On the other hand, individuals and HUF with business income are required to make an election while filing their tax return for AY 2021-2022. Such election is permanent and may only be withdrawn once. Once an individual/ HUF withdraws from the lower tax regime in favour of deductions and exemptions they cannot revert to the lower tax regime thereafter. … [Read more...] about Budget 2020|Personal tax rate cuts – to elect or not to elect?
You can also look at buying an insurance policy to cover your EMI payments in case of a job loss. For instance, Bajaj Allianz’s Loan Care takes care of up to three EMIs in case the policyholder’s employment is expressly terminated. However, do note that it will not come into picture if officially, the reason stated is voluntary resignation, which is generally the case in India. Some insurers also offer group covers that take on borrowers’ liabilities in case they default on repayments due to reasons beyond their control. These are usually offered through lenders, lending platforms and other institutions. Take, for instance, ICICI Lombard’s Group Secure Mind, which covers events like critical illness, job loss and accidental death or permanent disablement. In case of a job loss, the policy will take care of the borrower’s EMI payments during the policy period or till she regains employment, whichever is earlier. However, since this is a group cover, an … [Read more...] about Defaulted on loans? Follow these steps to get out of a debt trap
For many people, paying rent and EMI means having no money left. So, they are unable to save for other financial goals. This is fine if it is only temporary. But you can’t compromise on goals if the situation continues for long. Or, is it possible to reach your other financial goals by investing less now and making up later with higher investments when your salary increases? … [Read more...] about Home loan: How much can you afford?
If you want to exit the Smart EMI during the tenure of the loan, the bank and leasing company provide you with two options. The first is buying the car by paying the outstanding loan value. The amount is stated in the contract agreement. Or, you can surrender your car to the leasing company. The difference between the market value of the car and outstanding loan value needs to be paid by you. While closing the scheme, prepaid insurance (if any) and dues (if any) will be recovered from you. … [Read more...] about ICICI Bank’s Smart EMI: Only for those who compulsively change car models frequently
On January 1, 2020 the Reserve Bank of India (RBI) launched a mobile app for visually and /or hearing impaired people to identify the denomination of currency notes. Called the Mobile Aided Note Identifier (MANI), it seeks to help such people who faced various problems in accessing the new and old currency notes of the Mahatma Gandhi Series. The Reserve Bank of India (RBI) has clarified, however, that the MANI app does not authenticate a currency note as genuine or counterfeit while scanning them. … [Read more...] about How RBI’s MANI app for the visually challenged helps identify currency denominations