More articles for you

Your one stop place for everything related to finance and lending

How To?

How To Get NOC For Bike

Thinking of selling your old bike or transferring it to someone in a different city or state? Before you do that, you need to get a No Objection Certificate (NOC) from the RTO and your lender (if the bike is under loan). This document is essential to legally transfer ownership and complete re-registration. In this blog, we’ll explain how to get a NOC for bike, why it matters, what documents you need, and how to avoid delays in the process. Key Takeaways NOC is a legal document that shows no dues or objections for vehicle transfer Required for sale, re-registration in another state, or loan closure Issued by the RTO and lender (if financed) Missing NOC can delay transfer or cause legal issues You can apply in person or online (in many states) Table of Contents What Is a NOC for a Bike? When Do You Need a NOC? Who Issues the NOC? Documents Required for Bike NOC Step-by-Step Process to Get a NOC from RTO How to Get a NOC from a Bank or NBFC Common Mistakes to Avoid Final Thoughts FAQs What Is a NOC for a Bike? A No Objection Certificate (NOC) is an official document that certifies: The bike has no pending dues or fines The lender or RTO has no objection to the sale or transfer of the bike The vehicle is not under theft, legal dispute, or hypothecation It is mandatory when transferring ownership to another person or re-registering the vehicle in a different state. When Do You Need a NOC? You’ll need a NOC in the following cases: Selling your bike to someone in a different state or RTO jurisdiction Transferring ownership to another person or family member Relocating permanently to another state and re-registering the bike Clearing a loan from a bank or NBFC and removing hypothecation Without a valid NOC, the RTO may refuse to complete the transfer, and you may face fines. Who Issues the NOC? There are two types of NOCs for a two-wheeler: Type Issued By When Needed RTO NOC Regional Transport Office For ownership transfer or re-registration Bank/NBFC NOC Lender After closing a bike loan (to remove hypothecation) If your bike was purchased on loan, you need both bank NOC and RTO NOC for full ownership transfer. Documents Required for Bike NOC Here’s what you typically need: Copy of Registration Certificate (RC)Copy of insurance policyPollution Under Control (PUC) certificateID and address proof2 passport-sized photographsCompleted Form 28 (for RTO NOC)Loan closure documents + Form 35 (for lender NOC)Original RC (if RTO demands it for stamping) Note: Forms can be downloaded from the Parivahan website or collected from your RTO. Step-by-Step Process to Get a NOC from RTO Step 1: Fill Form 28 Available at the RTO or online at https://parivahan.gov.in Step 2: Submit Required Documents Along with the filled form, submit copies of RC, insurance, PUC, ID proof, and photographs. Step 3: Pay the Fee NOC fee varies by state (usually ₹100–₹300). Pay via cash or online, depending on your RTO’s process. Step 4: Police Clearance Some RTOs send the form to the local police station for NOC verification. Step 5: Receive NOC It usually takes 7–15 working days. The NOC will mention that the RTO has no objection to the bike being transferred or re-registered elsewhere. How to Get a NOC from a Bank or NBFC If your two-wheeler loan is paid off: Request loan closure certificate from the lender Submit a written request for No Objection Certificate (NOC) The bank/NBFC will issue: Loan closure letter NOC Form 35 (used to remove hypothecation from the RC) You’ll need to take this to the RTO to update your registration and get full ownership rights. Common Mistakes to Avoid Not checking for pending challans — May delay NOC processingLosing bank NOC — It’s difficult to get a duplicate laterSkipping hypothecation removal — You can’t sell the bike until it’s doneIncorrect Form 28 details — Ensure RC and chassis numbers are accurateMissing deadline after NOC — Complete ownership transfer or re-registration within the valid NOC period (usually 6 months) Final Thoughts Knowing how to get a NOC for bike is essential if you’re planning to sell, relocate, or clear a vehicle loan. It ensures that ownership transfers happen smoothly and legally. With more processes going digital, getting a NOC has become easier — but you still need to follow the steps carefully and keep all documents ready. A little planning now can save you from major delays later. FAQs Q1. Is NOC mandatory to sell a bike in the same city? Not always. If both buyer and seller are under the same RTO, a NOC may not be needed. Q2. How long is a bike NOC valid? Usually 6 months from the date of issue. After that, you may need to reapply. Q3. Can I get an NOC online? In some states, yes. Visit https://parivahan.gov.in to check availability in your region. Q4. What is Form 28? Form 28 is the application form used to request a No Objection Certificate from the RTO. Q5. Is NOC needed for removing hypothecation? Yes, you need an NOC from your lender (bank/NBFC) after loan repayment. Q6. What if I lost my bank NOC? Contact your bank’s branch and request a duplicate. It may take time and require additional documents. Q7. Can I sell my bike without removing hypothecation? No. The buyer won’t be able to register the vehicle in their name unless hypothecation is cleared.

