Decoding GST Registration Number

The evolution to GST or Goods and Services Tax Enrolment has commenced in India, with prevailing VAT and service tax registration holders being assigned GST or Goods and Services Tax Registration number to standardize the two major indirect tax codes. In this article, we look at the meaning behind a GST or Goods and Services Tax registration number. GST or Goods and Services Tax Registration number is a 15 digit identification that is assigned to each taxpayer based on PAN number and State of the applicant. In GST or Goods and Services Tax registration number, the first two digits represents the State Code, followed by the next 10 digits indicating the PAN of the applicant, one digit signifying entity code, one digit is left blank and the last digit is a check sum digit.

Essential GST Hacks for Every Tax-paying Indian Featured

GST, an acronym for Goods and Services Tax, is the latest buzz in the Indian economic scenario courtesy of it coming into play from 1st July, 2017 onward. As a form of taxation GST or Goods and Services Tax is employed by more than 150 countries the world over, the honour of being the first belonging to France and that of being the most recent going to Malaysia. Whether or not this system of unified taxation will work in the world’s largest democracy, namely India, is something that will become apparent only after it has been implemented for at least six months at a stretch.

HDFC Reach Home Loans | Home Loan without Income Proof | Home loan without ITR | Housing Loan without ITR

Overview of HDFC Reach Home Loans: At HDFC, we understand the amount of hard work you have put in and the number of hardships and challenges you may have had to defy on your way to be able to reach so far in life. Now it's time to create your own house, a warm little corner in the world that is yours, tailored by your tastes and needs. There is no place like 'home' and with HDFC Reach Home Loans you can gather hopes, achieve your dreams and create memories in your own space. Features & Benefits of HDFC Reach Home Loans: HDFC offers customized home loan products on a platter to help you buy a new or second hand house. Construct your house on a freehold or lease hold plot or on a plot allocated by any Development Authority. Transfer your due house loan amount gotten from some other bank or financier to HDFC. Enhance or renovate your house in numerous ways such as tiling and flooring, interior and exterior plaster and painting etc. Spreading or adding space to your house such as building more rooms. Home loans and plot loans up to INR 35 lakh for salaried people…

Benefits of Personal Loan Balance Transfer

A personal loan transfer is also known as refinancing or balance transfer from one bank to another. Most individuals opt for this option to avail the benefits of lower interest rate in the market. Usually, the existing borrower does not get the benefits of lower interest rate even after the rate cuts by RBI. Hence it is better to transfer the balance amount of loan from one bank to another where lower interest rates are prevalent. There are several benefits of switching loans from one bank to another which are as follows:- First and foremost if the existing bank does not agree to reduce the interest rate even after RBI rate cuts and the EMI amount remains the same then in such cases it is always better to switch to banks which offer less interest rates and reduced EMI’s or longer duration for repayment. Usually the interest rate on personal loan is very high and continuing with the same interest rates can drain out a lot of your savings. Therefore it is always advisable to transfer the balance amount to banks offering lesser interest rate at an early stage to repay lesser EMI. Some banks charge minimal or zero processing…

Base Rate vs. BPLR: What should you go for ?

It’s not that rare for people to notice the terms RPLR/BPLR vs. Base Rate. BPLR stands for Benchmark Prime Lending Rate and LPLR is Retail Prime Lending Rate. These terms are the determining factors when finalizing a home loan. Floating home loans are connected with base rate or with BPLR. Now it is quite obvious for a layman to question why can’t there be a single criterion to link floating home loans. This is because two different groups of Financial Corporations are providing the home loans (a) ICICI, Axis etc, (b) Home Finance Companies like HDFC, PNBHF etc. The difference between Banks and HFC’s lies in the fact that, banks are governed by RBI, whereas HFCs are monitored by NHB (National Housing Bank). But there were numerous grievances among the customers  whose floating loan was linked to BPLR regarding the fact that some customers had to pay high interest relative to the others whereas the other prime complaint was that HFC’s are not showing enough transparency in the procedure. HCF’s were also reported to hike the BPLR when the Reserve Bank of India increased the key rates but when there was a subsequent drop in key rates, these institutions didn’t…

