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Filing Income Tax Returns (ITR) is an important responsibility of every Indian citizen and the companies operating in India. Under the Income Tax Act 1961, it is a legal obligation that mandates taxpayers to report their income and financial transactions during each financial year.
ITR filing means working in compliance with the tax laws of the nation and encourages transparent financial transactions. It helps ensures accurate reporting of a person's income and warrants citizens to contribute to the growth of the nation.
For an individual, ITR filing is proof of income and is mandatory for loan applications, property transactions, visa processing, and many other legal procedures. Furthermore, ITR filing establishes individual and businesses' financial history and credibility, enabling financial institutions to accurately assess creditworthiness.
While many people consider it a difficult task, filing ITR benefits both citizens and the country's economic development.
At the individual level, filing ITR boosts chances of access to credit, apart from helping us claim tax deductions and exemptions and reduce tax liability. Thus, it helps us optimise tax outflow and retain a substantial chunk of our hard-earned money.
At the state level, it helps the government raise funds for operations, check data on the income of its citizens and if tax is being paid correctly.
Income tax filing is an important responsibility of every taxpayer, and for this, it is essential to understand the filing process. Here, we aim to provide a comprehensive walkthrough to the ease the filing of income tax returns in India. We will demystify the diverse types of income that fall under IT purview, the structure with slabs, deductions, exemptions, and rebates available under the Indian Income Tax Act.
What is Income Tax
The Government of India levies a category of direct tax on income generated by individuals, Hindu Undivided Families (HUFs), firms, companies, and other entities within the nation. This is called Income tax. Some of the ways income can be generated for tax purposes are:- From salary: It covers income earned by individuals through employment (e.g., basic salary, allowances, bonus, etc.).
- From property: It refers to rental income generated from owned properties post deductions.
- From business or profession: This encompasses profits and gains from businesses, professions, and freelancing activities.
- From capital gains: It relates to profits generated through the sale of capital assets (like property, stocks, or mutual funds).
- From other sources: Here, all income gained that is not covered in the above categories will be included (e.g., interest, dividends, lotteries, etc.).
The government calculates income tax on a progressive tax slab system, wherein tax levied rates increase with increasing income. The tax slabs vary for individuals below 60 years, senior citizens (60 years or above, but below 80 years), and super senior citizens (80 years or above), as well as under new and old tax regimes.
Tax deductions, exemptions, and rebates are vital in reducing the overall tax liability. The Indian Income Tax Act extends various provisions to avail these benefits like:
- Section 80C: Deduction for investments in instruments like provident fund, life insurance premiums, and National Savings Certificates.
- Section 80D: Deduction for medical insurance premiums.
- Section 24(b): Deduction for interest on housing loans.
What are the various income concepts?
These help you assess accurate financial position, calculate tax liability, and ensure compliance with income tax regulations.- Gross total income – is the total income generated from all sources before any deductions or exemptions.
- Taxable income – is the income on which tax is payable after considering exemptions, deductions, and rebates provisioned under the law.
- Net income – is the quantum of income a company generates after deducting all expenses, including tax liabilities.
- Net tax payable - is the final tax amount payable to the government after deducting all the applicable deductions, exemptions, and rebates.
What is the applicable rate of income tax?
As per IT law, it is mandatory for an individual to file ITR if the taxpayer’s total gross income is above the basic exemption threshold. The gross income covers that from salary, pension, property, interest, capital gains, etc. This threshold depends on the old or new income tax regime opted for by the taxpayer, as well as the taxpayer’s age.At the beginning of the financial year, employees can choose one of the two tax regimes and intimate their employer. This option is available every year; however, a tax slab regime chosen for the financial year cannot be changed during that year for TDS purposes, but can be changed while filing income tax returns. For business or professional income, the option to choose the tax regime is available just once for a specific business.
In Budget 2023, under the new income tax regime, the exemption limit is Rs. 3 lakh. For income over Rs. 3 lakh up to Rs. 5 lakh, tax is 5%. And for income between Rs. 6-9 lakh, the applicable tax rate is 10%.