15-07-2025

Know More

What is Car Loan Hypothecation?

When you take a car loan, your vehicle technically belongs to the bank or lender until the loan is fully paid off. This is because of a process called car loan hypothecation. It means the car is pledged as collateral, but you get to use it. In this blog, we explain what car loan hypothecation is, how it works, why it’s important, and how to remove it once your loan is cleared. Key Takeaways Hypothecation means your car is pledged to the lender until full repayment The lender’s name appears on your RC (Registration Certificate) You must remove hypothecation after the loan is paid off Without removing it, you can’t sell or transfer the vehicle It’s a legal process under the Motor Vehicles Act Table of Contents What Is Car Loan Hypothecation? Why Is Hypothecation Required? How Does Hypothecation Work in Practice? What Is Mentioned in the RC? How to Remove Hypothecation After Loan Repayment Documents Required for Hypothecation Removal What Happens If You Don’t Remove Hypothecation? Final Thoughts FAQs What Is Car Loan Hypothecation? Car loan hypothecation is a legal agreement between the borrower and the lender, where the car is used as collateral for the loan. The vehicle is in your name, but the lender has a right over it until you repay the full loan amount. It’s governed by the Motor Vehicles Act and is registered with the Regional Transport Office (RTO).This loan could be foryour new car or it could be a used car loan. Why Is Car Loan Hypothecation Required? When you take a loan to buy a car, the bank or NBFC gives you the money but needs some security in return. That security is your car. Hypothecation helps the lender: Repossess the car if you default on EMIs Ensure legal rights over the asset until full repayment Prevent the borrower from selling the car without clearance In simple words: You can use the car, but the bank technically owns it until your loan ends. How Does Car Loan Hypothecation Works? Here’s how it usually works: You apply for a car loan and get it approved At the time of car registration, the lender’s name is added as the hypothecation holder in your RC (Registration Certificate) You pay your EMIs every month Once the loan is fully repaid, you get a loan closure letter or NOC (No Objection Certificate) You then need to submit this NOC to the RTO to remove the lender’s name from the RC What Is Mentioned in the RC? Your vehicle's RC will include: Owner’s name (your name) Vehicle details (make, model, registration number, chassis number, etc.) Hypothecation details: Name of the lender (bank/NBFC) and date of agreement This shows the car is under a loan agreement. Remove Car Loan Hypothecation After Loan Repayment Once your loan is fully paid: The lender issues a No Objection Certificate (NOC) Visit the RTO where your vehicle is registered Submit the NOC along with other required documents The RTO removes the hypothecation from your RC You get a new RC or an updated smart card without the lender’s name This process usually takes 7–15 working days, depending on your RTO. Documents Required for Vehicle Loan Hypothecation Removal Original RC (Registration Certificate) NOC from the bank/NBFC Copy of loan closure letter (optional but helpful) Valid PUC certificate Insurance copy of the car Form 35 (issued by the lender) Address proof and ID proof RTO fee receipt (usually ₹100–₹500) You can submit the documents in person or online (if your state RTO supports digital services). What Happens If You Don’t Remove Hypothecation? If you don’t remove hypothecation after loan repayment: Your car is still legally “owned” by the lender You can’t sell the car or transfer ownership Insurance claims may face delays It creates confusion in resale or legal verification You may face penalties during police checks or road tax renewal That’s why removing hypothecation is an important last step after loan repayment. Final Thoughts Car loan hypothecation is a standard procedure in vehicle financing. It protects both the lender and the borrower by ensuring that loans are secure and properly documented. But once your loan is paid off, don’t forget to remove the hypothecation from your RC. It gives you full ownership of the car and avoids trouble in future transfers or claims. Always keep your documents safe and act promptly after the loan is closed. FAQs What is car loan hypothecation? It means your car is pledged to the lender until you repay the full loan. Is hypothecation the same as car ownership? No. You are the registered owner, but the lender has a legal right over the vehicle. How do I know if my car is under hypothecation? Check your RC it will mention the bank/NBFC under the hypothecation section. Can I sell a car with hypothecation? No. You must clear the loan and remove hypothecation before selling. What is Form 35 in car loan closure? Form 35 is issued by the lender and is required to remove hypothecation at the RTO. Is there a time limit to remove hypothecation? There’s no strict limit, but it’s best to do it within 3 months of loan closure. Can I do hypothecation removal online? Yes, in some states. Check your state RTO’s website for online services.

