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You might be considering taking out a loan to pay for a 2-wheeler that you want to buy for yourself or a member of your family. Here are some ideas for how to negotiate the best terms for your two-wheeler loan: Examine and contrast the interest rates applied to loans for two-wheelers by various financial institutions: The interest rate and additional fees for a 2-wheeler loan differ from bank to bank. You can compare different factors such interest rates, processing fees, other costs like fines, and foreclosure costs. Fees for early payment, etc. Pay attention to your credit score: A person's creditworthiness, or ability to repay debt, is indicated by their credit score, which is a number. A three-digit figure between 300 and 900, with 900 being the best score, makes up the CIBIL credit score. Therefore, if your credit score is good, say between 750 and 900, you can anticipate to acquire or will undoubtedly get the best or lowest rate on the loan. If not, the institution will charge you a higher interest rate as a risk premium over and above the standard interest rate for a two-wheeler loan if your credit score is on the lower side. But in this case, you must be proactive in that you must first learn your credit score; if it is poor, you should probably attempt to raise it before you can possibly apply for a loan. Search for pre-approved offers for a two-wheeler loan: Lending institutions may give exceptional pre-approved loan offers if your bank transactions have been smooth and you have established a solid rapport with your banker. The terms and circumstances of these loans are typically much more clear because you are familiar with the loan amount, rate, costs, etc. Additionally, these loans are approved and disbursed quite quickly. You can use the net banking feature or go to your bank's branch to learn more about these deals. When there are special deals available, you can select to apply for a 2-wheeler loan for an even better deal: On particular occasions, like as Independence Day or during a festival, banks provide special two-wheeler loan deals. You can acquire a competitive interest rate at the moment, but banks will still always take your risk profile into account. Additionally, as part of these promotions, you may be able to obtain a loan with no processing fees.

There was a time when there weren't many employment opportunities for kids. Today, a sizable number of career paths have developed that give young people the chance to work part-time. But there is also a tax obligation when there is revenue. Experts in tax and investing believe that a youngster may have both earned and unearned money. Income tax returns (ITRs) may be filed in both scenarios in accordance with a specific set of guidelines for low-wage workers. If a minor (someone under the age of 18) earns money above the tax threshold, their parent or legal guardian is responsible for filing taxes on their behalf. This is due to the absence of an age requirement for filing income tax returns. If a minor earns more than Rs. 1500 a month in income, they are required to file their taxes. It doesn't matter whether the income was earned or not. We will explain in this post under what conditions a parent may claim his child's income tax return. Income Sources a Minor May Receive A minor is eligible to receive two different sources of income. Both earned and unearned money fall under this category. Earned Cash A minor's earnings are considered earned income if they take part in any TV programmes, contests, or sporting events and win the permitted prize money, as well as if they do so while working a half-time job or operating their own business. Unearned cash Unearned income is that which a minor receives as a gift for a holiday, birthday, or other special occasion from well-wishers like family members, close friends, or grandparents. Unearned income is that which a minor does not obtain through their own efforts and labour. Important Information a Minor Should Have Before Filing Their Own Income Tax Return Before minors file their own tax forms, it is important to explain concepts like gross income, taxable income, pension funds, medical insurance, and more. Minors are required to sign their own tax forms. Every financial year, children must retain a copy of their expenses and income for future reference and safety. The returns form must contain accurate entries for the taxpayer's name and tax identification number. Children must be made aware that tax information is very private. The most practical and reliable way to file an ITR for minors is to use a tax specialist's services.

