Short Term Loan is very common in the western world. These are popularly known as payday loans. Though both are technically not the same. The reason I referred both of them is that borrower pay or clear the same once he/she receives next salary. In banking parlance, a loan of up to 1-year tenure is referred as short term loan. You can also refer it as a cash advance. "What's in a name?" if you need a loan for short term max up to 52 days at zero percent interest rate then this post is for you. Even in 80's and 90's, the concept of the short term loan was popular but those days, the common ... Read More
Mobile Wallets – Is Your Transaction Reported Twice to Income Tax
Demonetization proved to be a boom for mobile wallets. Cashless is the new buzzword in India. It will not be an exaggeration that mobile wallets are one of the synonyms to become Cashless. In my post, Cashless Payments - 15 ways to become a cashless person i shared that mobile wallets are one of the convenient ways to go cashless. To be very honest with the readers, till date i have not come across a single post discussing mobile wallets and income tax angle. Though it might not be relevant in all the cases that we will discuss later in the post. I thought of sharing my views on the same ... Read More
Cashless Payments – 15 Ways to Become A Cashless Person
Cashless Payments is the new buzzword in India post demonetization. It will be a major shift in the way we transact. In my opinion, it requires tectonic mind shift for the majority of the people. There are few critics of Cashless Payments. They are of the opinion that India is not ready for Cashless Payments. They give their own excuses in favor of CASH payments because of obvious reasons. Though i might be wrong but in my opinion, only the people who have something to hide from IT department are staunch supporters of cash usage. It might be a harsh statement but it is based on my personal ... 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
Credit Report – 5 Important Factors That Decides Your Credit Score
Credit Report is one of the biggest mysteries for borrowers or loan seekers. There is a common misconception that Credit Report is based on some mathematical calculations. The answer is No, It is not correct that credit report is only based on mathematical calculations. The credit score in a credit report is based on the calculations. But no one knows the formula of these mathematical calculations. Your credit report reflects the credit behavior and credit score is one of the criteria. The loan/credit approval is decided by the mix of credit score + credit behavior. Sometimes high credit ... Read More
5 Risky Places You Should Avoid To Swipe or Use Your Debit Card
Debit Card payment or ATM cash withdrawal is very common these days. Trust me the payment systems in India is one of the securest in the world. Thanks to the Govt and RBI for the steps taken. In India, we have two step authentication for online payment, unlike outside India therefore it is more secure. As i shared in previous posts that the payment through debit card is same as a cash payment from your savings account. There is a big debate whether to use a credit card or debit card for online transactions. I discussed the same in my post, Why I Prefer Credit Card Payment over Debit ... Read More