The Process of Home Loans in India

Home loans are planned long term loans availed by various customer segments in India. It is preferred by both individuals and business users. Home loans are important but can be tricky if proper planning and adherence of the same is not taken into account. Henceforth it is important to understand the process of seeking a home loan and following the same in a step-by-step manner. Self-Assessment:  Self-Assessment usually works on two levels. At the individual level, you got to assess your own risk factors before taking a home loan. It’s like understanding your current salary and assets and forming an idea how much loan and what should be your ideal repayment time. Secondly, if you have a property in your mind, home loan process becomes quicker. You need to visit the website of a bank or HFC (Housing Finance Company) for list of documents. For cases where you have already finalized your property, arrange the property documents as per as list of property documents required by bank. The main objective is to understand all documents are in place and you have a clear idea that you want to avail a home loan. Application: You can avail assistance of Bank Representatives…

Tax Queries Answered Featured

Tax season is on! And so every individual (salaried or businessman), needs to do proper tax planning to ensure that excessive money is not lost or wasted. Tax planning sometimes can be tricky, especially if you don’t know how to file it properly. Here are some  basic queries most Indians do have while filing their tax What are the major sections under which I can file tax? Very basic, but very pertinent question while Income tax Planning, lets understand the various sections under which you can basically file your tax: Section 80C: The most prima facie section to do a proper tax filing. Section 80C deals with a total limit of Rs. 1.50 lakh from the financial year 2014-2015(assessment year 2015-2016). Under this section you can file for your tax returns if you have schemes like NSC, PPF, pension plans, life insurance plans and government bonds. Also under section 80C the principal amount paid for your home loan is also eligible for a tax deduction. Section 80D: This section deals with the health insurance premium paid with an increase of limit up to Rs.30, 000 p.a for someone who is paying premium for senior citizens. Section 80E: Payment of educational…
15 Mar 2017
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Importance of CIBIL Score and Risk Index and their Calculation Featured

One important thing to be noticed by the money lending institutions before lending money to any borrower is the risk involved in lending to that particular borrower. And this is assessed by help of CIBIL score or risk index calculation. These two assessments carefully track the past credit history and on basis of the same provide a borrower with CIBIL score or risk index. Which further suggests if the borrower is fit to be lent or not CIBIL score and risk index are the primary level of short listing the long list of money borrowers. However the money lending institutions cannot leak the criteria of short listing the borrowers as it would create commotion and panic among the borrowers. Sometimes when the CIBIL score or risk index are not in good shape then some institutions and websites offer the borrower a chance to improve their CIBIL score by paying additional amount of money (keep in mind that this is of no use as top money lending institutions would ultimately look for your past records, basically 6 months). CIBIL score is analyzed o the basis of credit history of the last 6 months, the offered is basically between 300-900 whereas the…

Secured credit card- Repair CIBIL score

A secured credit card unlike a normal credit card is backed by a deposit amount which acts as collateral for the credit provided with the card. The credit limit depends on the credit history and the deposit amount. In today’s world no one likes to be a defaulter purposely however no one can avoid the unforeseen circumstances. There are two types of defaulters in relation to credit cards: Non-wilful defaulters and wilful defaulters. In case of non-wilful defaulters, the borrower does not default intentionally and needs time to pay off his dues. His circumstances force him to default however in case of wilful defaulters the borrowers purposely does not pay the credit amount due on him. CIBIL scores are linked to the credit cards. CIBIL scores are otherwise known as the credit score. It is a three digit number and is derived based on the CIR. In this context it is important to understand how the CIBIL score is advantageous and why it is essential to maintain a higher CIBIL score. In simple terms higher CIBIL score means more chances of getting a loan amount sanctioned to buy a property. In order to maintain a higher CIBIL score one has…