If you invest money in mutual funds scheme, then know about this new service

Computer Edge Management Service- CAMS (CAMS) has started a new service for those investing in mutual funds. With this, your e-KYC work will be done easily. Best Mutual Funds in 2021

If you invest money in mutual funds scheme, then it is important news for you. Computer Edge Management Service- CAMS (CAMS) has started a new service for those investing in mutual funds. With this, your e-KYC work will be done easily. Aadhaar based verification through one time password (OTP) will complete the process of e-KYC. New customers investing in mutual funds will be greatly facilitated by this facility.

Previously, the process of KYC was done through XML. With this new feature of cams, this will be done through OTP through Aadhaar number. This is a much easier process than before. CAMS and CAMS Investor Service are among the 8 companies in the country that have been allowed to do authentication through Aadhaar. Explain that the government had made the KYC process mandatory for those investing in mutual funds.

CAMS CEO Anuj Kumar says that we are happy that we have succeeded in completing the e-KYC process through Aadhaar. This will make the work of new investors much easier and fast the process of their e-KYC will be completed.

This information came on joint investment

On the other hand, a new information about mutual funds has also been revealed. If you are investing jointly with your husband, child or parents in mutual funds or any property, then you can get a notice from the Income Tax Department. To know about this kind of disturbance, you have to check Form 26AS. Actually, when any transaction takes place in the name of more than one person, according to CBDT rules, this amount of transaction is reported in the name of both account holders.

In any one year, if a person makes a transaction of 10 lakh rupees through a mutual fund, then the mutual fund house has to inform it directly to the tax department. In such a situation, if a transaction exceeds this limit is done from a joint account, then CBDT demands tax liability from all the account holders at the individual level.