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GST

Here’s How You Can Calculate GST on Gold Jewellery

The Goods and Services Tax (GST) became effective on July 1, 2017. GST impacted the prices of many goods. Gold is one of the commodities to undergo price changes due to GST. Different gold GST rates became applicable in phases. These included the stages of manufacturing, supply, and distribution. Therefore, it is necessary to understand the final impact of GST on gold jewellery. In India, investment in gold is widely prevalent. Also, one must note that GST on gold jewellery is different for the import, purchase, and manufacture of gold. But GST is not payable when you sell gold jewellery and buy new jewellery. [B-01] What Effect Does GST Have On Gold? Before GST, if you purchased gold, you had to pay 1% of service tax and value-added tax (VAT) on it. So, you had to pay a total of 2% over the cost of the purchase. But now, after the implementation of GST, all other taxes have been discarded. Now, a rate of 3% is applicable on gold purchases. Further, a rate of 5% is applicable on making charges. It has made gold purchases costlier for consumers. Let us understand how to calculate GST on gold jewellery. How To Calculate GST On Gold Jewellery? The billing system for gold jewellery is different for every jeweller. There is no standard invoice for GST on gold jewellery. It is vital to understand that the final price of any gold jewellery is the sum of the following: Weight of gold * daily rate of 10 gm gold + charges for making and wastages + applicable GST on gold jewellery Take a look at the following example. It explains the calculation of GST on gold jewellery. To check the change in price, we will calculate the pre and post-GST charges. Scenario 1 Service tax and VAT are applicable on gold jewellery Suppose you purchase 20 grams of gold. Applicable TaxPriceCost of 20 gm gold–INR 1,00,000Add: Custom Duty10%INR 10,000Add: Service Tax1%INR 1,100Add: VAT1.2%INR 1,333.20Add: Making charges10%INR 11,000Total–INR 1,23,433.20 Scenario 2 GST is applicable on gold jewellery Applicable TaxPriceCost of 20 gm gold–INR 1,00,000Add: Custom Duty10%INR 10,000Add: GST on gold3%INR 3,300Add: Making charges10%INR 11,000Add: GST on making charges5%INR 550Total–INR 1,24,850 It is evident how GST has increased the overall price of gold jewellery. Below are the steps to calculate GST on gold jewellery. Step 1 Check the rate of gold on that day for the desired carat. Step 2 Determine the quantity of gold that you want to purchase Step 3 Consider the rate of making charges; usually, it stands at 10%. Step 4 Apply a 3% GST rate to the purchase price of gold.Consider the combined cost of gold plus the making charges for this purpose. Step 5 Arrive at the total cost of the purchase of gold. It is the sum of making charges, GST, and the cost of gold. What Are the Different Gold GST Rates? If you purchase new gold jewellery, you will pay the following taxes: A customs duty of 10% on the import of gold GST of 3% on the cost of gold jewellery GST of 5% on making charges for gold jewellery As a consumer, you must pay 3% GST on finished or unfinished gold items. The cost of producing gold jewellery further attracts 5% GST. A rate of 0.25% is applicable to precious and semi-precious stones. These stones do not include diamonds. They may be mounted or temporarily strung. The rate of 3% is applicable to all other jewellery, including the following: Diamonds Pearls Gold Silver Gold Jewellery Synthetic stones Reconstructed stones Unworked stones A rate of 1.5% is applicable across the following: Diamonds that are cut and polished Studded gold Plain gold Silver Metal jewellery Things to Consider Before Purchasing Gold Jewellery Every Indian household dreams of purchasing gold as an investment. But you should remember a few important things. Gold prices fluctuate from time to time.Factors like import duty, demand, supply, and foreign exchange rates impact these prices. These, along with the gold GST rate, affect the purchase price of gold. The gold GST rate is different for precious and semi-precious stones. Rightfully, a purchase bill should specify both separately. It is best to purchase hallmarked gold jewellery. It provides assurance about the purity of the gold. GST on gold jewellery differs for different qualities of gold. For crafting jewellery, most jewellers use 22-karat or 18-karat gold. [B-02] Conclusion By now, you must have understood what the gold GST rate is. The above examples explain how to calculate the purchase price of gold. Many factors impact the final purchase price of gold jewellery. These include the weight of gold, the purity of gold, the making charges, and the applicable rates of GST. Often, the rates of gold differ from one part of the country to another. Therefore, there can be a difference in the purchase price of gold jewellery. It is possible to bargain on the making charges for gold jewellery. But there is no scope to bargain when it comes to the payment of GST. It is important to note that the calculation of the gold GST rate is made on the basis of the combined price of gold and making charges. Want to know more about purchasing gold as an investment? Head to Piramal Finance. It is the premier destination on the web for all financial information. You can read more blogs about the best investment proposals or know more about easy finance solutions, like personal loans or credit cards. Start your investment journey here to build your wealth.

