Pan cards can be applied online now

Indians use the Permanent Account Number (PAN) Card as an identification document for different purposes. There are many holders of the PAN card who are neither working nor file tax returns; but have this solely for the purpose of identification. As the importance of this document has increased over the years, more and more people are applying for it.

As a result of this, the Income Tax department has sought to simplify the process of applying for a PAN card. While the PAN card could earlier be obtained only through middlemen, who were usually Chartered accountants, today the PAN card can be easily applied for online. This is an easy and user friendly process, with clear instructions and guidelines given at every stage. Here are the steps involved in applying for a PAN card when you wish to do it online -

1. Visit the website of the Income Tax Pan Services Unit. This can be visited at https://tin.tin.nsdl.com/pan/
2. This is the home page of the Income Tax PAN Services unit and has different choices such as application for a new PAN, Enquiry and Tracking status, Reprint of PAN card and changes or correction in the PAN details. The applicant must choose the option which is applicable to him.
3. To apply for a new PAN, Form 49A will need to be used. Form 49A can be filled online by visiting https://tin.tin.nsdl.com/pan2/servlet/NewPanApp. Fill in the details and submit the form online. After the form is submitted online successfully, an acknowledgement is displayed. This shows a unique 15 digit acknowledgement number. This acknowledgement must be saved and printed for further process.
4. The acknowledgement form must be sent to the Income Tax department. Before sending this, you will need to attach a few documents along with the acknowledgment form. This includes a proof of address and a proof of identity. Your name which is mentioned in these documents should be in the same format as that in the PAN application form. Take care of this at the time of filling in Form 49A.
5. You must also affix two recent colour photographs on the acknowledgment form in the applicable space. Signatures have to be made where indicated. The photograph you affix should be clear and recent, as this is the same photograph which will be used on your PAN card.
6. Application for PAN necessitates payment of Rs.96 if the communication address is within India. In this case, you can make the payment by one of the following methods – cheque, Demand Draft, internet banking, credit card or debit card. If the communication address is outside the country, then the amount to be paid is Rs. 962, and this is only in the form of a demand draft. In the case of payment by internet banking, by credit card or by debit card, the payment has to be made at the time of filling in the form, after which a payment acknowledgement will be given. Take a print of this and attach with the acknowledgement form.
7. The acknowledgement form must thus be accompanied by photographs, proof of address, proof of identification and the payment/payment proof as the case may be. This must be sent to NSDL in Pune within 15 days of the online application date. The envelope must be subscribed with the words ‘APPLICATION FOR PAN – Acknowledgement Number’. The applications are processed at NSDL after receipt of payment – meaning if the payment has been made by means of a demand draft or cheque, you must wait for realization of the payment.

8.      The steps above are simple and self explanatory. There are adequate instructions, guidelines and a list of Do’s and Don’ts in the website which will guide you in every step of the PAN application process. The application status can be tracked online after the acknowledgement has been sent. Online payments made can also be tracked online. NSDL also offers the facility of tracking by writing to them at their address or by sending an SMS to 57575 by typing SMS NSDLPAN Acknowledgement No.

9.      The process of changing or correcting the details of your existing PAN card is similar to the process of applying for a new PAN card. At the home page of the Income Tax PAN Services Unit, you will need to select “Changes or Correction in PAN details”. Fill in the PAN Change Request Form online and follow the steps above. This PAN change request section also has separate guidelines, instructions and Do’s and Don’ts to help you.

10.  Therefore you no longer have to depend on someone else to get a PAN card for yourself or anyone you know. Simply follow the above steps and get it.

Factors to consider while buying Property in Bangalore- Difference Between 'A' Katha & 'B' Katha Plots

1. Never ever buy BBMP B Katha Site

BBMP has two registers in BBMP Office, all the plots/Layout which has official approval from BBPM will be treated as BBMP A Katha and natinalised bank will provide loan for these plots.

All illegal / unauthorised private layouts which has not got BBMP approval are listed in "B" register in BBMP Office, there is no KAtha called "B" Katha, this is the official wordings from BBMP Corporate office,

if you want to self check, take the so called "B" katha document to get loan from natinalised bank, they will reject your loan strait away... Buying "B" katha site is your own Risk


2. Never Promote Black Money transactions in Real Estate (Ask Agents to show owners who want atleast 70% or more white money, to be on safer side)

Assume if you are buying a BDA Site in Banashankri 6th Stage BDA LAyout, the owners will quote 3500 to 4000 Rupees/Sq ft, but the agreement value will be for only 15 LAkhs for 30 x 40 Site..

Rest of the money you will have to pay by cash as black money, and doesn’t not carry any agreement for black money, and the land grabbers will make use of this black money

transactions to mislead the Software professionals  and other  hard earned salaried proffesionals , simple myth is how can to trust a unknown owner by paying hefty 70% black money with out any transactions proof..

