Mutual Fund in Digilocker: Benefits of adding mutual funds in Digilocker

Secure digital records: Now investors will be able to store information related to their demat and mutual fund accounts digitally in DigiLocker, which will be government valid.
Elimination of need for paper documents: Now investors will not need to keep physical papers, which will eliminate the possibility of documents getting lost or damaged.
Reduction in unclaimed investments: This move of SEBI will help in reducing the number of unclaimed investments.

Mutual Fund in Digilocker: Nominee will get information

To protect the interests of investors, SEBI has also added the nomination facility. Under this, investors can nominate a person in DigiLocker.

After their death, the nominee will be given information about their assets.

If the nominee already has a demat or mutual fund account, he can proceed with the asset transfer process.

Mutual Fund in Digilocker: Investment management will be easy and transparent

Investors will be able to view their portfolio status anytime and share it whenever required
DigiLocker makes it easier to monitor investments, allowing investors to manage their funds without any hassle

SEBI advises all investors to use DigiLocker and add a nominee to make investments more secure and transparent

If you invest in mutual funds or stock market, then update your DigiLocker account soon and take advantage of this new facility.

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According to SBI Securities, today the market regulator SEBI has also made it mandatory to link the demat account with Aadhaar. If the demat account remains unlinked, the broker will have to compulsorily freeze that demat account and not allow any transaction until the linking is complete.

Keep these documents ready before the linking process

Before starting the online process to link Aadhaar number to Demat, keep your Aadhaar card, PAN card, Demat account number (DP ID and Client ID), registered mobile number, access to registered email, etc. ready. If you have all these, you can complete this process in 10 minutes.

Link online like this

• First of all visit the website of the depository, NSDL ( www.nsdl.co.in ) or CDSL ( www.cdslindia.com )
• After reaching the web portal, you have to click on the link given to link your Aadhaar number to the Demat account
• On clicking the link, you will have to fill the details like DP Name, DP ID, Client ID and Income Tax PAN to proceed to the next step.
• After filling the details, you will receive a One-Time Password (OTP) on your registered mobile number and your registered email ID.
• Enter the OTP in the space provided on the website to proceed to the next step.
• Once you enter the OTP, you will be allowed to view your online demat account details. Here, you can see information like name, age, address, mobile number, linked bank account, email ID, etc. You need to verify and confirm the details.
• In the next step you have to enter the Aadhaar number, gender and date of birth. Once you check the details specifically and then click on Proceed, you can move to the next step.
• Once you fill in the details, you will enter the OTP on the mobile number linked to your Aadhaar number. This OTP comes from UIDAI. Now you have to enter the OTP and click on submit.
• You will receive an SMS and email notification confirming that your Aadhaar number has been linked to your demat account. This happens in real-time unless there is a discrepancy, in which case you may have to resolve it offline.

Benefits of linking the two

This increases the security of the demat account and reduces the chances of fraud or hacking. Also, if your demat account is already linked with Aadhaar, it becomes very easy to complete KYC (Know Your Customer) on a recurring basis. Also, it brings all your transactions of banks, mutual funds, shares etc. under the purview of Aadhaar, giving you a comprehensive view.

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If you are going to start investing in the stock market, then the first step in your investment and trading is to open a demat account. In this, all your securities (stocks, bonds, mutual funds, etc.) are kept in a single integrated electronic format. It is very important for a new investor to understand the necessary conditions and eligibility criteria for a demat account. Opening a demat account has its own terms and conditions.

Who is eligible to open a Demat account

According to Groww, individual retail investors aged 18 years or above can open this account. Minors with PAN card can also open a demat account under the supervision of a guardian. Apart from this, Non-Resident Indians (NRIs), (HUF), Partnership Firms, Limited Liability Partnerships (LLP), Public Limited Companies, Private Limited Companies, Trusts, Societies can open demat accounts.

Which documents will be required

PAN Card (Mandatory)

For NRIs, Portfolio Investment Scheme (PIS) permission letter from Reserve Bank of India is required, and the demat account must be linked to an NRE/NRO bank account.
For companies, Certificate of Incorporation, Memorandum of Association (MOA), and Articles of Association (AOA) are required.