08-11-2023

GST

What is GSTIN? Everything You Need to Know

The government’s orders for compliance are getting more strict with every passing financial year. First, they introduced the GST by removing taxes like sales tax, excise duty, and VAT. GST emerged as one indirect tax for the entire nation, unifying the entire taxation system. The government implemented the use GST on July 1, 2017. GST registration implies application for GSTIN. But first, what is GSTIN? It is an identifier for every business entity that registers for it. Assigning a GSTIN to every entity helps with easy identification and maintains privacy. Keep scrolling to learn what GSTIN means and see what it takes to register for it. [B-01] What is GSTIN? GST stands for “Goods and Services Tax.” Likewise, GSTIN means Goods and Services Identification Number. Taxpayers who register under the GST regime get this 15-digit unique identification number. Now that the foundation of what GSTIN means is out of the way, the GSTIN format can be understood. The first two digits of the GSTIN represent the state code of the entity. Then, the ten digits following the state code are those of the PAN number of the individual or business entity. The thirteenth digit of GSTIN represents how many registrations the firm has done with that PAN within that state. By default, the next digit for every GSTIN is Z. The last one is a check code to ensure there are no errors. Note that applying for a GSTIN and registering under the GST regime are free of charge. GSTIN is a replacement for TIN, which was a unique number assigned to those who registered under the state VAT law. Just as GST has replaced VAT, GSTIN is a substitution for TIN. That’s something every business owner must know! What is the significance of GSTIN? The importance of GSTIN lies in the authenticity of the vendor one is transacting with. Business entities must mention their GSTIN in their invoices. GSTIN means a public identity that proves the validity and genuineness of the vendor under the GST regime. Now, you can find everything about a business entity by looking up its GSTIN with one click. Before proceeding with B2B deals, it is ethical to ensure that the other party is genuine by checking their GSTIN. Eligibility criteria for GST registration There are different slabs to apply for as a GST taxpayer. If a business entity supplying goods has a turnover exceeding INR 40 lakh in one financial year, it must register under the GST regime as a normal taxable person. The limit is INR 10 lakh if the business entity has its base in the northeastern states, Himachal Pradesh, Jammu and Kashmir, and Uttarakhand. Service providers can apply for a GSTIN if their turnover is at least INR 20 lakh in a financial year. However, the threshold is INR 10 lakh for those in the special category states listed above. Apart from these, GST registration is mandatory for some businesses, no matter what their turnover is. These are service providers, TDS/TCS deductors, non-resident taxable persons, casual taxable persons, ISDs, interstate suppliers, and e-commerce suppliers, to name a few. Types of GST registration As discussed earlier, the GSTIN is an identity for those under its regime. There are four categories here. Businesses with turnovers exceeding INR 40 lakh and INR 10 lakh in special category states can register as normal taxpayers. On the flip side, businesses that operate seasonally or occasionally need to apply as casual taxable individuals. Individuals who stay abroad but provide goods and services to Indian residents occasionally can apply as non-resident taxable persons. Finally, business entities that bag an annual turnover of up to INR 1 crore can apply for composition registration. They must pay a specified tax amount, irrespective of their turnover. Documents needed for GST registration The below documents are mandatory for registering a business under the GST regime: Aadhaar card Permanent Account Number (PAN) card Incorporation certificate or any proof of business registration Bank account statement or a cancelled cheque Digital signature of the applicant Address proof, a photograph, and the identity of the directors and/or promoters Authorisation letter or a board resolution for the authorised signatory of the business entity How to apply for GSTIN? The easiest way to apply for a GSTIN online is: Step 1: Visit the GST portal. Step 2: Click on ‘New registration’. Enter details like the name, mobile number, and email ID. Step 3: Once the OTP verification is complete, you will get an Application Reference Number (ARN). Step 4: In Part B, one will require further documents like a photograph, bank details, an authorization form, proof of the business location, and the taxpayer’s constitution. Step 5: Enter all the details and upload the documents. Finally, apply via Aadhaar OTP or DSC. Advantages of GSTIN Having a GSTIN has some great perks, such as those listed below: The business can take credit for its purchases and input services. All e-commerce websites need the GSTIN for registration. Listing the business on such platforms will increase customer acquisition. GSTIN brings authenticity to the name of the business as a supplier of goods and services. The business will outdo small businesses as it can take credit for their purchases. The business entity can reach out to outside markets by engaging in the interstate supply of goods and services. It will come under the category of casual taxable persons. Nowadays, GST returns are mostly automatic and ensure businesses follow all orders of compliance. This results in high GST ratings. [B-02] The bottom line Visiting the official GST portal is necessary to stay tuned to any changes or announcements made by the government with respect to GST. So, now that everyone knows what GSTIN means, one should have no problem registering their entity under GST. If you need more help registering under GST, visit Piramal Finance. This online platform is what you need to learn everything about relevant developments in the world of finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out more blogs on their website!

