have introduced Expert Review feature as an additional service while filing Income-tax return from this application.This feature enables the assistance of a tax expert who shall review the details entered by user before submitting the data to Income-tax department. This feature not only reduces the chances of making mistake in filing return but also helps avoid IT notices,” Mr. Yadav added.

This Expert Review option will be available to the users at the cost of Rs.399only. This feature promises to help people who are looking for a comprehensive solutionthus making their tasks simple and easy. myITreturn has got more than 90% satisfaction ratings and presently being ranked in top 25 free apps in India under finance category on Google Play store.
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Little known schemes u/s. 80C of Income Tax Act

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Mr Saakar Yadav, MD of myITreturn.com

As a society, saving habit comes natural to most of us. The Government of India also encourages

saving by allowing tax benefits, if taxpayer invests money in specified tax saving schemes. Most of

the taxpayer have been taking tax benefit U/s 80C of Income Tax Act by investing in LIC, PPF, PF,

repayment of housing loan etc. The overall limit of deduction for Investment in various schemes

covered U/s 80C is restricted to Rs. 1,50,000/-. As the old saying goes, “One should not put all eggs

in same bucket”, it is advisable to explore other tax saving investment options to ensure prudent

investment.
Little known schemes u/s. 80C of Income Tax Act

Lets have a look at some of the lesser known investment schemes U/s 80C of the Income tax Act for

the Financial Year 2015-2016.

❖ Sukanya Samridhhi Account:

To harmonize with ‘Beti Bachao Beti Padhao’ campaign of Government, a new scheme has been

introduced known as “Sukanya Samridhhi Account” which is a deposit scheme for a girl child. The

Taxpayer can invest in this account, minimum of Rs. 1,000 to maximum of Rs. 1,50,000 every year.

This account currently fetches  yearly interest of 9.1%.

❖ ULIP:

ULIP stands for “Unit Linked Insurance Plan” which covers dual benefit of Life Insurance with Equity

Investment. This could be a great investment opportunity since it gives nice returns too.

One of the pre-condition is that the policy should be taken on own life, life of spouse of any child.

Just the way it is done for Mutual Funds, here the premiums collected by insurance provider is

invested in various market instruments (equity & debt) in varying proportions and in return ULIP

holders are allotted units and each unit has Net Asset Value declared on daily basis.This option is

more suitable for young taxpayers since they can benefit from Upward market trend in long term,

which can beat inflation.

❖ ELSS:

ELSS stands for :Equity Linked Saving Scheme”. Basically this is an investment in mutual fund, once

you opt for this scheme you can not redeem (sale) the investment within three years of date of

investments. There are 2 options available- i) Investors who wants to maximize their wealth, can go

for Growth Option, ii) Investors who wants stable income, may have Dividend option.

Mutual Fund companies invest the funds in equity shares of listed companies, hence the potential

returns from ELSS are quite good, as compared to other available options. Also profit on sale of ELSS

held for more than 12 months and dividend earned from ELSS are exempt from tax. This option is

also more suitable for young taxpayers since they can benefit from Upward market trend in long

term, which can beat inflation.

❖ NSCs and KVPs at Post office:

National Saving Certificates (NSC) and Kisan Vikas Patra (KVP) is a saving bond primarily used for

small investment purposes. These bonds are available at Post office with 5 or 10 years maturity

periods. Further, these bonds could be mortgaged to banks for availing short term loans. Interest

earned which is reinvested is taxable as Income from Other Sources, however the same is

deductible u/s. 80C.

❖ Contribution to deferred annuity plan:

In common parlance , this is a standard pension plan eligible for 80C deduction.

Deferred Annuity has two phases: Saving Phase & Income Phase. During the 1st phase, you have to

invest money in the annuity fund. In 2nd phase, you will receive payments including benefits. It is

important to know that, monthly annuity (pension) received in Income phase is taxable as Income

from Other Source.

HDFC standard life, Jeevan Suraksha of LIC etc are some of the known deferred annuity schemes.

❖ Investment in Bonds or deposits:

Bonds issued by infrastructure companies are popularly acknowledged as ‘Infra Bonds’. Investment

in these bonds is deductible u/s. 80C. These bonds also fetch good returns and that's why this might

be an effective investment option for you.

