Money Saving Tips

Income Tax Slab 2019 The Budget 2019 has been passed by the Parliament. Given below are the latest income tax (I-T) slabs applicable for financial year 2018-19 (assessment year 2019-20). These will be applicable for FY 2019-20 as well. The basic exemption limit for an individual depends on his/her age as well as his/her residential status. According to age, resident individual taxpayers are divided into three categories: 1. Resident individuals below the age of 60 years 2. Resident senior citizens of age between 60 years and above but below 80 years 3. Resident super senior citizens of above 80 years of age Here are the latest income tax slabs for the FY2019-20 Income tax slabs for resident Individual below 60 years of age Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen) Income tax slabs for resident individual above 80 years of age (Super Senior Citizen) Non-resident Indians (NRI) are not allowed to avail the rebate of section...

Tips for a Smooth ITR Filing The due date for filing of personal income-tax returns for financial year 2018-19 has been extended from July 31, 2019 to August 31, 2019. All individuals whose total income exceed Rs 2.5 lakh (Rs 3 lakh for senior citizens) are mandatorily required to file an income tax return on or before the aforementioned due date. While the individuals are busy collating the necessary documents / information from their employers, banks and other sources to compile and file their tax returns, certain key aspects could be missed in haste. To ensure that the tax return is filed appropriately, the following factors need to be considered. It is necessary to determine the residential status accurately as a lot depends on the residential status like choosing the relevant ITR form, taxability of overseas income and reporting requirements. Using the appropriate form for filing tax return is critical to the entire filing process as an error here could invalidate the tax ...

Bharat Bill Payment System https://www.fundstiger.com/bharat-bill-payment-system/ Bharat BillPay enables every citizen to pay their different bills under the same window. This unified ecosystem brings banks, non-banks and online payment platforms under one roof as its official authorised units for bill collections. RBI to cover all repetitive bill payments under Bharat Bill Payments System You will soon be able to make all bill payments, except prepaid recharges, using the Bharat Bill Payment System (BBPS) after the Reserve Bank of India (RBI) gave its nod. The Reserve Bank of India on 7August19 said it will allow all categories of billers except prepaid recharges under the Bharat Bill Payment system (BBPS). The BBPS currently covers billers in five segments, DTH, electricity, gas, telecom and water bills. The regulator is expected to issue detailed instructions in this regard by the end of September 2019. “To leverage the advantages of the BBPS and harness its full potenti...

Loan against Financial Assets https://www.fundstiger.com/loan-against-financial-assets/ Life is uncertain and sometimes an unexpected expense can leave you strapped for cash, or scrambling to generate funds. It is advised by most financial experts that one should always an emergency fund to fall back on in case of a financial crisis. However, there are times when the emergency fund is not enough or one emergency is followed by another. Whatever the reason for cash urgency, you need to find cash and fast. Your resource for cash depends on whether you need to raise funds in a few weeks or a few days. Here are the financial assets you can fall back on to fund an emergency without depending on personal loans. 1. Gold Loan amount provided will be Rs 1,000 to Rs 2 crore Maximum loan is typically 75% of market value of gold. Interest rate starts from 10% to 29%, Term of the loan Maximum of 20 years, typically up to 3 years. Processing fee up to 2% of loan amount Applicant should be...

Zero Annual Fee Credit Cards https://www.fundstiger.com/zero-annual-fee-credit-cards/ Free Credit Card means card without any annual fees or charges. These types of cards are free to hold for the lifetime. In the other words, there are no annual fees or charges to hold this card. You just need to pay for what you use. Free Credit cards help customers to reduce the overall cost of owning a credit card. However, mostly all credit card companies waive off annual fees only if customer spend a certain amount in a year. You should check terms and conditions before opting for a credit card. If you want to save money of annual fees and joining fees here are 10 Free Credit Cards in India 2019 with No annual fees. Types of Credit Cards Credit cards give you free credit for 45-55 days after which it charges a monthly interest. Apart from this, there is an annual fee to pay, regardless of your usage pattern. Zero-fee credit cards, on the other hand, don’t levy any annual fee. Then th...

Account Aggregator https://www.fundstiger.com/account-aggregator/ Account Aggregator Simplify Sharing of Financial Data And Reduce Processing Time In September 2016, the Reserve Bank of India (RBI) had proposed setting up of an account aggregator that would act as a common platform capturing all your financial details in one place. The account aggregator will help individuals and small businesses share their financial data with third parties in a safe and secure manner, and give them greater control over how their data is being used. The four major financial regulators — RBI, IRDA, PFRDA and SEBI (regulating banks, insurance, pensions and markets, respectively) – came together to allow regulated entities under their control to share data with user consent with account aggregators. To promote the account aggregator ecosystem a body, named Sahamati, has been formed. It will work towards accelerating the adoption of the framework by building awareness about the new technology an...

Financial Transactions in Which Quoting of PAN is Mandatory https://www.fundstiger.com/financial-transactions-quoting-pan-mandatory/ PAN is a very useful tool to estimate the total tax revenue being generated in the country and to be used as an identification document is not its primary job. Although Aadhaar is gradually gaining more importance than PAN – a ten-digit unique alphanumeric number issued by the Income Tax Department – however, PAN is still important, especially for financial transactions. According to experts, PAN is a way for the Income Tax Department to keep tabs on your financial dealings whereas Aadhaar’s main purpose is to create a centralized database of each citizen residing in India. PAN, in fact, is a very useful tool to estimate the total tax revenue being generated in the country and to be used as an identification document is not its primary job. Aadhaar, on the other hand, authenticates a person’s identity as it is linked with the name, photograph, and b...