ETMONEY simplifies the life of investors with an instant Capital Gains Statement
In the wake of the upcoming ITR filing deadline of July 30th, the country's largest integrated personal finance platform, ETMONEY, has rolled out a new feature to help tax-payers get an instant summary of the capital gains on their mutual fund investments. Any investor can instantly get their capital gains statement across all their investments, whether or not they have invested through ETMONEY.
This new feature solves the hassle of browsing multiple mutual fund websites to collate statements and then calculate net gains or losses on the investments each financial year. Investors can now simply log into the ETMONEY app, generate the statement of all their mutual fund investments and get their capital gains summary instantly. The summary provides a simple breakdown of the short term and long term capital gains of an investor’s equity and debt investments for a year.
Recent changes by the government in the taxation of mutual funds has made the task of calculating the taxable gains more complex. In 2018 budget, the government had introduced long term capital gains tax of 10%, if the annual profit from one's equity investments exceeded Rs.1 lakh in a financial year. Moreover, there is also added complexity to be handled by individual investors as gains made till Jan 31, 2018, are allowed to be grand-fathered, which means you could save tax if you knew how to do these complex calculations. ETMONEY Capital Gains statement solves both these complexities & makes the process seamless. Users can also opt-in for auto-update wherein the statement will be automatically generated and sent to them during the tax season every year.
ETMONEY CEO Mukesh Kalra said, “Capital Gains calculation on mutual fund investments is very cumbersome - gathering all investments from multiple places, calculating the profits for the year & then trying to figure out the exact taxable gains by understanding the taxation rules. It's also a recurring pain every year. With ETMONEY's automated Capital Gains, we are removing this pain for life for everyone. Regardless of whether you have invested from ETMONEY or elsewhere, this benefit is available to more than 20Mn Mutual Fund Investors across India. With the last date of Tax Filing only a few weeks away, we want to help the maximum number of Indians to organize this information effortlessly”
ETMONEY has also recently emerged as one of the few online platforms in India to have crossed the landmark of Rs.2,500 crores of money invested in Mutual Funds through its platform. It is also adding more than Rs.200 Crores in new investment transaction value every month from investors across 1,300 Indian cities. Trusted by millions of Indians, the company is aiming to grow to Rs.5,000 Crores in mutual fund transactions by the end of 2019. By adding other such industry-first features like automated portfolio tracking, free portfolio analyses, instant capital gains statement, and instant SIP setup, the app is reaffirming its position as India’s largest digital-first financial services platform.