Further, 5 years deposits with scheduled banks or post office term deposits i.e. FDs is also

available.However, interest on these bonds and deposits is taxable as Income from Other Source.

❖ Tuition Fees:

In recent era, cost of education is increasing rapidly. One small respite is that, your payment of

Tuition fees to school, college or educational institution for any full time education grade of your

children is eligible for deduction u/s. 80C. However, out of total fees paid, only portion of tuition

fees is eligible for deduction u/s.80C and other elements of fees like Library fees, Gymkhana fee,

parking fee etc are not eligible for deduction.

❖ Housing Loan Principal Repayment:

The monthly EMI for Housing loan repayment, comprise of two parts viz Interest and Principal. You

must be knowing that interest paid on housing loan is deductible under Income from House

Property, whereas payment of principal portion can also be claimed u/s.80C.

❖ Stamp duty & Registration charges on House Property:

Most of the taxpayers are unaware but amount paid towards stamp duty, registration fees and

other expenses at the time of acquisition of house property also qualifies for deduction u/s. 80C.

We are still in the first quarter of new financial year and we are sure that the above mentioned tips

will help you invest prudently to maximize returns as well as tax savings. You may also write to our

tax experts through our mobile app service “ask a question” for further assistance. We wish you a

prosperous new Financial Year.
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"How to get Income-tax Refund processed faster"

-Mr. Saakar Yadav - Managing Director, myITreturn.com


Eligibility for Income-tax Refund
In common parlance, the word Refund means “to pay back”. A tax refund arise when the tax liability is less than the taxes paid. Generally refund can be claimed only by person who has made excess payment of Income-tax.

All IT return filings whether they are manual or online, are to be processed by the tax department before releasing the refund amount, if any. E-filing of IT return eliminates the manual checking procedure by a tax officer and thus quickens the refund processing. For E-filed Income-tax returns, refund is usually issued within 1 to 3 months of date of filing of Return. Whereas the wait for refunds in case of physical tax returns might range between 5-10 months.


How to speed up Refund Processing:-

All return filers must verify their tax paid details with the IT department database before filing their return. This can be checked by looking onto Form 26AS given in the individual login of return filers on the website of Income-tax department. Secondly the Return filers should always enter their best communication details. Also the bank details should be entered correctly to avoid any delay in getting refund. The return filer should also ensure that the ITR-V is submitted to CPC Bangalore and final acknowledgment is received from Income-tax department, since the refund can be processed only after the CPC Bangalore issues Receipt Acknowledgement for ITR-V submitted to them.

In case Return filer opts for direct credit of the tax refund amount in the tax payer's bank account then he should choose “Electronic Clearance System (ECS) option” in IT return, for transfer of Refund amount and filer should provide accurate Bank account details such as 11 digit Bank account number of Return filer, IFSC code of Bank in which Return filer holds account, to ensure hassle free and timely refund.

In case return filer opts for “refund through cheque”, he/she should ensure that along with the account details, address mentioned in the return is correct. It is advisable that Return filer should mention permanent address in the tax return form, else if return filer happen to change the address before the receipt of the refund, the cheque would be returned undelivered to the tax department. In case refund amount claimed is more than Rs.50,000/- the Refund will be issued only by cheque and ECS facility for refund wont be allowed.
One of the most common reasons for delays in refund is mismatch in Income and Tax computation in Income-tax return filed by the Individual with Income and Tax computed by Income-tax department on the basis of Return filed by Individual, which leads to issue of Intimation U/s 143(1) by Income-tax department to Individual. This risk can be minimised by choosing correct utility or software to prepare and file Income tax return. One safer option, specially for high refund case is to opt for expert assistance service, offered by few online return filing websites like myitreturn.com, which will ensure that the expert reviews the return and mitigate risk of Intimation U/s 143(1),which will ensure faster refund processing.


Steps to Track Refund Status :
An individual can track income tax refund status online by following below steps.
i) Visit https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
ii) Enter his/her PAN
iii) Select Assessment Year
iv) Click Submit

Individual taxpayers can also send email to itro@sbi.co.in or contact helpdesk of SBI’s toll free no. : 18004259760 for any refund related queries.
The status of the refund would be available for tax payers, only 10 days after the refund has been sent by the Assessing Officer to the refund banker.