08-11-2023

Tax

What is an Assessment Year: All You Need to Know About It

What Do You Mean by Assessment Year? The terms Assessment Year (AY) and Financial Year (FY) are commonly used. Taxpayers are quite familiar with them, and they are important for filing ITR returns. Financial planners and CAs carry out the task for their clients. Let us have a close look at what an assessment year is. After the financial year ends, people file their ITRs. This period is the assessment year. This is the period when your previous year’s income undergoes assessment. The time during which you earn money is the financial year. [B-01] What is the Difference Between AY and FY? In simple terms, the financial year is when salaried people earn money. The assessment year is when the same money undergoes evaluation for ITR. For example, the financial year starts on April 1, 2021, and ends on March 31, 2022. The money you earn during this time will undergo evaluation the following year. That is from April 1, 2022, to March 31, 2023. This is the assessment year. Why Is AY Essential for ITR? Income for every financial year undergoes evaluation in the assessment year. Therefore, ITR forms have AY. During the financial year, events can take place. For instance, job loss, new investments, and changes of jobs are possible. Besides, you cannot know the total income in a financial year before it ends. Therefore, the AY period begins only after the FY period ends. How to File ITR: Log In and Registration You can file your ITR online from the comfort of your home. The process is called E-filing. The best part of the process is that it is easy and quick. It helps save money, as you do not have to hire anyone to do it. We will look at how to file ITR. But first, let’s look at how to log in or register on the portal. Step 1: Here is the website you should visit. https://www.incometax.gov.in/iec/foportal Step 2: Log into your account if you already have one. If you do not have an account, first register yourself and then login. Step 3: Choose the ‘Taxpayer’ option. Put in your PAN card details. Select ‘Validate.’ Next, choose the ‘Continue’ option. Step 4: Enter name, gender, address, date of birth, and other such details. Step 5: Give your registered contact number along with your email ID. Step 6: Now that you are done filling out the form, choose the ‘Continue’ tab. Step 7: The registered mobile number will receive an OTP. Verify the details to continue. Step 8: Enter the correct OTP. Now, follow the steps to proceed with the registration. Step 9: A new window will open once you verify the OTP. If you need to change any details, now is the time. Make certain that you only provide accurate information. If you change any details, you will receive an OTP. This is to verify the changes. Step 10: Now, you need to set a password and a secure login message. Step 11: Once you are done, select ‘Register’. You will get a confirmation message. The message will specify that the registration was successful. Step-by-step Guide on How to File an ITR on the Portal In this section, we will look at the second step of the process. That is how to file ITR in the assessment year. Before going ahead with the process, understand the category you are in. Then, choose an ITR form. Meanwhile, let us look at the steps on how to file ITR below. Step 1: Visit the official website for tax e-filing. Select the ‘Login’ button. Step 2: Put in your username. Choose ‘Continue’. Finally, put in your password. Step 3: Now, you are logged into the official portal. Choose the e-file option. Select ‘File Income Tax Return.’ Step 4: Choose the assessment year for which you need to file an ITR. Select ‘Continue.’ Step 5: You can now choose whether to file your returns offline or online. Choose online mode because it is simple and quick. Step 6: Here, you will have three options. They are ‘Individual’, ‘HUF’, or ‘Others.’ Step 7: Select the ITR you wish to file it for. Choose from ITR-1, ITR-2, and ITR-4. Step 8: Now, you will get an option to select the reason for filing the returns. Choose the right option here. Step 9: Enter your bank account details. If the details are already present, validate them. Step 10: You will now be redirected to a new page. Look through all the details and confirm them. Step 11: Now, comes the final step. Verify the returns. Also, make sure to send a hard copy to the Income Tax Department. This verification is necessary. [B-02] ITR Filing: The Importance of ITR Filing The government requires every working individual with an annual income to file a tax return. This is done in the assessment year. You should calculate the tax and pay it before the deadline. A lack of payment will lead to penalties. Piramal Finance is an online platform that allows you to learn everything you need to know about relevant acts and developments in the world of finance. For more such information on financial matters or about personal loans, credit cards, and financial management, check out more blogs on their website!