• Voter ID
• Driving License
• Passport
• Aadhar Card
• Any valid identity card issued by the Central or State Government
• Voter ID Card
• Driving License
• Aadhar Card
• Passport
• Ration Card
• Bank Account Statement or Passbook
• Utility Bill (Electricity, Water, Gas or Telephone)
• Last 6 months bank account statement
• Current salary slip/Form 16
• Copy of ITR receipt
• Demat holdings details
• Net-worth certificate
• Cancelled cheque or bank passbook for bank account proof.

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The most important thing between these two is that you buy/sell shares in the secondary market through the trading account and its effect i.e. debit or credit of securities is reflected in the demat account. Let us finally know how these two are different from each other.

Trading account is a flow while Demat account is a stock

Transactions happen in the trading account but the securities appear as debit or credit in the demat account. The trading account is a record of the transactions of buying and selling of shares and it is the trading account where you execute your trades on the stock exchange. The demat account cannot execute transactions in the open market. This is why, even though you do not need a trading account to apply for an IPO, you still need a trading account to sell the shares allotted to you in an IPO.

The main difference between the two is ownership.

A demat account comes in handy when it involves ownership of assets. The main difference between a trading account and a demat account is ownership. Only assets or securities that you own can come into a demat account. This is why intraday trades and F&O trades happen in a trading account but do not appear in a demat account. Intraday trades or futures and options transactions do not create ownership. They only create transactions that allow you to participate in the price rise or fall. Then there are others like bonds, RBI bonds and mutual funds, where you can buy and sell from a demat account without using a trading account.

Demat account is required for IPO, not trading account

You can apply for IPOs with a demat account without a trading account. You need a demat account when you apply for an IPO because the shares will be allotted only through demat credit as physical share allotment is no longer allowed. According to SBI Securities, however, you do not need a trading account to invest in an IPO, but that is only a part of it. After getting an allotment in an IPO, if the share is listed at a premium of 70% and you want to sell the shares, you need a trading account.

You can get an allotment in an IPO and hold them in your demat account. However, to sell these shares, you still need a trading account. This is why a trading account cum demat account makes a lot of sense for investors. Direct selling from a demat account is not allowed, so the day you choose to sell IPO shares, you need a trading account.

Is a demat account necessary for F&O intraday trading?

There are occasions when you do not need a trading account. If you only want to hold RBI bonds in your demat account, then a trading account is not required. In this case, just having a demat account is enough. Similarly, if you have received shares as a gift or inherited and you do not want to sell them, then a demat account is enough, a trading account is not required.

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Moreover, it enables you to track and access all your investments in shares, government securities, exchange-traded funds, bonds and mutual funds from anywhere in the world under one account in electronic format. There are many advantages of having it. Let us understand it here.

10 Benefits of Demat Account

Protect your holdings

When you open your Demat account, your holdings are protected from loss due to wear and tear, misplacement or theft.

Keeps investments safe from fraud

Before online settlement, there were many cases of fraud or copying of owners using fake documents, but after the introduction of demat accounts in the market, it became impossible to fake or copy someone’s holdings.

Instant transfer of shares

Another advantage of a demat account is that not only does the transaction become secure or easy, but settlement is also instant. Quick settlement also reduces the risk of fraud.

Get instant access from anywhere:

It is easy to buy and sell shares from anywhere in the world using your laptop or mobile.

Unlimited shared storage

lets you not worry about the amount of shares you have stored. You can trade in small chunks and monitor your account online.

You can also get loans

Another advantage of having a demat account is that the securities held in your online account can be used to obtain loans from various banks. This can provide a lot of flexibility and convenience for those looking to obtain financing for different purposes.

You can update your account automatically.

If there is any change in the stock in your demat account, like bonus issue, stock split etc., you will get the update automatically in your demat account.

Nomination is available

According to SBI Securities, in case of unforeseen circumstances, your demat account ensures that your holdings are safe, and the appointed nominee will receive the shareholding.

Reduced Transaction Costs

The advantage of having a Demat account is that you can enjoy lower transaction costs, the charges are levied per ISIN, whether you transfer 1 share or 100 shares.

Eliminates Bad Delivery

In a depository environment, securities cannot be returned “under objection” for any reason whatsoever, and hence the question of bad delivery does not arise, nor is the investor faced with any uncertainty about the securities purchased by him.