How to File ITR / Methods to File ITR
To file ITR, you can seek professional assistance from a charted accounted/tax professional. You can file ITR offline or online (e-filing) by following detailed step-by-step instructions given on the official income tax website (https://www.incometax.gov.in/iec/foportal/). To file ITR, you must –- Determine your tax category (like individual, HUF, partnership firm, company, or other applicable categories)
- Gather required documents (Form 16 - issued by your employer, bank statements, investment proof, rent receipts, etc.)
- Choose the correct form among various ITRs
- Calculate your taxable income
- Compute tax liability
What should you know before filing returns?
- Every accounting year in India opens on 1 April and closes on 31 March. Consider a case when you are filing returns for income earned during the year 2022-23, that is the financial year (FY) for tax filing purposes, while the year income is assessed, or the assessment year (AY) is 2023-24. Therefore, on the tax filing website, AY will be 2023-24, and FY will be 2022-23.
- You must choose an ITR form to file your tax returns depending on the category of taxpayers you fall under.
For more details, read Ready To File ITR For The First Time? Here Are 5 Things You Should Know
Who needs to pay income tax? Types of ITR forms -
- ITR-1 is for resident individuals with income below Rs. 50 lakh from salary, pension, one house property, etc.
- ITR-2 is for income of over Rs. 50 lakh from sources mentioned in ITR-1 and other sources such as capital gains, foreign income, more than one house property, holding directorship in a company, or unlisted shares.
- ITR-3 is for all the income sources of ITR-2 and other sources like business, profession, partnership in a firm, and presumptive income of less than Rs. 50 lakh.
- ITR-4 is for all the income sources under ITR-1 with a presumptive income of over Rs. 50 lakh as salary, pension, one house property, and other sources
- ITR-5 is for LLPs, BOIs, firms, and AOPs
- ITR-6 is for companies that do not seek Section 11 exemption. Companies are mandated to file returns online only under ITR-6.
- ITR-7 is for people/businesses that have furnished returns under the following Sections- 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or Section 139(4F).
For more details, read What are the various types of ITR forms?
All employers must provide Form 16 to their employees if their annual income is above the exemption limit. It gives you a clear understanding of the tax Deducted at Source (TDS) by the employer.
What is the purpose of Form 16?
Form 16 serves as a record of TDS. It gives a detailed overview of the total tax paid by a salaried employee during a financial year. It contains the following information required during tax filing: taxable salary, allowances under Section 10, and deduction breakup, among others.In addition, it helps government authorities and financial institutions check salary breakups.
The eligibility salary for Form 16 is Rs. 2.5 lakh per annum.
How many types of Form 16 are there?
There are three types of Form 16s – Form 16, Form 16A, and Form 16B. All three are certificates of tax deducted at the source of income generation.Form 16 is a certificate of deductions employers provide to their salaried employees (those being paid over Rs. 2.5 lakh per annum).
Form 16A is a certificate of tax deducted at the source for income not falling under the primary salary. (Income here includes returns on investments including FDs and rental income over Rs. 50,000 a month; for FDs, it is the financial institutions that give the Form 16 to the investor, and for rents, it is the tenant who gives it to the landlord).
Form 16B is a certificate of gains made by selling an immovable (non-agricultural) property.
What is Form 26AS in ITR?
Before filing ITR, check online for Form 26AS. It is available on the tax filing website or by logging into your net-banking account; it is available under the option "Tax Credit/Form 26AS/TDS Details/TRACES.Form 26AS gives complete information on TDS paid on salary and other sources. It provides details about TDS, tax collected at source, advance tax payable, deductions on high-value transactions, self-assessment tax payments, tax deducted for the sale of property, and details on refunds, among other deductions. The assessee can use it to verify if the TDS data is correct.