08-11-2023

Tax

A Comprehensive Guide for Section 194c in TDS

Everything You Need to Know About Section 194c in TDS Section 194c of the Income Tax Act, 1961, deals with the tax deducted at source (TDS) that must be deducted whenever payments are made to resident contractors or subcontractors. In other words, if you are paying a contractor for some work according to a contract, then deducting TDS is mandatory. The list of organizations that should deduct TDS includes: Trusts State government/central government Firms Companies Cooperative societies University Registered societies Local authorities [B-01] Who is a Contractor? A contractor is an individual who enters into a contract with a local authority or corporation to carry out work. Similarly, a subcontractor is someone who enters into a contract with the contractor. It can be used for: Manpower for all or part of the work Carrying out some or all of the contract work What is “Work” as Per Section 194c? Section 194c TDS defines “work” as the following: • Telecasting, broadcasting • Advertising • Catering • Carriage of passengers and goods in modes of transport (excluding railways) • Manufacturing products as per customer requirements Who is a Subcontractor? As per Section 194c, a subcontractor is an individual who falls into these categories: • Carries out a portion or entirety of work under an agreement. • Agrees upon the completion of any work. • Completes labor under a contract with conditions agreed upon with the agencies we have above. When Should Section 194c Be Deducted? The individual who makes the payment to the contractor or subcontractor should deduct TDS under the following circumstances: • At the time of payment (in cash) • Any mode of payment that is faster • during the time of crediting the payment to the account Rates of TDS as per Section 194c Credit or payments to the resident individual: If PAN is available, the TDS rate is 1%. If PAN is not available, the TDS rate is 20%. Credit or payment to a resident person other than an individual: If PAN is available, TDS is 2%. If PAN is not available, the TDS rate is 20%. Credit or payment to transporters: If PAN is available, TDS is nil. If PAN is not available, it is 20%. Conditions & Payments: Your Guide to Section 194c In this section, we will talk about the conditions for deductions. In addition, we will account for payments made to the subcontractor. • The subcontractor should be a resident following Section 6 of the Income Tax Act. • Payments are made to the subcontractor. • A resident contractor is the one who receives payment. They should not be HUF or individuals. • The consideration amount of the contract under which the payment is made should not be less than Rs. 30,000. • The contractor should credit or pay the amount. What are the Exceptions to Section 194c? In a single contract, the total amount paid to the contractor cannot be more than Rs. 30,000. The total amount credited to the contractor involves both employment and hiring. In this case, the contractor does not possess more than 10 goods from the year before. The contractor must provide the declaration along with the PAN to the deductor. The sum paid to the contractor is for carrying out tasks for personal use. The total payment made in the financial year does not exceed Rs. 1,00,000. Here are additional exceptions you must take note of. • If the government supplies raw materials for the project. • If the contractor is in an agreement to build a building or dam. • If the contractor offers labour to carry out the task. If the particular party offers to supply raw materials to the contractor, then there is no deduction. When Should You Deposit TDS Under Section 194c? As per Section 194c, the TDS should be deposited the same day the payment is made. This is if the payment is made by the government. But if the payment is done by someone else, this is what you should do. • If the payment is made in March, it should be deposited before April 30th. • If the payment is made in any other month, it should be deposited before the 7th of the following month. For example, if a company pays TDS for July, the TDS due date is the 7th of August. [B-02] The Bottom Line Now that you are aware of Section 194c TDS, filing returns will be simpler. Make certain you understand the terms and conditions. With this, you can also claim tax-related benefits. We hope you find this guide on Section 194c helpful. Visit Piramal Finance to learn more about filing returns and for deeper insights into finance-related topics. Piramal Finance is an online platform that allows you to learn everything you need to know about relevant developments in the world of finance. For more such information on financial matters or about personal loans, credit cards, and financial management, check out more blogs on their website!

08-11-2023

Tax

Everything You Need to Know About the 80EEA Deduction

Have you or your friend bought a house between April 1, 2019, and March 31, 2022? If yes, then keep reading; this article is going to help you a lot. Do you know that you can avail yourself of an additional deduction as a tax benefit under Article 80EEA? Everything you need to know about the 80EEA deduction is explained clearly and simply in this article. [B-01] What is 80EEA Deduction? 80EEA was added to the Income Tax Act of 1961 in 2019. This section offers relaxation in the income tax for first-time homebuyers in India. This means that the house buyer should not own any other property in their name. If you buy a house under “affordable housing,” then you can claim an additional deduction under this section. You also need to note that this 80EEA deduction is available only if you buy the house through a home loan. What is affordable housing? Affordable housing has a different meaning under the different provisions of different acts. Under section 80EEA of the Income Tax Act, affordable housing means that the value of the house property should not exceed Rs. 45 lakhs. The carpet area of the house should not be above 60 square meters in metropolitan areas. Whereas, the carpet area should not be over 90 square metres in other cities. History of 80EEA Deduction The central government launched a flagship program in 2014, Housing for All by 2022. It aimed to provide affordable housing for all. Under this program, the center launched a scheme named Pradhan Mantri Awas Yojana to incentivize the purchase of houses by giving subsidies. To give a boost to this program, in 2019, a new section, i.e., 80EEA, was added to the Income Tax Act to offer an additional tax deduction. Amount available under Section 80EEA The amount that is available under the 80EEA deduction is Rs. 150,000 or the interest payable on the home loan, whichever is lower. This deduction is available along with the one available to all homebuyers under Section 24(b) of the Income Tax Act. The deduction amount available under section 24(b) is up to 2 lakhs. Thus, the maximum amount you can claim for the purchase of your house is Rs. 350,000. Also, this 80EEA deduction is not a one-time deduction. It is available as long as you pay the interest on your home loan. You can avail yourself of it once a year. Eligibility for 80EEA Deduction Since the government did not extend the 80EEA scheme, this deduction is no longer valid after March 2022. If you buy a house after March 31, 2022, you are not eligible for this deduction. However, you can claim the regular deduction under Section 24(b). The metropolitan cities as mentioned under article 80EEA are Mumbai, Kolkata, Hyderabad, Delhi NCR (Faridabad, Gurgaon, Ghaziabad, Greater Noida, Noida, Delhi), Chennai, and Bengaluru. Moreover, the deduction is available even if the house is bought under joint ownership. The joint owners can avail of the deduction. You will be eligible for the 80EEA Deduction if you meet the following conditions: You have bought your first house and have no other residential property under your name. You are an individual assessee. This is because the deduction is not available for HUF, BOI, partnership firms, etc. You get the loan from a financial institution like a bank, etc. The sanction date of the loan was between April 1, 2019, and March 31, 2022. The stamp duty of the house is under Rs. 45 lakhs. You are not eligible for a deduction under Section 80EE. How section 80EEA and section 24 are different? Though both sections offer tax benefits for buying a house, there are many differences that you need to know. The differences between both sections are as follows. Under section 80EEA, the deduction is available only if the loan is obtained from financial institutions like banks, housing companies, etc. On the other hand, under Section 24, even if a loan is taken from friends or family, you can still claim the deduction. The next difference is in terms of the maximum amount of deduction under both sections. Under the 80EEA Deduction, the maximum is Rs. 150,000, while under Section 24, it is Rs. 2 lakhs. Another difference between sections 80EEA and 24 is about the possession of the property. You can take advantage of the 80EEA deduction as soon as you start paying the interest. This means that you do not have to claim possession first. For the deduction under Section 24, possession of the property is required. What is Section 80EE of the Income Tax Act? Section 80EE is also for first-time home buyers, but the deduction and some conditions are different. It is available for a maximum of Rs. 50,000 in deductions. The value of the house should not increase by more than Rs. 35 lakhs.Also, the loan sanction date should be between April 1, 2016, and March 31, 2017. [B-02] Conclusion When it comes to buying a house, you should do extensive research about home loans offered by banks and the deductions available, etc. Buying a house is the lifetime dream of many. You must not miss any opportunities to get the best deal. We hope this article helps you understand all the information about Section 80EEA. Piramal Finance is an online platform that allows you to learn everything you need to know about relevant acts and developments in the world of finance. For more such articles or information about personal loans, credit cards, and financial management, check out more blogs on their website!