14-07-2025

Tips & Advice

Understanding Section 80EEA: Extra Tax Savings for First Time Home buyers

Looking to save more on your home loan? If you purchased your first house between April 1, 2019, and March 31, 2022, you could benefit from Section 80EEA of the Income Tax Act, a powerful tool that offers an additional home loan tax deduction—just for first-time homebuyers. Here is a complete breakdown of how Section 80EEA works and how it can put more money back in your pocket. Key Takeaways Section 80EEA offers up to Rs. 1.5 lakhs extra deduction on home loan interest. This is in addition to Rs. 2 lakhs available under Section 24(b). Designed exclusively for first-time homebuyers under affordable housing. The home loan must be sanctioned between April 1, 2019, and March 31, 2022. Only applicable for properties with a stamp duty value of Rs. 45 lakhs or less. Table of Contents What is Section 80EEA? Who Can Claim This Deduction? What Qualifies as Affordable Housing? How Much Can You Save? Key Differences: Section 80EEA vs. Section 24(b) Required Documents for Claiming 80EEA Important Clarification Real-Life Example Why It Matters How Piramal Finance Supports Your Homeownership Dream What is Section 80EEA? Introduced in 2019, Section 80EEA of the Income Tax Act enhances the affordability of housing by offering an additional home loan interest deduction of up to Rs. 1.5 lakhs. This first-time homebuyer tax benefit complements the existing Section 24(b) home loan tax deduction of Rs. 2 lakhs, increasing total tax savings to Rs. 3.5 lakhs annually. Who Can Claim This Deduction? To claim the Section 80EEA deduction, you must: Be a first-time homebuyer with no other residential property ownership. Take a home loan from a financial institution or housing finance company. Have the loan sanctioned between April 1, 2019, and March 31, 2022. Ensure the stamp duty value of the property does not exceed Rs. 45 lakhs. Not claim benefits under Section 80EE. This home loan tax benefit applies only to individual taxpayers. What Qualifies as Affordable Housing? For Section 80EEA eligibility, the property must meet these affordable housing criteria: Metro cities (Delhi NCR, Mumbai, Bengaluru, Chennai, Kolkata, Hyderabad): Max carpet area of 60 sq. m. Non-metro cities: Max carpet area of 90 sq. m. Stamp duty value must be Rs. 45 lakhs or less How Much Can You Save? With Section 80EEA, your home loan tax deduction breaks down like this: Section 24(b): Rs. 2,00,000 Section 80EEA: Rs. 1,50,000Total Savings: Rs. 3.5 lakhs per year This is a significant income tax benefit for first-time homebuyers and helps reduce overall EMIs effectively. Key Differences: Section 80EEA vs. Section 24(b) Feature Section 80EEA Section 24(b) Deduction Limit Rs. 1.5 lakhs Rs. 2 lakhs Loan Source Financial institutions only Any source (even friends/family) Possession Required No Yes Property Value Cap Yes (Rs. 45 lakhs) No specific cap Required Documents for Claiming 80EEA Make sure you have these documents to claim the Section 80EEA home loan interest deduction: Loan sanction letter Interest payment certificates Sale deed or agreement PAN and Aadhaar Stamp duty valuation proof Important Clarification The Section 80EEA deduction is applicable only for home loans sanctioned before March 31, 2022. Loans sanctioned after this are only eligible under Section 24(b). Real-Life Example A salaried person in Indore takes a Rs. 35 lakh home loan in Dec 2020 for a flat worth Rs. 42 lakhs. They pay Rs. 3 lakhs in annual interest. They can claim: Rs. 2 lakhs under Section 24(b) Rs. 1 lakh under Section 80EEAThat’s a total home loan tax deduction of Rs. 3 lakhs—directly reducing their taxable income. Why It Matters Section 80EEA is not just a tax-saving clause—it’s a smart tool for middle-class families and young professionals to enter the housing market affordably. It supports the dream of homeownership for Tier 2 and Tier 3 India by encouraging investment in affordable housing through income tax deductions. How Piramal Finance Supports Your Homeownership Dream At Piramal Finance, we make your first home loan journey smoother with: Loans from Rs. 5 lakhs to Rs. 2 crores Competitive interest rates starting at 9.50% Tenure up to 30 years Simple documentation for salaried and self-employed Transparent charges—no surprises Final Thought If you purchased your first home between April 2019 and March 2022, don’t miss out on the Section 80EEA home loan tax deduction. It is a financial boost that supports your journey to becoming a homeowner.