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Earlier, time was given till October 14 for this. This change in the deadline has been made so that it can be implemented easily. The market regulator has taken this decision after receiving representations from major institutions like clearing corporations, exchanges and stock brokers.

Final operational guidelines were to be issued by August 5

A notification was issued by SEBI on June 5. Under this, to improve operational efficiency and reduce risk, the clearing corporation was made mandatory to deposit securities directly into the customer’s demat account. Currently, the clearing corporation deposits the payment of securities into the account of the ‘broker’. After that the ‘broker’ deposits it into the demat account of the concerned investor. In this regard, the clearing corporation had to issue the final operational guidelines by August 5.

However, it was released at the end of August due to long negotiations in the Brokers Industry Standards Forum (Brokers ISF). According to a notification issued a day earlier, SEBI has extended the date of implementation of the rules to November 11 to ensure smooth transition without any disruption in the market after a review meeting and the report of the broker platform.

Decision to discontinue weekly index derivatives

Apart from this, NSE has decided to discontinue weekly index derivatives for Bank Nifty, Nifty Midcap Select and Nifty Financial Services. According to the National Stock Exchange (NSE), now only Nifty will have weekly expiry. This information was given in a circular issued by NSE on October 10. NSE said that from November 13, 18 and 19, weekly index derivatives contracts will be closed for Bank Nifty, Nifty Midcap Select and Nifty Financial Services.

After this, from November 20, the exchange will have to limit the weekly option expiry to one index per exchange. Apart from this, the exchange will be entrusted with the task of monitoring intraday positions at least four times a day.

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Then you have to set a fixed amount and frequency (eg monthly, quarterly). You have to monitor your portfolio regularly. You can adjust your investment if necessary. You will get good returns by making this investment for a long period.

Usually SIP is used to invest in mutual fund schemes. However, many brokers are offering SIP facility for investing in stocks. Instead of investing lump sum in stocks, it allows you to invest a fixed amount in a particular stock every month or every quarter. This reduces the risk for the investor. Also, the market fluctuations have less impact on his investment. When the price of the stock falls, you get more stocks and when the price increases, fewer stocks are allotted.

This is how you can invest in shares through SIP from your demat account:

1. Open a Demat Account

First of all you have to open a demat account in a brokerage company. For this you will have to provide some documents. These include ID proof, Aadhaar, PAN and bank account details. Big brokerage firms like Zerodha, ICICI Direct and HDFC Securities provide the facility of investing in stocks through SIP.

2. Select stocks for investment

After opening the demat account, you have to choose the stock in which you want to invest through SIP. You should choose a company which has good performance. It has good growth potential. You can invest in more than one stock for diversification. You have to make this investment for a long period. The maximum benefit of investing through SIP is available only in long term investment.

3. Set up SIP

You have to log in to the brokerage firm’s platform and go to the SIP or investment section. Then you have to select the stock in which you want to invest. You can decide the SIP amount (eg Rs 1,000, 2000 per month) according to your investment capacity. Then you have to link your bank account. Then after checking the details, you have to confirm the SIP setup.

4. Option to increase SIP amount

If your financial situation allows you, you can increase your SIP amount from time to time. This will give you good returns in the long term. If you want, you can increase the number of shares in your SIP portfolio for diversification.

It is important to know these things before investing:

Transaction Cost

You will have to pay some transaction fees in every installment of SIP. Apart from this, you will also have to pay brokerage fees.

Market Risk

There is risk involved in investing in shares. Through SIP, you can gradually invest in shares with a small amount. But, a fall in the market will affect your investment.

Stock Research

You have to keep an eye on the stocks in which you are investing through SIP. This will make it easier for you to estimate the returns on your investment.

Tax rules

It must be kept in mind that capital gains from investing in shares are taxable. Therefore, when you sell the shares, you may have to pay tax on capital gains.

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If you have not filed your income tax return yet, then this news is useful for you. Actually, the process of filing income tax return has started. At the same time, the last date for filing ITR is 31st July. In such a situation, it is necessary for all taxpayers falling under the tax slab to file ITR on time.

If you are filing ITR for the first time, then it is very important for you to understand that just by filing income tax return, you do not get the refund on time, but you also have to complete its last process. If you want a quick refund, then you should do some work during ITR filing so that you can get the return quickly.