08-11-2023

Education

How to Link Demat Account with Aadhaar

There is a legal process that must be followed before a person may invest in the stock market. First, have your Aadhaar card linked to your Demat account. The Securities and Exchange Board of India (SEBI), the market regulator, mandated that all broker houses link their clients’ Aadhaar numbers to their Demat accounts. The National Securities Depositories Ltd. (NSDL) then gave investors plans to link Demat account with Aadhaar online. [B-01] There is no documentation needed for linking when done online. Having both an Aadhaar number and a Demat account is vital for a variety of reasons. If you need to verify your identity or current residence in India, you can use your Aadhaar number which is a 12-digit number given by the Unique Identification Authority of India (UIDAI) of the Union Government. The shares in a Demat account are held electronically rather than physically. A Demat account is required to participate in the stock market. Papers you should have on hand when linking online Updated Aadhaar number PAN card Demat account number OTP that will be sent to your phone. What do you mean by Demat Account? Investing in physical equity shares is a time-consuming affair and you may also run the risk of getting counterfeit shares. A Demat account is vital for the safe and secure buying of shares. If you plan on doing any online trading, a Demat account will come in handy. You can store your stocks and securities in a digital, non-physical form. All physical share certificates are replaced with digital ones, making stocks more easily usable. To complete a trade using an online way of investing, having a Demat account number is a must. To buy the shares and keep them safe, investors can use a Demat account. It works just like a bank account in that money is deposited by the account holder with the bank, and a record of debit or credit balances is kept in a passbook. A person’s Demat account will be credited or debited when they buy or sell shares. It is possible to open a Demat account even if you do not own any shares, so long as you keep a zero balance in the account. How to link Demat account with Aadhaar online? One of the quickest ways to link Demat account with Aadhaar online is through the NSDL portal. These steps must be followed: Step 1: Find the ‘Click here just to Link Aadhaar to Demat Account’ link on the NSDL portal. Step 2: Click the ‘Get Started’ button on the NSDL Aadhaar linking portal (https://aadhaar.nsdl.com/AadhaarSeeding/). Step 3: Enter the verification code and your DP Name, DP ID, Client ID, and PAN. Step 4: NSDL will send a one-time password (OTP) to the user’s phone and email address. Step 5: All other data about the Demat account will be shown. If all that you see on the screen is correct, you can move forward. Step 6: Click on ‘Proceed’ after you have filled out your birth date and gender, and verify Aadhaar number. Step 7: Aadhaar will then send an OTP to the user’s mobile device. Step 8: Verify the details by entering the OTP number and clicking ‘Submit.’ Step 9: Demat account is thus linked to your Aadhaar card, and a message will be sent to your email and mobile phone. Factors to consider before linking Demat account with Aadhaar Before you link Demat account with Aadhaar, you need to keep in mind that: You can verify your identity with NSDL by linking your phone number and email ID. You can use OTP verification if your phone number is linked to your Aadhaar. Before you link the account, you will need to have your DP Name, DP ID, PAN, and other details. For security reasons, you should avoid entering sensitive data into Internet sites while using public or shared computers. The perks of connecting your Aadhaar number to your Demat account are many, so do not refrain from linking your Aadhaar to your Demat account. Value of linking Demat account to Aadhaar The perks of linking your Demat account and Aadhaar card are as follows: Demat accounts that have not been linked with Aadhar will be taken as fraud and closed quickly once the last date has passed. Since the Aadhaar number will be used to verify the account holder’s identity, filling out the e-KYC will be a quick thing after the Demat account has been linked with it. After Aadhaar is linked, investors have the choice to switch to any stock market brokerage firm they like. The system aids SEBI in keeping tabs on transactions and checking any attempts at fraud. The traders will know the entire process of investment, which will make it safer and easier to carry out transactions. More investors will enter the market as there will be an ease of trade and a higher volume of transactions. Less paperwork is needed for trading options, making future trading simpler for both new and old traders. [B-02] Conclusion It is now easier than ever to link Demat account with Aadhaar and start trading in shares and stocks. It helps to avoid cancellation of your trading account and enjoy the perks of safe trading. Finding a reliable financial partner who can give you a user-friendly trading platform and up-to-date market reports is very crucial. If you are looking for more content like this, head over to Piramal Finance website. This online platform is what you need to learn everything about topics related to identity proof, banking, finance, and more. For more information on financial matters or about personal loans, credit cards, and financial management, check out the blogs on their website!