11-07-2025

Lowest Home Loan Interest Rates in July 2025

Navigating the world of home loans can be daunting. Interest rates play a crucial role in this journey. In July 2025, understanding the lowest home loan interest rates is more important than ever. Interest rates fluctuate based on various factors—like RBI policies and economic indicators. Knowing these trends helps you make smarter, more informed choices. Whether you are a first-time homebuyer or looking to refinance, comparing mortgage rates from different lenders can save you lakhs over your loan tenure. Latest Home Loan Interest Rates of Banks, NBFCs & HFCs– July 2025 Here are some of the most competitive home loan interest rates from top banks, NBFCs & HFCs: Lender Name Up to ₹30 Lakh ₹30–₹75 Lakh Above ₹75 Lakh State Bank of India 7.50% – 8.70% 7.50% – 8.70% 7.50% – 8.70% HDFC Bank 8.15% onwards 8.15% onwards 8.15% onwards Bajaj Housing Finance 7.49% – 17.00% 7.49% – 17.00% 7.49% – 17.00% ICICI Bank 8.00% onwards 8.00% onwards 8.00% onwards Axis Bank 8.75% – 12.80% 8.75% – 12.80% 8.75% – 9.65% Federal Bank 9.15% onwards 9.15% onwards 9.15% onwards Punjab National Bank 7.55% – 9.35% 7.50% – 9.25% 7.50% – 9.25% Kotak Mahindra Bank 8.20% onwards 8.20% onwards 8.20% onwards Canara Bank 7.50% – 10.25% 7.45% – 10.25% 7.40% – 10.15% IDFC FIRST Bank 8.85% onwards 8.85% onwards 8.85% onwards IDBI Bank 7.75% onwards 7.75% onwards 7.75% onwards RBL Bank 8.20% onwards 8.20% onwards 8.20% onwards Tata Capital Housing Finance 7.99% onwards 7.99% onwards 7.99% onwards PNB Housing Finance 8.25% – 11.50% 8.25% – 11.50% 8.25% – 12.35% Sammaan Capital (ex-Indiabulls) 8.75% onwards 8.75% onwards 8.75% onwards India Shelter Finance 10.00% – 24.00% 10.00% – 24.00% 10.00% – 24.00% L&T Finance 8.65% onwards 8.65% onwards 8.65% onwards Godrej Housing Finance 8.55% onwards 8.55% onwards 8.55% onwards Home First Finance 11.90% onwards 11.90% onwards 11.90% onwards Easy Home Finance 8.99% onwards 8.99% onwards 8.99% onwards Piramal Finance Ltd 9.50% onwards 9.50% onwards 9.50% onwards Union Bank of India 7.25% – 9.75% 7.25% – 9.90% 7.25% – 9.90% Bank of Baroda 7.45% – 9.25% 7.45% – 9.25% 7.45% – 9.50% Bank of India 7.35% – 10.10% 7.35% – 10.10% 7.35% – 10.35% UCO Bank 7.40% – 9.00% 7.40% – 9.00% 7.40% – 9.00% Bank of Maharashtra 7.35% – 10.15% 7.35% – 10.15% 7.35% – 10.15% Indian Overseas Bank 7.35% onwards 7.35% onwards 7.35% onwards Indian Bank 7.40% – 9.40% 7.40% – 9.40% 7.40% – 9.40% Central Bank of India 7.35% – 9.40% 7.35% – 9.40% 7.35% – 9.40% Punjab & Sind Bank 7.55% – 10.75% 7.55% – 10.75% 7.55% – 10.75% Karur Vysya Bank 8.45% – 11.40% 8.45% – 11.40% 8.45% – 11.40% South Indian Bank 8.30% onwards 8.30% onwards 8.30% onwards Karnataka Bank 8.40% – 10.86% 8.40% – 10.86% 8.40% – 10.86% Dhanlaxmi Bank 8.75% onwards 8.75% onwards 8.75% onwards Tamilnad Mercantile Bank 8.15% – 9.50% 8.15% – 9.50% 8.15% – 9.50% Bandhan Bank 8.41% – 15.00% 8.41% – 12.58% 8.41% – 12.58% Cholamandalam