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This work is very important

If taxpayers want to get their refund on time, then they must complete the process of e-verification after e-filing. If you fail to do so, your ITR will be considered incomplete and you will not receive the refund on time.

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Apart from this, the bank had also said that even if there is no balance in the account then the account will become inactive.

This means that if you have not done any transaction of any kind in your PNB bank account for the last three years, then your account would have been closed from June 1, 2024. Apart from this, if there is no money in your account for a long time i.e. the account balance is zero, then also the account would have become inactive.

The accounts of these account holders will remain active

According to the notice of PNB, the bank has given concessions to some special account holders. If an account holder has a locker or a Demat Account in PNB, then his account will not be closed. That is, even if the account holder has not done any transaction for three years, his account will remain active.

At the same time, the accounts of those account holders who opened accounts to take advantage of the government scheme will also not be deactivated. Apart from this, the accounts of customers below 25 years of age will also remain active.

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If the bank account of any account holder is frozen on the orders of the court, income tax department or any other legal institution, then in such case the bank account will not be closed.

Why did the bank take this decision

According to the bank, many people used to misuse such inactive accounts. In such a situation, keeping in mind the security of the account, the bank has taken this decision.

The bank said that after this decision, inactive accounts cannot be used for illegal activities like fraud or money laundering.

how to activate inactive account

If your PNB account becomes inactive, then to activate it again you will have to go to the nearest branch of the bank. Here you will have to submit the KYC documents required to activate the bank account.

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Many companies and banks in the country including Zerodha, Angel One provide the facility of opening demat accounts. You can open Demat account online as well as offline. Demat account can also be opened for a minor. Here minor means a child or adolescent who is below 18 years of age.

There is no separate process for opening a demat account in the name of a minor. It can be opened in the same way as normal demat accounts are opened. Yes, in this you have to complete the KYC process, in which identity proof and address proof of the minor and the guardian have to be provided.

How to open account?

According to brokerage firm Zerodha, there is no age restriction for opening a demat account. Demat account of a minor can be opened online and offline. To open this account, along with the minor, his parents or guardian will also have to provide his documents. The account of a minor can be operated only by his parents or guardian until he attains majority.

A minor cannot do this work

The thing to be noted here is that a demat account will be opened in the name of a minor, but the account is not allowed for intraday trading in equity, equity derivatives and currency derivatives. A minor cannot buy securities himself, but securities can be transferred to him. Securities can also be gifted to him.

These documents will be needed

To open online demat account for minor, minor’s PAN, Aadhaar number, proof of date of birth, photograph, copy of canceled check or bank statement of minor’s bank account, legal guardian letter, if the guardian is other than the parents of the minor. Someone else and address proof of the guardian.

Open account online like this

Many brokerage firms provide the facility to open demat account online. Here we are explaining step-by-step the process of opening a demat account of a minor through brokerage firm Zerodha.

The post Demat For a kid: Can a child buy and sell shares by opening a Demat account? first appeared on Rightsofemployees.com.

Demat Account: If you also trade in the share market, then there is good news for you. The demat account holder will have to complete this work by 31 December 2023. If you do not do this then you will not be able to trade in the stock market in the new year. Investors cannot buy or sell shares on BSE and NSE until they update the nominee. It is mandatory for the demat account holder to file the nominee by December 31, 2023. Till now SEBI has not extended this deadline beyond December 31, 2023.

It is mandatory to file Demat nominee

The Securities and Exchange Board of India (SEBI) has made it mandatory for all personal demat account holders to file a nominee. Investors have to complete this work by December 30. If you do not file the nomination by December 31, your account will be frozen and you will not be able to trade in the stock market. You will not be able to buy and sell stocks from the stock market on January 1, 2024.

SEBI has extended the deadline several times

SEBI has extended the deadline for filing nomination several times for all existing trading and demat account holders. The process and deadline for filing the nominee was initially fixed as March 31, 2022, but till now this deadline has been extended several times. Earlier its deadline was 30 September 2023 which was extended to 31 December 2023.

Why did SEBI make it mandatory to file nominee?