08-11-2023

Education

Aadhaar card and PAN card linking: A step-by-step guide

Aadhaar has a 12-digit unique identification number and can empower you in many ways. It enhances security and trust in all transactions and makes it easy to carry out financial transactions and business. Similarly, a PAN card is useful in the filing of IT returns, as well as in claiming tax deductions. Additionally, PAN card holders can avail of income tax benefits. This document also serves as a valid proof of identity. Your Aadhaar and PAN are two essential documents for creating a sound financial portfolio. An Aadhaar card is essential for the authentication of a user and can prevent the creation of fake identities. [B-01] Who Does Not Need to Link Their PAN with Their Aadhaar Number? 1) Those who are not citizens of the country. 2) Those who are classified as non-resident Indians (NRIs). 3) Those who have attained the age of 80 years or more at any time last year. Risks of Not Linking Aadhaar with PAN Earlier, income tax returns could be filed without compulsory Aadhaar and PAN linking. In 2017, the government enforced the linking of the two documents. The initial deadline for PAN and Aadhaar linking was set as August 31, 2017, which was later extended to December 31 of the same year. The deadline was again extended to accommodate the growing bandwidth of digital users. The income tax department can impose a penalty of up to Rs. 10,000 for not having an active PAN. This fine will be imposed if the PAN becomes inoperative after the end of March 2023 due to non-linking with Aadhaar. If your PAN and Aadhaar are not linked by the end of March 2023, then your PAN will be considered null and void. Once the PAN is deemed non-operative, you will be unable to carry out essential income-related activities such as filing returns, opening a bank account, applying for a passport, visa renewal, or opening a demat account. What Do I Need to Link My Aadhaar and PAN? You will need the following things to link these your Aadhaar and PAN: A valid Aadhaar Card A valid PAN card An operational mobile number. How to Link Aadhaar and PAN India’s income tax department has released a straightforward guide to linking these two documents. Here are the steps: 1) Visit the income tax portal and go to the menu on the left. Click on the ‘Link Aadhaar’ option. This will open the page where you can enter your PAN and Aadhaar numbers, as well as your name as given in your Aadhaar card. 2) After submitting these details click on the link option. After a short verification prompt to confirm the details, the linking is completed. You may then proceed to check the Aadhaar and PAN link status. 3) Due to language differences and/or missed rectifications to a name change, there could be a mismatch between the name on your Aadhaar and PAN. In such cases, an Aadhaar OTP verification will ensure that this mismatch is bypassed to ensure the completion of document linking. An Alternative Method for Linking Aadhaar and PAN Follow the steps below to link your Aadhaar and PAN: 1) Log into your account on the e-filing portal using your login ID and password. If you have forgotten your password, you can reset it on the same page. Additionally, if you have not registered yourself on the portal yet, you can register by following the guidelines on the website. 2) Once you have logged in, you will be requested to link your Aadhaar and PAN accounts. In case you do not receive this pop-up, click on the ‘profile settings’ option in your browser to enable pop-ups. 3) Once you have clicked on ‘Link Aadhaar‘, enter the details and verify the existing information linked to your account. 4) Once the verification is completed, enter your Aadhaar number and the captcha verification code as the final step. Click on ‘Link Now’ to link the documents. A popup will confirm that your Aadhaar and PAN have been successfully linked. How to Link Aadhaar and PAN through SMS You can also link your Aadhaar and PAN accounts via SMS. Send the following message to 567678 or 56161. UIDPAN, followed by one space, your 12-digit Aadhar number, followed by another single space, and finally your 10-digit PAN. UIDPAN<SPACE><12 digit Aadhaar ><Space><10 digit PAN> An example is given below: UIDPAN 121233223322 AAAAAE456E Benefits of Linking Aadhaar and PAN Accounts Linking Aadhaar and PAN has various benefits. 1. Linking your Aadhaar and PAN will significantly reduce any chances of misusing fake PAN cards to hide income. This will prevent the misappropriation of funds and increase accountability. 2. The 12-digit Aadhaar ID is essential for all transactions such as property deals, opening bank accounts, business deals, and availing loans. The linking of PAN with Aadhaar will ensure that all your transaction details are safely stored in one place. 3. Users with more than one PAN account could potentially conduct illegal activities such as money laundering. Once the PAN and Aadhaar accounts are updated, the possibility of such activities is reduced drastically. 4. The linking of Aadhaar and PAN will also be beneficial for legal taxpayers in filing returns and other related activities. [B-02] Next Steps Get your Aadhaar and PAN accounts linked immediately to avail maximum benefits. With your transactions secure, you can build a great financial portfolio. Get in touch with Piramal Finance to get started. Piramal can also guide you with any other finance-related concerns that you may have. Read more related blogs on the Piramal Finance website, or explore their financial products and services, such as personal loans, credit cards, and financial calculators.