Investment & Finance 10.50% onwards 10.50% onwards 10.50% onwards LIC Housing Finance 7.50% onwards 7.50% onwards 7.50% onwards Repco Home Finance 9.60% onwards 9.60% onwards 9.60% onwards GIC Housing Finance 8.80% onwards 8.80% onwards 8.80% onwards ICICI Home Finance 8.80% onwards 8.80% onwards 8.80% onwards Aditya Birla Capital 8.25% onwards 8.25% onwards 8.25% onwards HSBC India 8.25% onwards 8.25% onwards 8.25% onwards Standard Chartered Bank 8.95% onwards 8.95% onwards 8.95% onwards Piramal Finance Ltd offers home loans at 9.50% onwards, with loan amounts ranging from Rs. 5 lakh to Rs. 2 crore, and tenures up to 30 years. Tips for Securing the Lowest Home Loan Interest Rates Securing a low rate can impact your long-term financial health. Here are practical steps to help you get the best deal: · Maintain a high credit score: A CIBIL score of 750+ shows you’re a responsible borrower. · Apply when rates are low: Track RBI repo rate changes to pick the right moment. · Opt for a larger down payment: The higher your contribution, the lower your lender’s risk—and potentially, your rate. · Reduce your credit utilization: Keep balances low on credit cards and personal loans. · Compare lenders: Even a 0.25% difference can save you thousands annually. Types of Home Loan Interest Rates 1. Fixed Interest Rate · EMI remains constant throughout the tenure. · Good for those who value predictability. · Charges apply on pre-closure. 2. Floating Interest Rate · Changes based on market conditions or repo rate. · Usually starts lower than fixed rates. · Ideal for flexible budgets or shorter loan terms. What Affects Your Home Loan Interest Rate? Factor How it Influences Your Rate Credit Score Higher score = lower interest Income Stability Regular salary improves eligibility Property Type Urban/semi-urban homes attract lower rates Loan Tenure Shorter tenure may mean lower rates Existing Relationship with Lender Can fetch you discounts or waivers Frequently Asked Questions (FAQs) 1. What is a good interest rate on a home loan in July 2025?Any rate between 7.50%–8.50% is considered excellent, especially for salaried professionals. 2. Can I switch from a floating to a fixed rate later?Yes. Most lenders, including Piramal Finance, allow this, sometimes with a small fee. 3. What is the minimum CIBIL score for a home loan?Ideally, 750 and above ensures faster approvals and lower rates. 4. Can I transfer my loan to Piramal Finance?Absolutely. Piramal Finance offers home loan balance transfer options to help you save on interest. 5. Does Piramal Finance charge for prepayment?Yes, for fixed-rate loans, a 2% charge applies on the prepaid principal. Final Take Your dream home deserves the right loan, not just the lowest rate, but a lender who understands your needs. With Piramal Finance, you get a fair deal, a human touch, and financial clarity. Start your home ownership journey with the confidence of knowing you’re in good hands.