The reason for this move by SEBI is to help investors secure their assets and pass them on to their legal heirs. Market regulator SEBI has also said that the order to file nominee is applicable to both new and existing investors. Under SEBI rules, new investors have to either nominate their securities at the time of opening trading and demat accounts or formally opt out of the nomination through a declaration form. That is, through this declaration form you will tell that you do not want to make anyone a nominee.

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SEBI fixed the deadline till 31st December

The Securities and Exchange Board of India (SEBI) has extended the deadline for mutual fund and demat account holders to file nomination till December 31, 2023. Earlier the deadline for this was fixed till 30 September 2023, but later it was extended to 31 December. If you have also not added the nominee in your mutual fund and demat account, then complete this work as soon as possible. We are telling you about the easy process of adding nominee in both the accounts.

Why is nomination important?

It is important to make nomination in mutual fund and demat account because if any account holder dies then in such a situation the nominee can easily withdraw the amount deposited in the account by claiming it. In case there is no nominee, all the legal heirs can claim the money. This makes the process of withdrawing money very long and complicated. In such a situation, SEBI encourages all demat and mutual fund account holders to add nominee.

How to add nominee in mutual fund?

1. NSDL provides the facility to add nominee in the demat account.
2. For this you click on https://nsdl.co.in/ .
3. After this DP ID, Client ID and PAN number will have to be entered.
4. After this select Nominate Online option.
5. After this a page will open in front of you on which you will have to enter DP ID, Client ID, PAN and OTP.
6. After filling all these details, select the option of I wish to Nominate or I don’t wish to Nominate.
7. After this, a page will open in front of you in which you can fill all the details of your nominee.
8. Next click on the check box and proceed to Proceed.
9. OTP will come on the registered mobile number, enter it here.
10. After this the nominee will be added to your mutual fund account.

Method of adding nominee in demat account-

1. For this, first of all click on https://eseservices.nsdl.com/instademat-kyc-nomination/#/login .
2. Login to your demat account here with your registered mobile number.
3. Apart from this, you can login through your Aadhar number and registered mobile number.
4. After this you can update the name of the nominee by going to Change or Update Nominee here.
5. The nominee updates you his name, date of birth, your relationship with the nominee, the nominee’s address, the percentage the nominee will get.
6. Keep in mind that the names of maximum three nominees can be added to one account.

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The biggest reason for this is that the returns in the stock market are much higher than the savings account or FD of banks. However, sometimes people also face problems.

People lack information

For example, if you want to invest to secure the future of your children, then many easy and popular options will be available in banks or post offices. Be it Sukanya Samriddhi Yojana or many FD-RD options, one can find the means of investment as per the goal. In case of stock market, such specialized product is not available. However, you can easily invest in the stock market for your children. For this you just need to have information.

Demat account is most important

The most important thing to invest in the stock market is Demat account. Meaning, if you open a demat account for your child, then all your problems end here. So we just have to see whether we can open a demat account for children or not? If it can be done then what is its process?

Can be opened in this way

Demat account opened for children is called minor demat account. There is no minimum age limit for opening a minor demat account. This means that no matter how small your child is, you can invest in shares because the facility to open a demat account is available. The thing to note here is that minor demat account cannot be opened like a joint account, rather they have to be opened with a parent or guardian.

Documents required for Minor Demat Account

• PAN of parent or guardian.
• Address proof of parent or guardian. For this you can give Aadhaar, passport, driving license, voter ID etc.
• Child’s birth certificate. Bal Aadhaar, school transfer certificate or board mark sheet can also be used.
• The parent will have to complete the KYC process of SEBI. There should be no restrictions on the stock market on them.
• Bank account in the name of the child.

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This account can be opened through any Depository Participant (DP). In such a situation, the first question that arises is what is a Demat account. This account is like a bank account where you can save your shares after buying them. Whereas people keep money in the bank account. Demat account is mandatory for investing money in any IPO. Let us know how this account can be opened.

Know about the process of opening a demat account

In order to open a demat account, investors must first choose a valid Depository Participant (DP). This depository participant can be any bank. Apart from this, DP can also be a broker or financial institution. Different DP’s brokerage charges, annual charges are different. First of all, choose your DP to open a Demat account. After this fill a form for account opening and submit it.

This important document is needed to open a demat account.

