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Large cash transactions, particularly those exceeding specified thresholds, can attract attention from the Income Tax Department. The Income Tax Department (ITD) employs stringent regulations to monitor high-value financial transactions to prevent tax evasion and money laundering.
Struggling with Credit Card debt? Credit Card debt can quickly spiral out of control, especially if you’re not able to pay off your balance in full each month. While Credit Cards can offer benefits like reward points, cashback, and interest-free periods, they can become a financial burden if mismanaged.
Earlier this year, the Treasury Inspector General for Tax Administration reported that there was a reduction in the number of fraudulent tax returns identified between 2013 and 2015. What’s Next In Tax Fraud. Cybercriminals aren’t always going to go after credit card information, because they don’t have to.
For example, many merchants worry about the costs associated with card payments, although such fears are diminishing rapidly as interchange fees across the region fall. But he said merchants also fear taxes. Governments [in] general like this digital push because it definitely increases tax revenues,” Neoh said.
Got a big tax refund? We all dread that time of the year when we have to file our Income Tax returns. All those calculations and figuring out which section of the Income Tax Act to claim refunds under can get pretty complicated, we admit. But think of the time when you get a sudden windfall as a sizeable tax refund.
1) Kindness in Staying Out of Credit Card Debt Credit Card debt is more than just a financial burden—it can also bring stress, anxiety, health issues and even strain on relationships. Additional reading: 8 Credit Card Hacks to Crack Festive Season Savings! Consider this as a form of kindness, too.
Amidst tax filing season, understanding the necessity of filing a NIL income tax return can save you from potential hassles and bring financial benefits. As tax season approaches, many people may wonder about the necessity of filing an income tax return (ITR) when their income falls below the taxable threshold.
With payment bigwigs like Visa , Mastercard and American Express pushing further into the B2B payments space, commercial card adoption is being driven by more than growth in the number of card products available. “It streamlines payments and ease of paying by card,” Weiss told PYMNTS in an interview.
The Definitive Guide to Improving Cash Flow explains how to identify areas where poor cash flow impacts the operations and growth of the business so the benefits of improving cash flow are clear and can inspire change. When shared with clients, the aid will provide actionable advice that demonstrates the value of business advisors.
We’re already in the second quarter of the financial year and you should ideally be done with tax planning for the year. Most people think that they have limited means of saving tax. Here’s a list of lesser-known tax deductions that most people aren’t aware of. Tax Deduction For Disabilities. You’re very welcome!
NCR said it has a “definitive agreement” to buy JetPay for a purchase price of about $184 million, partly financed by cash. JetPay ’s services include card acceptance, processing, payroll, payroll tax filing, human capital management services and other financial transactions. -based firm said Monday (Oct.
Additional Reading: What Should You Do If You Can’t Pay Your Credit Card Bill? Bucket 4: Tax-Saving Investments. This one consists of your tax-saving investments. Depending on how you plan your tax-saving investments, there will be a lock-in period of at least three years. Explore BankBazaar.
Many of us think that you can use your Credit Card to make purchases only up to a pre-determined credit limit. When a bank issues a Credit Card to us, it also sets a limit in terms of how much we can purchase using the card. Your credit limit decides the maximum amount that you can spend using your card at any given time.
Read this blog to learn the definition of structuring, why it is illegal, and some examples of structuring scenarios that can help banks understand customer behavior and intent. The account is further credited with credit/debit card processing, and the incoming funds are used for everyday business expenses such as vendor and tax payments.
Don’t leave without knowing the new TCS rule applicable on Credit Cards, forex cards, debit card transactions, and currency purchases. There is some unfortunate news for travellers who use international Credit Cards while abroad. The only exception was Credit Cards. attracted a TCS.
There’s a reason (or rather reasons) why they tell you to file your income tax returns (ITR) on time. Just so you know, the last date for filing your income tax returns (ITR) is fast approaching. We’d say that you better get it done before the 31 st if you’d want to avoid getting a notice from the Income Tax department.
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If you own a vehicle, you will know how important an RC book/card is. Today, you will receive your RC copy in the form of a Smart Card. So, it is impossible for anyone to fool the policeman with the wrong smart card, except if he doesn’t know how to read! But, what do you do if you lose the original smart card of your vehicle?
It’s too early into the new year to definitively call a trend. The move pushes Visa ever further away from cards and toward its goal of becoming, as management has often described it, a “network of networks.”. Credit Card Spend: Bank results show continued spending on credit cards. percent year on year.
You can get a tax-free maturity amount as well as a regular income to see you comfortably through your retirement years. Take life insurance and health insurance policies so that both you and your dependents are covered – don’t take these policies simply to reduce tax. Ready to get your first-ever Credit Card? Get Credit Card.
There are issues of transaction security, criminal elements, tax evasion, free flow of capital, access to goods and services and the ability to fully participate in the global economy. adults still prefer to use cash for purchases under $5, while 22 percent use debit cards and 11 percent use credit cards.
Tax cuts may have dominated the headlines, but then again, the tale remained the same as it has been the last few quarters. billion charge taken in the latest quarter tied to the Tax Cuts and Jobs Acts. Zelle and QuickPay … we’re definitely gaining clients.”. JPMorgan showed some momentum; Wells has some work to do.
This year the Internal Revenue Service (IRS) will start accepting 2020 tax returns on February 12 , about two weeks later than usual. That’s positive news—because you definitely want to file your tax return as soon as possible, particularly if you’re claiming a refund. How do fraudsters commit tax refund fraud?