According to the Central Board of Direct Taxation (CBDT), the country's decision to charge a 1 percent tax deduction at source (TDS) on cryptocurrency has been clarified by the agency. For many in the business, there was misunderstanding over when and how to charge the tax, which takes effect on July 1. Almost immediately after the government declared a 30% tax on crypto transactions in February of this year, the tax was disclosed. In terms of virtual digital assets, what is the legislation on TDS? Purchasers of digital assets must now deduct 1 percent of the price paid to the seller (an Indian resident) as income tax deducted at source from the price of the digital assets (TDS). The tax must be subtracted from the amount credited or paid to the resident individual, whichever comes first. A tax deduction will only be made in cases where the amount paid exceeds the predetermined threshold. VDA transfer tax will be 20% if the deductee (buyer) does not have a PAN number. Tax Deducted at Source (TDS) will be deducted at the higher rate of 5 percent (rather than the standard rate of 1 percent) when an individual has not submitted his/her income tax return. When will TDS on VDA, crypto be implemented? To be subject to TDS on a VDA, crypto transfer, the'specified person' (buyer) must pay an amount greater than Rs 50,000 (on a single or aggregate basis), per the CBDT circular, or any other person/buyer (other than that'specified person' mentioned above) must pay an amount greater than Rs 10,000 during the financial year to be subject to TDS on that transfer. "Specified person" is defined as: As long as the entire sales/gross receipts/turnover from a company or profession does not exceed Rs 1 crore or in the case of a profession does not exceed Rs 50 lakh, both individuals and Hindu Undivided Families (HUFs) are exempt from tax. This threshold is visible in the financial year immediately preceding the financial year in which VDA has been transferred.

When it comes to accounting, the financial year in India begins in April and concludes in March of the following year. The year in which you make a profit is known as the accounting year. However, have you ever thought to investigate why the fiscal year begins on April 1 and concludes on March 31? Starting the fiscal year at the beginning of April has a number of advantages, including: For more than 15 years, the British administration in India was in charge, and they used the April-to-March accounting cycle. After the country's independence, the Indian government used the same strategy. Before then, the Indian fiscal year ran from May 1 to April 30 in order to coincide with harvest time. The Hindu holiday of Vaisakha, or the Hindu New Year, is likewise linked to this system. Month 1 in the Hindu calendar will begin around March-April. For this reason, it's possible that the Indian government also considered switching to an April-to-March fiscal year. In addition to this, the financial year is timed to coincide with the growing season. Two-thirds of India's population lives off the land, making it predominantly an agricultural country. The revenue is derived from an estimation of the February and March harvest's yields. That resulted in a new method for new crops beginning in April, which helped to quantify the losses and gains of the previous month's harvests. Because of this, a two-month period offers the government an idea of whether revenues will rise or fall. Consequently, the fiscal year spans from April through March as a result of this fact. Festivities like Navratri and Diwali, as well as the Christmas season, take place in India throughout October and November. These are the best periods for both retailers and consumers to make money. End-of-year accounting may be tough in the face of such large expectations. The financial year ended in March rather than December to avoid a clash. Thus, the Indian financial year begins on April 1 and concludes on March 31. That being said, it is important to highlight that the Constitution does not allow for the fiscal year to begin in April. The General Provisions Act of 1897, on the other hand, ensures the survival of this practise. In order to avoid confusion, private enterprises and organizations are not obligated to keep their records in accordance with a fiscal year set forth by the government. Even though India follows the Gregorian calendar, they aren't the only ones. It's not only North America that follows this trend; other countries like the United Kingdom and New Zealand also do.

Hundreds of thousands of Indian residents leave their homeland every year, yet they keep their bank accounts and insurance policies the same. NRIs (Non-Resident Indians) and anyone of Indian heritage can purchase a life insurance plan under the Foreign Exchange Management Act, regardless of where they reside. Prior to purchasing a term insurance policy, NRIs must take into account both premium costs and costs for a medical checkup. Before purchasing a term insurance plan in India, NRIs are traditionally expected to undergo a medical checkup in another country and provide the results to the insurer in India. Because of this, they are responsible for the expense of a medical checkup. The use of telemedicine examinations by several insurers has eliminated the need for this stage. As a result, the overall cost to NRI clients has decreased significantly because the medical cost has been eliminated. The advantages of purchasing insurance from Indian insurers Term insurance from an Indian insurer has the added benefit of being less expensive, in addition to being a flawless transaction. It is estimated that term insurance in developing countries will cost between 50 and 60 percent less than in developed countries. Term insurance in developing countries will cost between 50 and 60 percent less than in developed countries. The premiums that NRIs must pay are determined by a variety of factors, including their age, health, and country of residence. A family's demands and lifestyle will dictate the size of the cover.