08-11-2023

How To?

Know How to Update/Correct Aadhar Card Online

Have you moved to a new city? Is your child now 5 or 15? Have you moved to a new permanent address because of your marriage or a new job? All these questions hint at one big question —do you need to update your Aadhar card details? All residents of India can voluntarily enrol to get their Aadhar card. The UIDAI issues an Aadhar number to each resident after a verification process. The Aadhar card has your demographic and biometric information. [B-01] Think of when you have to show your Aadhar as ID proof, which is often nowadays. Here are a few uses of Aadhar: You can use your Aadhar as an ID and your PAN card across India. You can use it for all government services and programmes. If you are eligible for government subsidies, your Aadhar allows you to avail of those. If you apply for a passport by attaching your Aadhar, the process becomes simple. Your Aadhar can be your single document to open a bank account. Pensioners can easily obtain their life certificates by submitting their Aadhar details. If you want to avail the benefits of certain government schemes, such as the Jan Dhan Yojana, your Aadhar is the only document required. If you have linked your Aadhar with your bank account, you can have your PF credited directly to your account. Your Aadhar acts as the single source of offline/online identity verification across India. Once you have your Aadhar card, you can use it to authenticate and establish your identity online and offline. When you have an Aadhar card, you don’t have to provide other supporting documents to access benefits and services. Even if you have to move from one part of India to another, your Aadhar is a portable proof of identity that can be easily verified. It is important to keep the details updated and correct. Let’s see how to correct or update your Aadhar card details online. This article will also tell you how to check your Aadhar card update status. Steps to Update Aadhar Card Online You can visit a permanent enrolment centre to update your Aadhar, but doing it online is easier and more convenient. Let’s see how. Visit the official Aadhar card self-service portal/website. Click on Login from the portal’s home page. Enter your 12-digit Aadhar number and the captcha code. Enter the OTP from your registered mobile number to complete the login process. Find the Update Your Aadhar tab to make the desired changes to your Aadhar card. After you choose the details that need updating, select the option Proceed to Update Aadhar. You will see the current details of your Aadhar card. Ensure you enter the correct new information, as the attempts to make changes to your Aadhar are limited. You must upload certain documents (PAN, Voter ID, etc.) for verification. Keep their soft copies ready. You should carefully check the preview of the changes on the screen before you make the final submission. You will need to pay Rs. 50/- as an update fee via credit/debit card or online banking to confirm and end the process. Once you submit the changes to your Aadhar online, you will receive a URN or Update Request Number immediately. Steps to Check Aadhar Card Update Status You may have to wait around three months to receive your updated Aadhar. So, it is essential to check the Aadhar card update status. Visit the official Aadhar or UIDAI official website. Enter your URN or SRN (Service Request Number) and the provided captcha code. Once you enter the URN, the portal will show your updated status on the screen. Sometimes, there may be unexpected delays in receiving your updated Aadhar. Mostly, this would be because of high traffic and requests. We recommend you check the Aadhar update status regularly and not worry about this. Please remember that UIDAI is the only website to check the status. If you want to cancel any changes or updates to your Aadhar card, you can do it after you check Aadhar update status. If your request is still pending, you are free to cancel. You can download and print the updated/corrected Aadhar card when it is updated. You will receive your new Aadhar card at the registered address through post. Things to remember while updating Aadhar card details online You get only a few chances to update your Aadhar, so cross-check the changes before submitting. The verification document should be genuine and self-attested, or UIDAI could cancel your Aadhar update request. Choose the language you are comfortable with while updating your details. Enter the updated details in BLOCK letters. Note the URN number before you close the tabs, and keep it handy. You will need this when you want to check Aadhar update status. [B-02] Conclusion Your Aadhar is the most sought-after number you will need to verify your identity. Thankfully, the internet has made it possible to update Aadhar details online without much time or effort. All you need to do is follow some simple steps and be patient until your new card reaches you. If you need more guidance with the above-mentioned processes, consult the experts at Piramal Finance. This online platform is what you need to learn everything about relevant developments and processes in the world of finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out the blogs on their website!