3. Never ever make any transactions for Plot with Agent who has put up agreement with Owner(Find out real owner from the noted property portal like  99acres, magicbricks etc who advertise their proerty as direct owner)

For example a person has seen one site in Kanakapura road Judicial layout and shortlised it, but later he found that he need to make all transaction with agent who has put up agreement with owner... and he will show the

owner only during property registration...

The Agent has made agreement saying he paid one lakh as token advance for 30 40 plot at 3000 Rs/Sft and will clear remaining amount in 3 months... during this 3 months he will be searching salaried

 professionals  who desperately want to buy some property in bangalore.  With the help of that agreement now he has become proxy owner and quoting the plot rate at 4000 Rs/Sft.
These Agents will  artificially inflate property prices and make the hard earned salaried professionals into trap for overpriced property prices and struggle repay loan for 20+ long long years.



Suggestions

1. Do direct transaction with Owner (find direct owners in noted property portals like  99acres, magicbricks etc, you can take help of locaL agents but clearly mention you need direct owners who prefer at least 70% white money).

2. Buy plot only if it is BDA or BBMP A Katha and which gets loan from Nationalised bank.

3. Verify the original identinty of the person deeming as plot owner by verying the Photo Identity Card in original before making any transactions, as there are lot of mid-man and proxy owners

3. Take legal opinion from reputed Property lawyer by paying some 5 to 10K fees.

4. Never ever buy BBMP "B" katha as it is Bogus Katha and there is not physical existence of "B" Katha

5. After you buy your plot make fencing and mention board as "Not for SAle" and try to construct home in couple of years to avoid malformed property transactions from junk land grabbers.


Source : http://mybdasites.com/viewtopic.php?t=3973

Credit Cards- Use with Care

Credit card is one of the most important financial inventions in modern times. However, this much-sought after boon can be a real bane to your finances if not used with care. Here are a few instances when you should restrict the use of credit cards in order to keep your finances in order.

Using credit cards for everyday expenses: This is one of the most common instances when people use credit cards – to buy their day to day items. While using credit cards to purchase groceries and household items is not always bad, using it regularly may result in your overspending and crossing your monthly budget. Always draw up your budget for such purchases and use your credit cards within this limit. Beyond this, it is better to use cash or debit cards.

Using credit cards for cash advances: Drawing money from an ATM through your credit card to meet emergencies is an easy way to combat cash shortage; but have you realised the impact it will cause on your finances? Not only is the interest rate charged on the advanced amount exorbitant at 2.5%-3.5% per month, but this also gets charged from day one itself. Besides you will also have to pay a flat transaction charge as well.

During the months you have restricted cash inflows: Credit cards come with a free credit period of 20-50 days. If you do not pay your bills within the due date, you will be charged a hefty late payment fee, high interest of 2.5%-3.5% per month and also taxes on these charges. Hence if you think you will not be able to generate cash flows to make payment on your credit card within the due date, it is best to refrain from using it.

Using credit cards when you travel abroad: When you use your credit card for transactions in a foreign country, you are usually required to pay a charge on foreign currency transactions. Also, do not forget the exchange rate fluctuations, which determine the amount you will have to pay. If you instead opt for a prepaid currency card, it will help you better.

Using credit cards when you travel abroad: When you use your credit card for transactions in a foreign country, you are usually required to pay a charge on foreign currency transactions. Also, do not forget the exchange rate fluctuations, which determine the amount you will have to pay. If you instead opt for a prepaid currency card, it will help you better.

Using credit cards only to accumulate reward points: In order to attract customers, credit card companies offer various offers and high reward points on purchases made. While accumulating reward points is good, spending on your card only for this reason is not very healthy. You will soon realise that even though you have high reward points on your card, you will have to pay hefty bills, sometimes even on unnecessary purchases made without forethought.

When you shop at unsecured websites: Online shopping has off late become very popular. While it is a convenient way of shopping, you must refrain from using your credit card and sharing confidential information on websites which are not secure. Always check for security levels before making credit card payments in such cases.

When you cross your credit limit: It is best to stop using your credit card when you are close to your credit limit. This is not only good for your credit score, but also helps you keep a check on your expenses levels.

When you see a discount sale: Do not use your credit card indiscriminately as soon as you see a discount sale. This is a sure shot way of you exceeding your budget and spending more than you can afford. Be prudent when you use your credit card in such situations and purchase only what you really want. When you use your card for unaffordable purchases, you will soon end up in a debt spiral, which affects your financial position gravely.

When you have multiple cards: When you have many credit cards, keep a note of the billing cycle and due dates of each card. Do not use the card which is closer to the billing date; instead use a card which has a farther off billing date. This will give you a higher credit period and makes more sense to your finances.

A credit card is not always the best option to spend. Nevertheless, it can work wonders to ease your financial situation, if used smartly, with care and discipline.

Zero percent finance is a bogus

These schemes do tend to have a big influence if you are someone looking to buy something, which otherwise would be well beyond your reach! You buy their theory of ‘zero percent finance’ and pay installments which you strongly believe are interest free! But unfortunately you end up paying more than what you actually think you are

There is a popular saying: “There is no such thing as a free lunch!” And Ramesh now fully endorses it! But not long before he completely disagreed on this thanks to the zero percent finance schemes offered by some NBFCs (non banking finance companies) with which he had bought a couple of consumer durables for his home! He blindly believed that the zero percent finance schemes were in fact zero percent in reality until the time one of his wise friends enlightened him on how these schemes really work! Well, this is what he found out

What are they?