Who Should File ITR-1
ITR-1 or Sahaj Form should be filed by taxpayers whose primary income source is a monthly salary. However, the annual income must be Rs. 50 lakh or below. A permanent resident of India generating income from salary or pension or one house property or any other source barring lotteries, racehorses, gambling, etc., can fill ITR-1. If you receive a tax exemption up to Rs. 5,000, you can file ITR-1.The following documents are required to file ITR-1
- PAN Card
- Aadhaar Card number
- Form 16
- Bank statement
- TDS certificates from your bank
- Statement for interest earned from fixed deposits
- Documents Related to Tax Exemption Under Section 80 (Insurance Payment, Provident Fund, Home Loan Payment, Children’s Tuition Fee, Charges Incurred via Registration and Stamp Duty, etc.)
Also Read: Tips For Filling Salary Details in ITR1
Who cannot use the ITR-1 Form
The following taxpayers cannot use the ITR-1 Form:- Total income is above Rs. 50 lakh
- Have Taxable Capital Gain
- Earn income from business or profession
- Earn income from more than one house property
- If you are a director of a company
- If you invested in an unlisted company and have its equity shares
- If you have assets outside India or have foreign income
- TDS was deducted under section 194N
- If you have brought forward loss or want to carry forward loss
Who Should File ITR-2
ITR-2 is to be filed by taxpayers with a salary as their primary source, earning over Rs. 50 lakh per annum. An individual or one who is a part of an HUF should also file ITR-2. The following are the criteria to file ITR-2:- Generating income from salary or pension
- Earning rental income from more than one property
- Earns total income of over Rs. 50 lakh
- Earning income from other sources like lotteries, racecourse, gambling, etc.
- Having an agricultural income of over Rs. 5000
- Earnings through Short-Term and Long-Term Capital Gains
- Generating income from partnership firm
Also Read: Points to Note While Filling Salary Details in ITR 2
Who cannot use ITR-2 Form
ITR-2 cannot be used by the assessee when the total income covers Income from Business or Profession for the A.Y. 2023-24.What is ITR V
After reviewing the details, one must verify and submit their ITR. The income tax department will send ITR-V or an Income-Tax Return Verification form when an ITR filed online has no digital signature.A hard copy of this single-page document must be signed and posted to the CPC in your city, or verification can also be done online using your Aadhar and bank account. The ITR V process must be completed within 120 days of filing returns. Only after you submit this document can the tax department start processing the return.
How many times do we have to pay income tax in India?
In India, we pay tax once. ITR only gives details of the income during a year, and it must be filed when non-salaried people pay tax. In the case of salaried people, TDS is deducted every month, and it is the employer’s responsibility to deposit the tax collected to the Government. Salaried people also file ITR only once.However, there is no limit on the revisions to your ITR. The first ITR filed is called the original ITR, and the ones filed subsequently are revised ITRs. Although you can revise your returns multiple times, it paves the way for the possibility of scrutiny from the department.
What is the due date for ITR filing?
The due date for ITR filing is 31 July of each year. There is always a last-minute rush, so ensure you file your returns well before the due date. If you fail to file your ITR by 31 July, you are liable to pay a penalty under Sections 234A and 234F of the IT Act if there are unpaid dues.Non-filing of ITR can result in imprisonment, and the term differs between three months to two years. In case of higher tax liability, the imprisonment can even go up to seven years.
What are the consequences of a delay in filing of ITR?
In case you delay filing ITR, then you are liable to -- pay interest under section 234
- pay a fee under section 234F
In addition, you cannot carry forward loss barring the loss under head Income from House Property; or claim exemption under sections 10A and 10B or deductions under Chapter VI-A - Part-C.
When can you claim income tax refunds?
The biggest advantage of filing ITR is tax refunds. If your tax paid during the year is more than the liability computed after subtracting deductions, exemptions, and rebates, then you can claim refunds. First, taxpayers must file ITR accurately to claim refunds. One must furnish the correct bank account details with IFSC codes for a seamless refund process.Next, the IT department verifies the ITR and processes the refund. Once the refund is processed taxpayer gets an intimation on the refund amount and/or adjustments made to tax liability. The taxpayer must verify the accuracy.
Refunds are usually processed within a 20-40 days of filing returns. It is directly credited to the taxpayer's bank account via electronic transfer. One can also opt for a refund cheque or provide a pre-validated bank account.
