The readers of this blog must have come across "TAN" or Tax Deduction Account Number multiple times in my posts on NRI's and TDS on Sale of Property. It is also known as Tax Collection Account Number. Similar to PAN, it is also a 10-digit alphanumeric number issued by the department of Income Tax. There is a misconception that if the buyer has PAN for property transaction in case of NRI seller then TAN is not required. It is not a correct understanding. It is mandatory for a buyer to obtain TAN in case the seller is NRI and TDS will be deducted u/s 195. Another misconception is that if the ... Read More
3 Fraudulent Ways To Repair CIBIL Score You Should Avoid
"My CIBIL Score is 523 and one of the agencies is promising me to repair CIBIL Score in just 60 days. Should i go ahead?". This was one of the queries posted by one of the readers of the blog. This individual i.e. Person A dropped a mail to me and mentioned that agency is demanding Rs 30,000 to repair CIBIL Score. His problem was that he bought a flat of Rs 1 Cr in Mumbai and paid booking amount of 20% i.e. 20L to the builder. The builder threatened to forfeit the booking amount if he is unable to arrange a home loan. He informed the builder the at the time of paying booking amount that his ... Read More
Term Insurance Plan – Why You Should Avoid Monthly Income Benefit
One of the peculiar traits of a Term Insurance Plan is that you have to visualize the life after death "today". The reason being term insurance plan does not carry any surviving benefits. Therefore, policyholder opts for term insurance plan purely to safeguard the financial future of the family. Based on the queries posted by the readers of this blog, i can conclude that biggest worry of a potential policyholder is whether the sum assured of a term insurance plan will suffice for family or not. I also faced this dilemma. The financial planners suggest opting for a cover equivalent to 10 times ... Read More
Are You Ready for the Merger of State Bank of India and Associate Banks
Recently i received requests from readers of the blog to share my views on the merger of State Bank of India with its Associate Banks. To find out myself, i visited few branches of State Bank of India and its associate banks. I have a bank account with State Bank of India and State Bank of Mysore so it made my task bit easier. The employees of the bank are tight-lipped about this whole exercise of the merger. I think they are instructed not to divulge any details to the general public :). For this post, how the merger of State Bank of India with its associate banks will impact customers, i ... Read More
PAN or Permanent Account Number – Where it is Mandatory to Quote
PAN or Permanent Account Number is the unique code that identifies an Indian National. PAN is a 10 digit unique alpha-numeric code issued under Income Tax Act 1961. It is a misconception that if i am not paying income tax then i don't need PAN. Just to clarify that Permanent Account Number or PAN is mandatory for specified transactions. It is mandatory for each and every individual, company, Minor, NRI, the taxpayer, non-taxpayer, senior citizen etc to obtain and quote PAN for these transactions. There are only three exceptions to this rule i.e. the central government, the state government and ... Read More
5 Investment Myths That You Should Never Believe
Being into personal finance space, i come across a lot of investment myths on daily basis. Sometimes it is hard to believe that very well educated people blindly trust such investment myths. Investment is an art and no one can teach you the same. Everyone has a different style of investment. The most important point is that you should be comfortable with the investment style. For example, if am not comfortable investing in the stock market then better i should avoid the same rather losing money & regret later. I do agree that it is not feasible for us to be perfect in the art of ... Read More
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