Investing in your future is essential to your well-being. Rent, utilities, and medical expenses are just a few of the many expenses you must cover to maintain a comfortable standard of living for you and your family. If you have any outstanding debts, they can help you pay them. In order to achieve your financial and personal goals, it is important to save money. Saving money might be difficult despite the fact that it is an essential part of your life. Even if saving and budgeting first appear to be a chore, having a specific end goal in mind may alleviate some of the stress that comes along with these tasks. Imagining a bright future in which you've bought your first house, started a family, or just indulged in something nice may help you see that future. Here are five ways to get the most out of your money and maximize your savings. Set realistic goals for yourself Setting goals that are attainable and practical is the first step towards saving money. Begin with modest goals, such as saving 2,000 per month or 10% of your gross salary. Increasing your odds of success while decreasing your stress levels can both be accomplished by establishing a lower initial goal. You'll be more motivated to increase your savings if you've fulfilled your goals for a period of time. The 30-Day Rule Must Be Obeyed In order to avoid overspending, the 30-Day Rule was devised as a cost-saving measure.  You must wait 30 days before purchasing something if you are serious about it. Allows you to see if your interest for the item has decreased throughout this 30-day grace period. If you're still interested, the extra time will give you a chance to look into more reasonable possibilities and assess the advantages and disadvantages of spending your hard-earned cash. The best moment to invest or save money is when you've saved for something and then realized you didn't need it. Invest in a rainy-day fund This is one of the most important things to remember when it comes to saving money. A layoff, a car accident, or a medical emergency can all have a severe financial impact. There will be no money to pay the bills for your family if something happens to you, especially if you're the sole breadwinner. In many cases, people fail to save for unforeseen expenses and end up needing to delve into their funds. As a consequence, it's vital to save money in case of an emergency to help you and your family. It's recommended by financial experts that you set aside enough money for a contingency fund to last for 4-6 months. Take up a side business To save more money each month, you may want to consider taking on a second job. There are several options for earning extra money after your day job, like working a few nights and weekends at a bar or restaurant, obtaining some freelance work, working as a virtual assistant, or even pet sitting. There is nothing wrong with conserving all of your side-hustle money if you can afford to do so. Budget according to the 50/30/20 rule First, you should take care of any unpaid invoices from your current responsibilities. In order to get out of debt, you must pay it off sooner rather than later. Due to the fact that curiosity builds up over time, this is the reason why. If you don't make your payments on time, interest will eat up whatever money you've saved. Consider using a 50/30/20 budget to get out of debt quickly. Rent and utility bills should take up half of your paycheck. Save 20% of your income and spend 30% on your wants, such as eating out and subscription services.