Correcting Discrepancy in Refund Cheque : In case return is physically filed, and if return filer receive a cheque after its expiry or there is any discrepancy like incorrect name or account number of return filer, then he/she should approach the jurisdictional Income Tax Assessing Officer tax ward / circle where you have filed your return for re-issue of refund cheque. In case of online filing of returns, the return filer can log in to his Login with Income tax department website, go to my account option, select Refund Re-issue Option and fill online application for re-issue of refund. For any queries relating to Refund, Income-tax CPC can be contacted on helpline number 18004252229.

Tracking your previous refund dues:- The taxpayer should visit the Income-tax Department and also file an application with the respective Assessing Officer for follow up of previous refund dues
Following up for Refund:- In case there is undue delay in getting Refund amount, the taxpayer may also file a request letter with respective Assessing Officer ('AO') with reasonable explanation, supported by documentation.

However, if no action is taken by the Assessing Officer, the taxpayer can move to higher authorities and write to the jurisdictional Chief Commissioner.
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Bank of India, myITreturn.com tie up for e-filing of income tax returns

Mumbai, May 19, 2015: Bank of India (BoI), the leading public sector bank, has tied up with myITreturn.com, India's leading Income-tax return filing portal, to facilitate e-filing of returns.

The tie up enables Bank of India customers and employees to e-file their income tax returns through the website myITreturn.com which is already being used by thousands of people.

Customers can also avail themselves of various tax services by downloading the myITreturn app on their mobile phones. At present, several free features are being given to the app users like calculation of tax liabilities, e-filing status and others. So far more than 40,000 users have already downloaded this app.

Commenting on the tie up, Mr. Saakar Yadav, MD of MyITreturn said, “We are delighted to tie up with Bank of India which has one of the largest branch networks among the public sector banks in India, thereby expanding excess to myITreturn website and app service. We built myITreturn to make the ever increasing tax filing headache a thing of the past. We built it on the idea wherein one can finish filing their tax return within 15 minutes. We want more and more people to avail themselves of our services through our website and mobile app and we hope to continue to offer best-in-class services to them. ”

Mr. S.R. Meena, GM of Bank of India said, “Bank has tied up with MyITreturn to provide better customer service to our customers by offering online income tax filing, Income tax status check, Tax calculator etc. facility through myitreturn/boi website and android mobile app. BOI customers can avail certain facilities Free of Cost and others at discounted prices. Assisted e-filing of Taxes shall help our NRI’s, MSME, High Net worth Individuals at large who are looking in for assisted services of Chartered Accountants to file their return. The best part of these services is that the customer can access these facilities from their home/ work without physically visiting the CA’s place.”

MyITreturn is currently in discussion with the Income-tax Department to roll out additional security features in the upcoming version of the app, so that they can provide services like mobile e-filing of Income-tax returns.

Now, one can log on to myITreturn.com website and file income tax return within few minutes. Also, the app is completely free to use, and is currently available for Android users on Google Play Store or users can go to https://myITreturn.com/app.
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Havas Media wins Integrated Media for myITreturn .com

14 May 2015 Mumbai : Havas Media Group India has won the integrated media mandate for myITreturn.com, India’s leading provider of tax filing and related services for individuals, professionals and small businesses. The account which includes both digital and traditional duties will be handled by the agency’s Mumbai office.

The myITreturn.com vision is to simplify the tax filing process in a fast paced world. A subsidiary of Skorydov Systems Private Limited, India’s leading provider of software related to tax, compliance and office solutions, myITreturn is an authorized e-return intermediary and India’s first and only company to provide end to end [eTDS – Digital Form16 – Tax filing] solutions to companies and its employees.

Speaking on the appointment, Saakar Yadav, Managing Director, myITreturn.com, explained: “Filing of tax is like the school exam you know you must take so our aim is to make this entire process fluid and intuitive for the on-the-move global Indian whether in India or abroad. We were looking at a mobile-first strategy, which dovetailed into digital and a media mix to connect with our audiences. Havas Media got the brief at first shot and was able to deliver the strategy, creativity and speed that we were expecting.” With regards to the myITreturn Mobile App he further added, “We are confident that the myITreturn Mobile App will help millions of tax filers to file their tax return with ease and also help them track the status of their tax return.”

