ArthaYantra Solutions is pleased to announce a tie-up with Future Money, the retail financial services brand of Future Capital Holdings. This tie-up will enable Future Money, a consumer-centric retailer of financial products and services present in 145+ points of presence across 30 cities in India to offer its customers services like tax return filing. Service offerings have already started in Mumbai, Hyderabad and Delhi and will soon be offered at Gugaon, Noida, Ghaziabad, Chennai and Bangalore.

TaxYantra.com offers a range of simplified Tax Filing procedures for individuals and companies such as - knowing complex tax rules, ongoing solutions to tax queries from experts, saving time on filing taxes etc. making individuals better equipped to manage their finances. TaxYantra.com also has a unique offer for companies that extend the Taxyantra.com services to their employees.

Users, last year had expressed happiness over the simplification of the tax filing process that TaxYantra brought out. Many users expressed happiness over the customer friendliness of the TaxYantra staff and TaxYantra processes. Over the course of the year many customers came back for clarifications and advise over personal taxation issues. This year the product has been re-designed with upgraded technology and more user-friendliness. A large number of corporate organizations like Google, Cognizant, Ocimum Bio-solutions, Apollo Health City,Apollo Health Street, Capmark, Coramandel Infrastructure, Sprint Networks among others are already using the services of TaxYantra to facilitate tax filing for their employees.

TaxYantra.com – India's first customized online tax filing service was launched a year ago by a group of four alumni of the Indian School of Business (ISB). This service enables the Indian in providing end to end Tax filing solutions and financial services. Mr. D.V Dharmik Chief Commissioner, Income Tax, Andhra Pradesh had launched the product last year.

To file returns, all that one needs to do is to log on to TaxYantra.com , answer simple questions and fill the form, print the Tax return forms generated and sign it; then they can file it themselves with the IT dept. or notify the Taxyantra team to file the papers with the IT Dept Taxyantra.com services are competitively priced at Rs. 100 for self filing and Rs. 250 to pick up and file with the IT Dept.

About Taxyantra.com:

Taxyantra is a pioneer in delivering online tax return filing services to individual Indian tax payers across the world. Taxyantra is the first product that Artha Yantra has brought out, as a part of its initiative to provide end to end financial services.

About Future Capital Holdings:

Future Capital Holdings (FCH) is one of the premier listed investment advisors in India with around US$ 1.1 billion under advice with domain expertise in private equity and real estate. It is also building the infrastructure to create India's first 'consumer-centric' retailer of financial products and services, Future Money by leveraging the distribution reach and customer base of the Future Group.Future Capital Holdings combines the entrepreneurial skills of world-class professionals from reputed international and domestic companies with the national scale and reach of the Future Group.

All tax payers of assessment year 2008-09 will have to file their returns using the new saral i.e. ITR series 1 to 8. Mr.P.Chidambaram, Finance Minister on Saturday i.e. 28th of April, 2008 unveiled this form, filing procedure and has been classified that “This is to make the life simpler for all tax payers” and in his statement he said that “They have taken a fresh look and dropped it in response to demands from the public and the parliamentary standing committee on finance”.

The saral form has been replaced with ITR-1. The changed include the form is 2D, 2E and the dreaded annual cash flow statement, which was part of form 2F and all the newly designed forms are annexure-less, barring one that is to be used by political parties and charities. The key change in filing system is except charities, non-profit organizations and political parties all other tax payers have got an option to do their filing electronically from this year onwards. In future may be our finance minister will make e-filing as mandatory. Eventually, “this is a gradual process that’s the reason we asked them to do e-filing.” he said. However e-filing is mandatory for companies since 2008 and from this year onwards, it has been extended to all firms, which are liable to tax audit under section 44 AB of the Income Tax Act.

The cash flow statement, personal expenditure and income source details has been removed and in replacement of the same, now, the individual taxpayers will have to mandatorily enclose all high value financial transaction in the ITR-1 to 4.

At present state seven kinds of transactions are captured though the annual information returns, which are, cash deposits of Rs.10 lakh or more in savings accounts, credit card payments of Rs.2 lakh and more in a year and property purchase or sale of Rs.30 lakh and more etc. The failure to include this sort of information will lead to scrutiny and investigation of the returns. Chidambaram said that “may be some more transactions are expected to be brought under this system, but a clear decision has not yet been taken on these, as well as expanding the list of transactions that requires quoting the PAN number.

The new forms are available in the Income Tax department Website. May’14th or before, the forms are going to be formally notified by consulting and suggestions for changes which are going to be incorporated by the Institute of Chartered Accountants of India, so that tax payers can use them to file return by July 31st of this assessment year.

Chidambaram also took a clean care at the time of designing of the new forms. The previous saral form is in need of five to six annexure’s but the new ITR-1 is a three page form and completely annexure less. He says that “the logic behind annexure-less is to move towards e-filing, e-processing and e-assessment, so it will become popular”.