08-11-2023

Education

How to Check Aadhaar Card Status After Update Request is Submitted

Once you receive the Aadhaar Acknowledgement slip, you can easily check your Aadhaar Card update status both online and offline. To check your Aadhaar update status, simply enter your Aadhaar enrolment number. Are you wondering how? Continue reading [B-01] Checking Aadhaar Card Update Status Online with Aadhaar Enrolment ID In case you have submitted a request for an Aadhaar Card Update at the Aadhaar Update/Enrolment Centre, you will be needing your enrolment ID or EID as mentioned above. However, you need to follow the below-mentioned steps for the Aadhaar Card Update Status: Step 1: Visit the official website of UIDAI Step 2: Enter the 28-digit enrolment ID along with CAPTCHA details Step 3: Now, you need to click on the ‘Check Status‘ button Step 4: Once done, if you are Aadhaar Card will be updated, a message will appear on your screen displaying ‘Your Aadhaar is generated, and in case not updated, no such message will appear Checking Aadhaar Card Update Status Online without Aadhaar Enrolment ID In case, you don’t have a 28-digit enrolment ID, you can still check your Aadhaar Card Update Status with the help of your registered mobile number and email address. Follow the steps mentioned below to know how the Adhaar update status can be checked without Aadhar Enrolment ID: Step 1: Visit the official website of UIDAI Step 2: Click on the Aadhaar Number Step 3: Enter your full name, email address, or registered mobile number Step 4: Enter CAPTCHA details and click on the Send OTP button Step 5: You will be redirected to a new page to enter the OTP received. Click on the ‘login’ button Step 6: Now, your 28-digit Enrolment ID/Aadhaar Number will be sent to your mobile number through SMS or email address depending upon the mode chosen by you Step 7: Once you have received your EID, all you need to do is once again follow the steps mentioned above for checking Aadhaar Card Update Status Online with your Aadhaar Enrolment ID Checking Aadhaar Card Update Status via Update Request Number (URN) Besides the above two ways of checking the Aadhaar Card Update status online, you can also check your Aadhaar Card update status using a 14-digit URN. This number is generated once you finish the online application process of online address update only. The number will automatically appear on your screen after you click on the submit button. Moreover, URN will be sent to you on your registered mobile number as well. Follow the steps mentioned below to check the Aadhaar Card Update status via URN: Step 1: Visit the official website of UIDAI Step 2: Click on the ‘Check Enrolment/Update Status’ option Step 3: Enter the 10-digit URN Number Step 4: Enter ‘Captcha’ details Step 5: Click on the ‘submit’ button Step 6:The status of your Aadhaar update request will appear on the screen Checking Aadhaar Card Update Status Offline One of the other ways to check your Aadhaar Card Update is to do it offline. All you need to do is call on the Aadhaar Customer Service at1800 300 1947 or simply 1947 to know your Aadhar Card Update Status. The customer care executive will ask for your 28-digit enrolment ID and will inform you regarding your Aadhar Card status. What is an Aadhaar Enrolment ID? An Aadhaar Enrolment ID is a 28-digit number in which the first 14-digit consist of the enrolment number, and next14-digit consist of the date & time stamp. This number is mentioned at the top of the update acknowledgement slip that you receive from the Enrolment/Update Centre once you submit the request for change in your Aadhaar Card. The Aadhaar Enrolment ID will look like this:1234/12345/12345 dd/mm/yyyy hh:mm: ss Documents Required You need to submit the following documents for verification: To get your name updated you need to submit a scanned copy of your Proof of Identity. For updating your date of birth, you have to submit a scanned copy of your Proof of Date of Birth. For the complete list of documents required, you must visit the official website of UIDAI. Key Things to Know about Aadhaar Update Status You must keep the following things in mind regarding the Aadhaar Update Status: To show your Aadhaar update status in the database, it may take up to 90 days from the date of request. A fee of Rs.50 (inclusive of GST) is required to be paid for an online update of demographic information. You can get two types of changes in updated in your Aadhaar Card i.e. demographic details (such as your name, date of birth, email address, gender, etc. and biometric details (such as fingerprints, iris scan, and photograph). You can get your name updated on your Aadhaar Card twice in a lifetime. The gender and date of birth in your Aadhaar Card can only be updated once in a lifetime. Only the details requested by you to update your Aadhaar Card will be updated. no other information will change. You can also use the mAadhaar app to check the updated status of your Aadhaar Card. If you wish to cancel your update request, it is advisable that you must first check the update status. In case the update request is not yet picked, you can then cancel the update request. [B-02] Conclusion Aadhaar Card is considered to be one of the most important identity documents for availing of various services such as opening a bank account, opening a fixed deposit, or any other services. Hence, it is imperative to keep your Aadhaar Card updated to avoid any delay in your task. Read more related blogs on the Piramal Finance website, or explore our financial products and services, such as personal loans, credit cards, and financial calculators.

08-11-2023