In the wake of the recent stock market drop, the significance of managing portfolio risk has been pushed to the forefront. Consistent alpha above benchmark returns can only be created if the portfolio experiences fewer corrections than comparable benchmarks in times of downturns. After a bull market, it is pointless to generate abnormal gains just to lose them during a drop. Now, the most pressing issue is reducing the overall risk of the portfolio. Maintaining a well-diversified portfolio, investing mostly or exclusively in large-cap businesses, or investing in companies that will generate significant growth in the short future and so suffer fewer declines are the most common replies. There should be more complexity in risk reduction than just following these general guidelines, in our opinion. Portfolio errors can be avoided with proper due diligence on firms and their managers- To begin with, the greatest danger to a portfolio is the inclusion of investments in firms with weak financial health and ineffective governance. Investee businesses' poor corporate governance is the most common reason that Indian stock investors lose all of their money. Prior to making an investment, it is crucial to conduct thorough research and due diligence to determine the integrity, competency, and motivation of a company's leadership team. When looking at how well a firm has performed in recent years and throughout several cycles, it's critical to determine whether or not it is essentially a high return on capital business with constant good cash production and low to zero leverage.. The market capitalization of high-quality, well-managed enterprises is a byproduct of their continuous business execution and great returns. However, this does not imply that investors should solely put their money into large-cap firms in order to reduce their exposure to risk. As a result of their great execution and fundamentally superior company quality, well-run organizations have a substantial market cap. To reiterate, we believe that the best strategy to reduce portfolio risk is to invest in high-quality companies with honest and capable management. As a result of our country's smaller size compared to the US and China, numerous industry leaders in India have exceptional track records of performance. There are a few examples of firms with less than a billion dollars in market capital that lead their respective industries: Cera Sanitaryware, La Opala, Suprajit Engineering, and others, all of which are leaders in their respective industries. Aside from the fact that there are a number of specialty industry leaders and well-run small and mid-cap enterprises, this is not an advice to buy into these companies. You may limit your portfolio risk by exclusively investing in high-quality firms, regardless of their market capitalizations. Investors should stay away from firms with a bad track record of corporate governance and/or poor overall company quality, regardless of how popular they may be right now or how convincing the story is that their promoters have suddenly changed their tune. During a bear market, all of this hoopla and publicity suddenly fades away. Avoid becoming overly reliant on any one market or type of business by being broadly diversified- Secondly, portfolio diversity is necessary but irrelevant beyond a certain point since empirically it has been established that over-diversification does not reduce volatility/risk. The importance of diversification cannot be overstated. We think that it is critical to have a diverse portfolio that includes a wide range of companies from different industries and markets, as well as different types of businesses (B2B or B2C). When it comes to reducing portfolio risk, having a low correlation between the stocks in your portfolio is an important consideration. For portfolio firms to avoid being hit equally by headwinds during a recession, it is critical to diversify across markets, such as having a solid balance of domestic and export-focused businesses, across industries, and between company types such as B2B or consumer facing. The initial investment thesis should not be challenged by legislative changes, technological disruptions, an increase in the competition intensity, notably from VC-funded enterprises, or any other factors after the money has been spent. In a portfolio of more than 50 firms, it is nearly hard to keep track of each one. In India, where factors like legislation and the competitive environment change swiftly, we feel that tight portfolio tracking is more crucial than any initial investment idea. Maintaining a diverse portfolio of 20-25 investments is the best strategy to limit risk. Focus on the long-term and never overpay for anything- It's also widely believed that companies with high profits growth are less likely to correct during market downturns than those with low earnings growth. Despite the importance of profits growth, the long-term viability of that growth and the company's entry price are more critical. We don't think it's a good idea to keep rebalancing your portfolio in search of the newest, fastest-growing companies. Short-term outperformance may be due to transient causes like supply side problems or brief regulatory issues. To put it another way, these variables can reverse in the medium to long term. As a result, the emphasis should be placed on locating and investing in organizations or industries that are experiencing substantial long-term tailwinds that can last for years or decades. Entry values should also be taken into consideration, since it is the single most important aspect within our power to influence. As a rule of thumb, we don't recommend buying the cheapest stocks since they tend to be value traps because of their low quality or governance track record in India. However, we feel that when valuing any company, it is important to take into account aspects such as the underlying assumptions of growth and cash creation, as well as past valuations for similar sectors or firms in established markets like the US and emerging markets like China. It is important to make an educated selection and only invest in firms that are priced fairly. Businesses with overvalued values are vulnerable to large corrections if their profit expectations alter even slightly owing to macroeconomic challenges. Mid-tier IT services have had a considerable correction in the recent six months, since they were valued at decade highs in October-November 2021. Stock prices fell by an average of 30 percent or more owing to the concern of a U.S. economic recession. This third premise may be summarized as follows: we believe that investing in long-term growth stories with fair to acceptable prices is the best way to limit portfolio risk. We think that risk reduction is a continual effort to conduct adequate due diligence and study before investing, watch your portfolio, sell when the values of your portfolio position allow little opportunity for additional upside, etc. Lower drawdowns during market corrections rather than maximum gains during a bull cycle are the foundation of long term healthy portfolio performance.

