Have you ever pondered over questions such as “What’s the interest rate payable on my Savings or Current Account balances?” or “What happens if I opt for a premature withdrawal of my Fixed/Term Deposits?” or “What happens to an account that I no longer operate?” etc., then this Master Circular on Interest Rates on Rupee […]
A reader writes, I have been banking with Citibank for the past ten years. They’ve now deducted Rs 250 for not maintaining a minimum balance — without even intimating me. Now, Citibank often calls me offering credit cards and other unnecessary stuff, but they never bothered to call and inform me that they were going […]
I often get emails that read, I want to invest in so-and-so financial instrument so that I can avoid paying income tax. Do you think this [financial instrument] is a good option? Alternatively, can you suggest other financial instruments that will further help me avoid paying income tax? In my opinion, paying income tax and […]
A reader asks, I have lost my acknowledged (i.e. stamped) income tax returns (form ITR-V) for last year. What is the procedure for obtaining a duplicate? My opinion: Visit the income tax office in your geography and meet your assessing officer. A requisition letter along with an unacknowledged copy of your income tax returns (Form […]
The Master Circular on Maintenance of Deposit Accounts issued by the Reserve Bank of India — a must read for anyone who transacts with a bank. Awareness Fridays is my initiative to spread awareness on topics relevant to personal finance — every Friday. I urge you to take some time off and absorb this information […]
If you’re filing your income tax returns on your own, an essential piece of data that you would need is the Assessing Officer’s Ward/Circle number. Thankfully, this information has been made publicly available by the Income Tax Department of India at Know Your Assessing Officer (use Internet Explorer to open this page). Tip Tuesdays is […]
This is a guest post from Shilpa at Under the Rainbow. Though Shilpa claims that “she knows zilch about financial planning,” her guest posts never fail to prove the opposite. Gratuity is a favor or gift, usually in the form of money, given by an employer to an employee in return for the employee’s loyal […]
I’ve previously written about creating a real emergency fund with real cash before you use your credit card for emergencies. It so happens that I’ve had to plan for a personal trip towards the end of the year and which will require me to use my credit card (for accommodation, air tickets, etc.). The earlier […]
I recently wrote about why it makes sense to have a higher Basic pay as part of your salary. During the restructuring exercise, I found out that for my position within my company, I was entitled to a Basic pay equal to 50% of my Gross pay — all this while. I didn’t know this […]
I also asked D, why she didn’t own a credit card. Her response: I don’t believe in the mechanism of credit — it’s not my money to begin with. By credit, I include credit cards, loans, overdrafts etc. — any money that’s not mine. I’m also not aware of the procedures to repay the amount. […]
I’d raised a few questions when I last wrote about accessing your credit scores in India. A couple of days later, the Economic Times published an interview featuring Credit Information Bureau (India) Limited (CIBIL) addressing these very concerns. It’s a must read, especially if you’ve previously availed credit or are planning to. Awareness Fridays is […]
I was curious to know why a friend of mine didn’t own a credit card — especially in this day and age. My friend’s response: Haasige iddashtu kaalu chaachu (idiom for: I don’t want to spend money that’s not mine to begin with). Add to that the hassles of remembering payment due dates, amounts, etc. […]
A Unique Transaction Number (UTN) is not mandatory for filing income-tax returns this year. Go ahead and file your income-tax returns.