To open a demat account, you will need Aadhaar card, PAN card, two passport size photographs as ID proof. Along with this, you will also have to give a canceled check in the bank. Then the bank will ask you to sign an agreement. Please read this agreement thoroughly before signing it. After this the bank will open your demat account. Then you will get a Client ID through which you can login to your Demat account. Along with this, you will also get an instruction slip which you can use at the time of purchase and sale of shares.

How to open demat account online

• If you want to open a Demat account sitting at home, then first of all visit the official website of that DP.
• After this click on Demat Account option.
• After this, you complete the further process of opening the account.
• Then upload the asked documents.
• After this, the account will call or message you to verify.
• After this all the details will be verified. After this your demat account will be activated.
• Lastly, you will get the Beneficiary ID or Demat Account Number.
• Now through this account you can invest money in the share market.

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Failure to do so may deactivate your bank account. For this, the bank is informing its customers by giving notice and through SMS. The bank has given this information in a tweet.

If you are a customer of Bank of Baroda and you have not yet completed the process of Central KYC, then go to your nearest branch and settle this work soon. If you do not do this, you may have to face trouble later. Let us know what is Central KYC and how it can be done.

What is Central KYC?

Through KYC, the bank saves the data of its customers in digital format. Earlier, customers had to get KYC done repeatedly for different purposes. But now this process has been simplified through Central KYC i.e. CKYC. Now customers will not need to do KYC again and again for all the tasks like opening an account, buying life insurance, opening a demat account. Now you have to complete this process only once.

Will get rid of the hassle of repeated KYC

Central KYC has to be done only once. With this, you will get rid of the hassle of repeated KYC for different financial services. When you get Central KYC done, the bank stores the C-KYC records in digital form and matches the information with Central KYC. Central KYC helps banks and other institutions to verify whether KYC norms are met or not. Explain that the management of Central KYC is done by the Central Registry of Securitization Asset Reconstruction and Security Interest of India i.e. CERSAI.

How can Central KYC be done?

To get Central KYC done, you have to visit the nearest branch of Bank of Baroda. Here you can easily complete this process by submitting all the documents required for Central KYC. If you do not complete the process of Central KYC, then the bank can deactivate your account. Due to this you will have to face trouble later.

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NSE has said that demat account-holders will have to enable two-factor authentication by 30 September 2022. Otherwise, you will not be able to log in to your account.

What is Demat Account?

Any person who wants to invest in the stock market in India i.e. buy or sell shares, needs a demat account. It is a platform for investors to hold their shares and securities like mutual funds, bonds etc digitally. A person’s demat account is linked to his trading account.

NSE has said in its circular that users will have to select any one of the authentication factor along with the knowledge factor or possession factor for biometric authentication.

Learn how to enable Two-Factor Authentication

As per the circular, biometric authentication will be done using Password/PIN or OTP/Security Token. In case biometric authentication is not possible, login to the demat account should be allowed using a combination of Password/PIN with OTP/Security Token.

According to NSE, two-factor authentication is a one-time job. Once you have completed this, you can log in to your account using your login ID, password and a required security image. Also any additional information your depository may require.

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Let us know about all these 6 ways to verify ITR one by one-

1. Through Aadhaar based OTP

In order to verify ITR using Aadhaar based One-Time Password (OTP), it is necessary that your mobile number is linked with your Aadhaar card. Also, your PAN should also be linked with that Aadhaar.

Now you go to the ‘e-Verify’ page and select the option ‘E-Verify with OTP on mobile number registered with Aadhaar’ and click on ‘Continue’. Here a new window screen will appear, on which it will be written that ‘I agree to validate my Aadhaar details.’ Click on this check box and then click on ‘Generate Aadhaar OTP’.

On clicking, a 6 digit OTP will be sent to your registered mobile number. OTP will be sent to the mobile number linked to your Aadhar card. Keep in mind that OTP is valid for 15 minutes only. Fill the OTP in the given box and click on ‘Submit’. Your ITR will be verified after successful submission.

2- Through bank account

You can also verify your ITR by generating an Electronic Verification Code (EVC) from your bank account. For this you need to have a pre-verified bank account from which you can generate EVC. It is important to note here that pre-verification of bank account is necessary to get income tax refund.