The most crucial form of identification in India is the Aadhaar card. Aadhaar is necessary for financial services in addition to government programmes. All bearers of Aadhaar cards can choose from a variety of services. Downloading the Aadhaar PVC from the UIDAI website is one of these services. The Unique Identification Authority of India recently introduced safe and secure Aadhaar PVC cards, discouraging cardholders from purchasing their Aadhaar PVC copy in the open market due to security concerns. The agency itself will send these to the cardholders' addresses. Now, if you want to download your Aadhaar PVC from the UIDAI website, you don't need to have your registered cellphone number on hand. You can use this service even if your Aadhaar card doesn't have a cellphone number associated with it. If someone wants to accomplish this, they must go to the UIDAI official website, select the "My Aadhaar" area, enter their Aadhaar number, and then take the actions listed below: How to apply for an Aadhaar PVC card ? Follow these simple steps to order an Aadhaar PVC card from UIDAI: Visit uidai.gov.in or resident.uidai.gov.in, the UIDAI website. Visit the "Order Aadhaar Card" page. 12-digit Enter your 28-digit Aadhaar enrollment number, 16-digit Virtual Identification (VID), or Aadhaar Card (UID) number. Perform security checks. Click the "TOTP" option to finish with a time-based one-time password; otherwise, click the "OTP" option to finish with a one-time password. "Terms and Conditions" accepted provide OTP Before placing the printing order, check the information on your Aadhaar card. Use a credit card, debit card, UPI, net banking, or $50 (including GST and shipping costs) as payment. Receive a screen-based receipt with a digital signature and an SMS with the service request number. Save the receipt by downloading it.

Up to 50,000 is exempt from interest payments A deduction of 50,000 for interest is permitted starting in FY 2018–19 under Section 80TTB. The Slab Rates specifically created for Senior Citizens will be applied on any earnings over 50,000. It is crucial to remember that in these circumstances, the 10,000 deduction allowed by section 80TTA for interest on savings account will not apply. Medical insurance premium payments are deductible under section 80D The ceiling was 30,000 earlier but in Budget 2018, it gets increased to 50,000. Section 80D permits non-senior people a deduction of 25,000 on medical insurance premium payments, but for senior citizens, it gets enhanced to 50,000. Additionally, section 80D permits deductions for both the actual costs of treatment incurred by extremely senior individuals as well as the payment of medical insurance premiums. TDS on interest is not deducted A senior citizen may submit Form 15H for non-deduction of TDS on interest on fixed deposits if his or her entire income is free from income tax and there is no tax due by him or her for that fiscal year. The upper ceiling for elderly citizens' tax deductions under section 194A has also been raised through budget 2018 revisions, from 10,000 to 50,000. Increased section 80DDB deduction for certain illnesses Taxpayers are given tax relief under Section 80DDB while paying for the medical care of certain disorders. Prior to Budget 2018, seniors were permitted to deduct 60,000 but now can deduct 120,000.