Anita Nayyar, CEO, Havas Media Group India and South Asia said: “Filing of taxes is an essential category so it’s important to get creative, catch the customer at the right moment in their media journey and encourage them to engage with the product. Though challenging if you make the path meaningful, this could be your long term customer especially in this category. Today people want things simple, quick and reliable. This is a very interesting win for us and we are happy to partner with such a dynamic team.”

Mohit Joshi, Managing Director, Havas Media India, added, “We are delighted to have been entrusted with this mandate and share the same entreupreunial spirit with myITreturn. Mobile and digital will be at the core and we will use a 360 degree media solution to connect with the right audience. With the tax filing season fast approaching in the country we plan to roll-out the campaign soon.”

RanjoyDey, Head of Digital, Havas Media India, said, “This is a unique service with a growing demand amongst the youth who are hard pressed for time but keen to comply to this requirement as easily and conveniently as possible. Connecting the audience to this platform will be an exciting journey.”
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MyITreturn Lets You Ask Questions Now

Mumbai, May 12th 2015:  India’s leading e-filing platform myITreturn.com announced the launch of “Ask a Question” feature on its mobile app, a service targeted to keep individual tax filers updated with their Income-tax return details.

With this unique and first ever such service individual tax filers can ask a question related to taxes from their mobile phone itself and interact with a tax expert.  Mr. Anshal Thakur of myITreturn said, “We are extremely happy to launch this exceptional interactive feature, which will help us to build closer relationship with our users. With our innovative solutions using technology, we are just one click away to resolve all the specific or general queries related to Income Tax within 24 hours.”

The app is completely free to use, and is currently available for Android users on Google Play Store. Alternatively, users can also log in to https://myITreturn.com/app.


Mr. Saakar Suresh Yadav


Managing Director –Skorydov Systems Private Limited/myITreturn.com

Mr. SaakarYadav is the Founder of myITreturn.com, India's leading Income-tax return filing portal and is a subsidiary of Skorydov Systems Private Limited which is India's leading provider of software related to tax, compliance and office solutions.

“Ask a Question” on MyITreurn.com Mr. SaakarYadav has been a key driver of myITreturn.com,   transforming a start-up into India’s leading Income-tax filing portal. In his wide-ranging experience, MrSaakarYadav has found that many individuals view filing of Income tax return as a very time consuming and tedious task.This is precisely why Mr. SaakarYadav founded myITreturn.com to make the ever increasing tax filing headache a thing of the past. He built myITreturn.com on the idea wherein one can finish filing their tax return within 15 minutes.

Mr. SaakarYadav believes meticulous planning is the key to success. His stress on customer service and innovative products has been a keystone for myITreturn.com’s rapid rise and paves the path for sustainable growth over the next few decades.

Mr. SaakarYadav also advices the Central Data Processing Centre of the National Judicial Reference System (NJRS) a project by the Income-tax Department. Skorydov is the content partner in this project. He has been associated with various e-Governance projects on e-TDS, e-Return, XBRL, GST etc.
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MyITreturn com launches mobile app service for IT return Updates

Mumbai, India, March 31, 2015: India’s leading e-filing platform myITreturn.com today launched the MyITreturn mobile app, a service aimed to keep individual tax filers updated with their Income-tax return details. This app helps you calculate your tax payable for the current year and also gives you a timeline for your previous tax returns and refunds

The application has a One Time Password (OTP) based registration process to secure and identify the user. The tax return status checking feature gives you a quick and accurate timeline of your income tax status for a given financial year.

Speaking on the occasion Mr. Anshal Thakur of MyITreturn said, “This free app service fills a huge gap in the market today, giving end users access to their income tax information in seconds. Now, individuals can find out their refund or demand status without having to go through any tax professional. This app has been conceptualised because of the many such requests that we keep getting on our helpdesk.”

“If you have a demand or a tax refund pending, this app will help you know of this so that you can take timely action. It will also recommend what steps you should take next, if there is an action pending at your end” added Mr. Thakur.

MyITreturn is currently in discussion with the Income-tax Department to roll out additional security features in the upcoming version of the app, so that they can provide services like mobile e-filing of Income-tax returns.

The app is completely free to use, and is currently available for Android users on Google Play Store or users can go to https://myITreturn.com/app. Pocket News Alert
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