On the e-Verify page, select the option ‘Via Bank Account’ and click on ‘Continue’. On click, the EVC will be generated and sent to the mobile number and email id registered with your bank account. Fill this EVC in the given box and click on e-verify. In this way your ITR will be verified through the bank account.

3. Through Demat Account

The process of e-verifying ITR through a demat account is exactly the same as the process of verifying it through a bank account.

On the e-Verify page, select the option ‘Via Demat Account’ and click on ‘Continue’. EVC will be generated on click, which will be sent to the mobile number and email id registered with your pre-verified demat account. Fill this EVC in the given box and click on e-verify. In this way your ITR will be verified through demat account.

4. Through ATM

Electronic Verification Code (EVC) can also be generated through ATM card. However, this facility is currently limited to Axis Bank, Canara Bank, Central Bank of India, IDBI Bank, Kotak Mahindra Bank and State Bank of India ATM cards.

First go to the bank’s ATM and swipe your card. After this select the option of ‘PIN for Income Tax Filing’. After this, an EVC will be received on the mobile number registered with your bank account, which is valid for 72 hours only. After this, go to the website of the Income Tax Department and open the ‘e-Verify’ page. Here for ITR verification select the option ‘I already have electronic verification code’ and enter EVC. In this way your ITR will be verified through ATM card.

5. Through Net Banking

On the ‘e-Verify’ page select the option ‘Through Net Banking’ and click on ‘Continue’. After this select the bank through whose net banking you want to verify ITR, then click on ‘Continue’. After this you have to log in to your bank account net banking. Here choose the option of Income Tax e-Verification, which is usually found under the ‘Tax’ menu. After this you will be redirected to the page of Income Tax Department. Now go to the respective ITR form and click on e-verify. Your ITR will be successfully e-verified.

6. Offline Mode

If you are not able to e-verify ITR through the above mentioned five online methods, then you can also get it verified offline. For this, you have to send the signed copy of ITR-V form to the Income Tax Department through speed post. Sign the ITR-V form with blue ink pen and then speed post it to the address ‘CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka, India’. The Income Tax Department will send its notification on your mobile number and email id as soon as this form is received. Remember that the ITR-V form must reach the above mentioned address within 120 days from the date of e-filing.

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Every person should save in his life. By making small savings, you can achieve your- financial goals. In this episode, you will tell you where you will benefit in tax along with the best returns on investing. Benjamin Franklin rightly said – Death and taxes are the only two things in life that are certain. The former cannot be avoided, but we can strive to reduce the tax burden and increase investment returns. This is the first and foremost smart step that can be done to get maximum return on one’s investment.

Earning Strong With Tax Savings

Tax planning is an important aspect when it comes to saving on returns. If you are planning to invest in tax-saving investments like PPF and ELSS, more time is needed. If there are changes in your status, such as change in rental agreement (HRA), consider these and inform the employer about the TDS.

Invest in the name of parents and spouse

A great option to avoid income clubbing is to invest in the names of your parents or grandparents and spouse who may be in lower tax brackets. Bansal explains, if one of your parents is above 65 years of age and does not have any investments, you can make investments in their names to earn tax-free interest. Every adult above 60 years of age is already entitled to a basic exemption of Rs 3 lakh. Additionally, if you want to take the help of a grandparent who is above 80 years of age, the exemption is more than Rs 5 lakh.

Invest in the name of children

Your children can help you save tax like your parents. But this will happen only if your child is an adult i.e. above 18 years of age. A child is treated as a separate person for tax purposes once he becomes an adult. He will also be eligible to open a demat account and invest in stocks and mutual funds with the money gifted by you. Bansal says, long term capital gains up to Rs 1 lakh will be tax free every year. Whereas short term capital gains will be tax free up to a standard exemption of Rs 2.5 lakh per annum.

NPS is a good option NPS

can be a good option for your retirement money in India with low annuity rates and long term. Experts say that NPS has been considered an unattractive investment option. According to Bansal, the reforms in the NPS withdrawal rules have brought about some change. Thereby, the pension scheme has become more attractive in their 50s. The new rule could be a somewhat different tax-saving option for investors.

The post Smart Tax Saving Plan: Big earnings will come with tax savings, invest here for higher returns first appeared on Rightsofemployees.com.