The Reserve Bank of India (RBI) has upped the minimum amount limit for payments through debit and credit cards that require e-mandates or standing instructions to Rs 15,000 from Rs 5,000 in an effort to make digital recurring payments easy. It indicates that One Time Passwords (OTPs) are no longer necessary for recurring payments made through cards or other prepaid payment instruments up to Rs. 15,000 in India (PPIs). With the new limit in place, clients now have it easier to use e-mandates to make payments on loans or savings. "It has been decided to raise the limit from Rs 5,000 to Rs 15,000 per transaction and shall take effect immediately, following a review of the implementation of the e-mandate framework and the protection afforded to clients, "In a notification, the central bank stated. Recently, RBI Governor Shaktikanta Das revealed that stakeholders have asked for a raise in the framework's ceiling to allow for payments of higher value, including as subscriptions, insurance premiums, and tuition, among other things. He added that the framework for processing e-mandate-based recurring payments was introduced to give customers the advantages of convenience, safety, and security. The decision was made to promote customer convenience, he said. An electronic mandate (e-mandate) on a debit or credit card indicates that the cardholder has given a merchant platform, such as a website or mobile application, a standing order to withhold a specific amount of money for recurrent transactions. This covers OTT platform subscriptions, bill payments, insurance premiums, etc. The cardholder authorises merchant platforms to debit their credit or debit card for any regular payment requests that merchants may send by submitting an e-mandate. Additionally, the central bank now permits credit card holders to link their cards with UPI (unified payments interface). "A low-level interface between credit cards and UPI is envisioned, "Governor of the RBI has remarked. Das added that this option will be made available following system developments, and that it will initially be enabled on Rupay credit cards issued by the RBI-promoted NPCI.

A new fixed deposit (FD) tenor has been added by Canara Bank. On its website, Canara Bank states that it has established a new 333-day scheme with a 5.10 percent interest rate. Senior citizens will receive 5.60 percent for the same tenor. As of June 23, 2022, this is valid. Bulk deposits are not permitted for this tenor. The bank now provides regular citizens with interest rates ranging from 2.90 percent to 5.75 percent. Senior citizens are entitled for an additional interest rate of 0.50 percent on deposits with a tenor of 180 days or more. The bank is providing 5.75 percent yearly interest for the Canara Tax Saver Deposit programme (General Public). The most that can be deposited is Rs. 1.50 lakh. As stated on the website, the bank gives the same interest rate for recurring deposits. On May 12, 2022, Canara Bank last increased its FD rates. Penalty for early withdrawal A 1 percent penalty would be assessed for early closure, partial withdrawal, or early extension of domestic/NRO term deposits under Rs. 2 crore. The website states: "The Bank levies a penalty of 1.00 percent for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at a rate that is either 1 percent lower than the rate at which the deposit was accepted or 1 percent lower than the rate that is applicable for the relevant amount slab as in effect on the date of deposit and as applicable for the period run, whichever is lower. However, no interest will be paid on term deposits that are prematurely closed or extended before the end of the seventh day.

A few compliance deadlines for banks and card issuers that provide credit and debit cards were extended by the Reserve Bank of India (RBI) by three additional months on Tuesday. Card issuers will issue an OTP Card-issuers must first obtain One Time Password (OTP)-based consent if a cardholder hasn't activated their credit card for more than 30 days from the date of issuance. If the customer does not give their permission to activate the card, the card issuer must cancel the credit card account without charging them within seven working days. Approval of a credit limit The credit limit that has been authorised and communicated to the cardholder must never be increased without the cardholder's express permission, according to card-issuing companies. Fees for interest For the purpose of charging or compounding interest, no fees, taxes, or levies are capitalised. Only the dates listed above have been extended through October 1, 2022, according to the RBI announcement. While the implementation deadline for other regulations, including those governing credit card invoicing and card closure, remains July 1, 2022. Guidelines for credit card billing According to the RBI, "The card issuer may propose providing invoices and account statements via internet/mobile banking with the cardholder's informed authorization in order to avoid recurring complaints about late invoicing. To guarantee that the cardholder receives the billing statement, card issuers must put in place a mechanism. Regulations for closing credit cards Banks are required to honour credit card cancellation requests by getting in touch with the customer right away via email, SMS, or another channel. Customers must have access to a variety of channels, including a helpline, a dedicated email address, Interactive Voice Response (IVR), a prominent link on the website, internet banking, a mobile app, or any other form, and they cannot be forced to use a particular method.