When does the IT department conduct tax assessment?
The Indian Income Tax Department conducts tax assessments to examine and verify the accuracy and comprehensiveness of the ITR filed by taxpayers. Types of assessments as per the Income Tax Act are:- Scrutiny Assessment - A tax return is chosen for a detailed examination.
- Best Judgment Assessment - Taxpayers have received notices and reminders but still do not file ITR.
- Limited Scrutiny Assessment – Here, a specific issue in an ITR is verified in detail.
- Income Escaping Assessment - Tax authorities feel that a taxpayer's income was not disclosed precisely.
Conclusion
Now that the process of filing income tax returns is demystified, it is easier to comply with the nation's tax laws and fulfil the obligations. By paying taxes, you support your government's initiatives and contribute to the development of the nation.Filing ITR accurately and in a timely fashion ensures transparency and accountability. It acts as a certificate for your creditworthiness. It also ensures that your tax outflow is optimised, and you can save the maximum amount of your hard-earned money.
Filing returns is not only a legal obligation of a law-abiding citizen but also a responsibility to the nation.
FAQs – Frequently Asked Questions
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What is the best way to file an income tax return in India ?
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Can I file my ITR myself without CA ?
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Should I file ITR online or offline ?
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How much money is required for ITR filing ?
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Who verifies income tax returns ?
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What is the last date to file ITR ?
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All Personal Information including Sensitive Personal Information provided/related to you, shall be stored/used/processed/transmitted expressly for the Purpose or facilities indicated thereon at the time of collection and in accordance with the Privacy Policy. Other than those otherwise indicated and agreed by You, this Website do not collect or store or share your Personal Information. Aditya Birla Capital is the brand and accordingly all products and facilities are provided by respective ABC Companies as applicable. Therefore, for any of these Purposes, the Website will use ABC Companies their authorized third party vendors, agents, contractors, consultants or facilities providers (individually a ‘Third Party Service Provider’ and collectively, the “Third Party Service Providers”) and to that extent you understand and authorize the Facilities Provider to share/transmit such information to Third Party Service Providers. Such sharing of information will be solely for the purpose to fulfill / complete / authenticate your specific requests/transaction execution and for providing information about any ABC Companies product or facilities or services or for data analytics or to deliver to you any administrative notices, alerts or communications relevant to your Purpose (and which may include sending promotional emails or SMS or calls or any other mode permitted under law) or to analyze the usage and improve the facilities/solutions offered or for any research or troubleshooting problems, detecting and protecting against errors or to improve features, tailor the facilities on the Website to your interests, and to get in touch with you whenever necessary.
Except in the manner as stated in the Privacy Policy, the Website will not disclose your Personal Information with any affiliated or unaffiliated third parties,
You may receive e-mails /communications/notifications from the Third Party Services Providers regarding facilities updates, information/promotional e-mails/SMS and/or update on new product announcements/services in such mode as permitted under law.
Use of Website in India
This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.
Information published on the Website may contain references or cross references to products, programs and facilities offered by ABC Companies/third parties that are not announced or available in your country. Such references do not imply that it is intended to announce such products, programs or facilities in your country. You may consult your local advisors for information regarding the products, programs and services that may be available to you.
In your use of the Website, you may enter correspondence with, purchase goods and/or facilities from, or participate in promotions of advertisers or members or sponsors of the web site, including those of ABC Companies. Unless otherwise stated, any such correspondence, advertisement, purchase or promotion, including the delivery of and the payment for goods and/or facilities, and any other term, condition, warranty or representation associated with such correspondence, purchase or promotion, is solely between you and the applicable ABC Companies and/or third parties.
You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.
Third party websites
This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).
USE of APP
In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.
Postings and monitoring
The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.
Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.
We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.
If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com
Use of Cookies
You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.
Facilities Changes and Discontinuation
The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.
ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.
Compliance with the Law
You agree that you will not:
- Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
- Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
- Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
- Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
- You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.
Restrictions on Commercial Use or Resale
Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.
No Endorsements
All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.
Promotional Offers
You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.
Charges for use of Website
There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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