By understanding and addressing key factors like C redit S cores, income stability, debt management, and card selection , you can significantly boost your chances of C redit C ard approval. However, not everyone finds it easy to secure a Credit Card , especially if they are unaware of the factors that influence approval decisions.
Here’s your monthly guide to offers and promotions on Credit Cards listed on BankBazaar – major discounts on food, online shopping and hotel bookings are up for grabs! . Don’t let your Credit Card sit idle in your wallet. Here’s how you can get maximum bang for your buck with your Credit Card this month.
On our 12 th birthday, we’d like to treat you to these 12 Credit Cards, handpicked just for you. It’s been 12 years since we embarked on this incredible journey of bringing financial products such as Credit Cards and loans closer to you. Why stop with Credit Cards, you may ask? 12 Credit Cards, Just For YOU!
Don’t shy away from learning about finance – budgeting, saving, investment, tax management and so forth. Emergencies have a way of sneaking up on you when you least expect them with no calling card whatsoever. Do not buy insurance just for the sake of saving on some tax. Thou shalt be financially literate.
Also, explain how Debit Cards work and how to safeguard all the important information to protect oneself from any fraud. Credit Cards. Teens need to know how to handle Credit Cards responsibly. Introduce them to online investment options, tax filing, purchase of insurance, etc. The Basics Of Investing. Explore BankBazaar.
. – #YesBank will allow its credit cardholders to share their credit card reward points with family and friends. To know the latest on Yes Bank credit cards, click here. – The Income Tax Department has issued returns amounting to Rs.1.36 To know more on the fixed deposit rates, click here. Explore BankBazaar.
Keeping your expenditure within the budget can help in creating wealth, saving taxes, and securing your family. BankBazaar is a leading online marketplace in India that help consumers compare and apply for credit cards , personal loans , home loans , and all your personal finance needs!
Myth 2 – Credit Card Balance Is Good For Your Credit Score. Nopes, while keeping your Credit Card active is wonderful for your Credit Score , not clearing your balance is not the best thing to do. Additional Reading : Credit Cards – The Myth And The Legend. Additional Reading : Tax Deduction Myths Busted For You.
According to FM Nirmala Sitharaman, Budget 2020 has included provisions that would translate to more income and purchasing power for tax-paying citizens. Check out great deals on Credit Cards and Loans. From a personal finance view, here are five key changes that you should know about: New Tax Structure. Old Tax Rate.
Avoid Impulsive Borrowing It is best to exercise caution while borrowing or using a Credit Card as it needs to be repaid. After buying with a Credit Card, make sure that you pay the outstanding amount in full before the due date or it will attract interest in addition to late fees. This donation is also eligible for tax deduction.
With headquarters in King Of Prussia, Pennsylvania, Radial provides major brands and merchants with fraud, payments and tax solutions, as well as a host of other commerce technology solutions. “We Fraud is growing at 30 percent year over year,” said KC Fox, head of payments, tax and fraud at Radial.
will give its employees income-tax exempt cash vouchers in place of their entitled leave allowances this year. This payment will be tax-free. 10,000 worth of festival advance again by 31st March, 2020 and to this end, will get a pre-loaded Rupay card of the advance value. will bear the bank charges for loading the card.
However, in case of serious tax-evasion cases (Rs. Affordable housing projects to get a tax holiday for one year. Digital payments are here to stay and we’re going to see greater adoption of modes such as UPI, netbanking, and Credit Cards. Reopening window for IT assessment cases reduced from 6 to 3 years. We support this.
Not having a fixed or stable income every month may sometimes disrupt your tax planning. Additional Reading : Incorporating Your Credit Card Into Your Budget. For instance, get a cashback Credit Card so that you can enjoy cashback rewards on paying your bills through your card. Determine Your Average Pay.
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It may not be easy getting a Credit Card if you’re unemployed/self-employed, but it isn’t impossible either. Often during financial emergencies, we opt for a Credit Card as the main line of credit to help us get out of a bind. If you have a job, gaining approval for a Credit Card is much easier. Let’s find out more.
It is compulsory for you to provide both your PAN details and Aadhaar card if you deposit more than Rs. In May 2022, the Central Board of Direct Taxes (CTBT) rolled out a new set of rules and regulations pertaining to cash deposits. As per India’s income tax laws, cash transactions more than Rs. 20 lakhs in a year.
It’s the end of FY 21-22 and here are 4 things you have to complete by 31st March, 2022: File Income-Tax Returns. Just go on to the official Income Tax website and get it done. This isn’t the definitive checklist that covers everything. Pre-approved offers on Credit Cards! It’s a simple process and is completely online.
The app stores digital versions of documents like drivers’ licenses, health cards and other forms of identity. Use cases for the digital ID wallet could include accessing age-restricted places like bars, signing into services like online tax filing or verifying identities at polling stations.
There are also those of us who splurge on unnecessary things just because we tell ourselves that a little bit of Credit Card debt will not hurt us. Additional Reading : Tips To Deal With Credit Card Debt. Additional Reading: Tax-Saving Investment Options Under Section 80C. But, what are all these lies doing to your finances?
If you’re a Credit Card user and you’ve been maxing it out, then it is time to stop this habit. Remember to keep inflation and taxes in mind.) The post 6 Must-Have Financial Habits Of All 30-Somethings appeared first on BankBazaar - The Definitive Word on Personal Finance. Start saving for retirement. Sounds complicated?
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