Till a few years ago there were many such zero percent finance schemes doing the rounds and luring the unaware buyers like Ramesh into it! Thanks to the regulations of the Reserve Bank of India (RBI) many banks have now stopped offering such schemes for financing consumer durables but still there are several NBFCs who continue to offer these so-called zero percent finance schemes! Hence the recent announcement by RBI which banned zero percent interest loans on EMIs to credit card holders, stressing on the removal of this practice

These schemes do tend to have a big influence if you are someone looking to buy something, which otherwise would be well beyond your reach! You buy their theory of ‘zero percent finance’ and pay installments which you strongly believe are interest free! But unfortunately you end up paying more than what you actually think you are

How do these schemes work?

Firstly these zero percent schemes have hidden costs inbuilt in them. Perhaps the biggest loss for you would be forfeiting the cash discount on a product that you could have otherwise got if you had bought it on full cash. This apart you will also be paying a transaction or processing fee under the zero percent scheme and consequently more money through advance EMIs.

For example, you decide to buy an LCD colour television that costs around Rs. 48,000. You decide to buy it using the zero percent finance scheme. Under this arrangement you will pay the entire cost in six EMIs of Rs. 8,000 for six months. This works out to be Rs. 48,000 spread over 6 months. Now here’s how you end up paying more! To begin with you pay a processing fee of Rs. 1,000. And since you are buying the LCD on a zero percent finance scheme you are not entitled to the cash discount of Rs. 2,000!

So here’s how it looks in the above example. The LCD costs Rs. 48,000! Add up the Rs. 1,000 processing fee that you pay initially and Rs. 2,000 that was lost out on cash discount. A total of Rs. 3, 000! This means you get a net finance of Rs. 45,000 only! Now you pay an EMI of Rs. 8,000 for 6 months which totals up to Rs. 48,000. So at the end of six months you pay Rs. 3,000 more for what you got.

Are they genuine?

It is an irrefutable fact that the demand for these schemes is highly felt during the festive season. Market experts believe that there is a marked spurt in sales of consumer durables due to these zero percent schemes. The consumers wouldn’t mind opting for these schemes as it is a fact that paying by credit cards is comparatively expensive than purchasing through these schemes. Also, these schemes have minimal paper work, and some friendly eligibility criteria. However, it takes some understanding of the basics to find out if they are genuine or not

How to decide if the scheme is actually zero percent?

It is always better to ask some basic questions to find out if the zero percent schemes are actually zero percent! Find out if you are eligible for any discount if you pay the full amount and if there are any transaction charges for the finance scheme and if the answer is no for both the questions then you might consider yourself lucky that the zero percent schemes is actually zero percent.

Are there any  zero percent schemes at all?

Well there are schemes that could fall in the category of being  zero percent but these are available in a different form! There are some credit cards where if you spend more than Rs. 5000 with it,  might allow you to pay the amount in three EMIs without any interest. However, this would still come with a processing fee of 3-5%.  Unfortunately this is the closest you could get to a true zero per cent scheme!

Save USD reserves & save INR

Credit Cards- Expensive way of borrowing

Indians are cautious by nature. In comparison to the rest of the world, the usage of credit cards by Indians is relatively low. Banks love borrowers who spend on credit cards. This is because they charge anywhere between 3 to 4% per month on the outstanding amount if you fail to pay the ‘total amount due’ in your credit card statement. This is the most expensive way of borrowing.

Jefferies, a UK-based securities firm, observed recently that banks are focusing more on offering cards that charge an annual fee rather than offer them for free.

Five facts about credit cards:

·  Borrowers are cautious and are revolving less money than before. Over the past one year, 53% of outstanding balances are revolved. When borrowers revolve credit, banks earn a higher interest income. This was over 60% a year ago and over 80% in 2009. Total credit card outstanding as of July 2013 was Rs 23,100 crore, according to RBI data.

·  Banks primarily earn interest income on the money they lend. Of the total interest income, credit cards account for less than 1% for most banks. Jefferies observes that HDFC Bank generates 4% interest income from credit cards, the highest among all banks. This means more customers of HDFC Bank are revolving credit and paying a higher interest rate. 

·  Ten banks account for 88% of credit cards issued in India.

·  The four private banks (HDFC Bank, ICICI Bank, Axis Bank and IndusInd Bank) put together now constitute roughly 66% of the total credit card outstanding balances in the banking system.

·  When you opt for a 0% equated monthly instalment or EMI option, banks charge a nominal transaction fee. Point of sale terminals, as banks call these mode of payment, have surged 50% over past one year. HDFC Bank, ICICI Bank, Axis Bank and IndusInd Bank have an 80% share in this segment, according to Jefferies.