10-07-2025

Tips & Advice

Best Financial Gifts for Father’s Day

Father’s Day is more than just a date on the calendar—it's a chance to express love, gratitude, and admiration for the man who’s played a pivotal role in your life. In today's fast-paced, modern India, emotional gestures and practical support mean a lot. One thoughtful approach? Financial gifts that empower your father’s dreams, ease his responsibilities, or bring him joy. Why Choose Financial Gifts? Benefit Why It Matters Long-Term Value Unlike flowers or sweets, financial gifts grow over time and provide lasting benefits. Shows Thoughtfulness You’re thinking beyond the moment—into his future. Customizable From a ₹500 SIP to a ₹50,000 policy—there’s a financial gift for every budget. Encourages Financial Health Helps fathers invest, save, or reduce burdens like debt. Health Insurance Policy If your father doesn’t have one, this is a lifesaver. Aging comes with rising medical expenses. Gifting a solid health insurance plan shows deep concern for his well-being. Tip: Look for policies with cashless treatment and critical illness riders. Mutual Fund SIP in His Name Start a monthly Systematic Investment Plan (SIP) in equity or hybrid funds. Even a modest ₹1,000 per month can grow significantly over the years. Ideal for: Retired or semi-retired dads who want wealth creation without too much risk. Prepaid Gift Card or Wallet Top-Up For tech-savvy or independent dads, load money into a prepaid card (like Paytm, Amazon Pay, or HDFC GiftPlus) so they can spend it as they wish. Benefits: Offers freedom while maintaining a personal touch. Gold ETF or Digital Gold Instead of physical gold (which comes with making charges), digital gold or ETFs are safer and easier to manage. Bonus: Can be gifted instantly through various online platforms. Contribution to Home Loan EMI If your dad is still paying off a home loan, help him by covering a month’s EMI or part of it. This small gesture can ease a big burden. Tip: Even one-time support can be a big help. Subscription to a Financial Learning Platform Help him upgrade his financial knowledge with a paid subscription to platforms like Zerodha Varsity, Finology, or personal finance YouTubers’ premium content. Ideal for: Dads curious about stocks, budgeting, or financial independence. A Mini Retirement Plan Use tools like PPF (Public Provident Fund) or Senior Citizen Savings Scheme (SCSS) to gift future security. You can contribute on his behalf if he’s a senior citizen. Benefits: These schemes offer safe, fixed returns and peace of mind. Digital Will or Estate Planning Support Though not traditional, helping your father create a digital will or organize his documents is an invaluable act of care and respect. Sensitive, but important: It brings dignity to his planning and reduces future confusion. Customized Budget-Friendly Ideas Budget Gift Option ₹500–₹1000 Prepaid card, Wallet top-up, Mobile recharge ₹1000–₹5000 SIP, Digital gold, Financial app subscription ₹5000–₹20k Health check-up package, EMI support ₹20k+ Health insurance, Retirement investment Key Takeaways Financial gifts offer both emotional value and practical benefits. Even small investments, like SIPs or top-ups, show deep care. Tailor your gift to your dad’s current stage in life and interests. Don’t forget the human touch. Frequently Asked Questions (FAQs) I don’t have much money. Can I still give a financial gift? Yes! Even a ₹500 top-up on a UPI wallet or a ₹1000 SIP is meaningful. The value lies in the gesture. Is it okay to give digital gold instead of physical gold? Absolutely. Digital gold is safer, easier to manage, and just as valuable. Can I help him with his existing debts? Yes. One-time help with a loan EMI or credit card payment is a huge relief and deeply appreciated. Can I club efforts with my siblings for a bigger gift? Yes, and it’s an excellent idea. A pooled gift, like paying off a debt, sponsoring a holiday, or contributing to a health policy, has both emotional and practical impact.

12-06-2025

Tax

Tax Deducted at Source (TDS) – Complete Guide for FY 2025–26

What is TDS? Tax Deducted at Source (TDS) is a system under the Income Tax Act, 1961, where tax is collected at the time income is earned. This helps the government receive tax payments periodically instead of waiting for year-end returns. When you earn income—like salary, interest, rent, professional fees, or commission—a certain percentage is deducted by the payer and deposited with the government using your PAN (Permanent Account Number). TDS Example:📌 If you earn ₹60,000 interest from a fixed deposit, your bank may deduct ₹6,000 (10%) as TDS and credit ₹54,000 to your account. Why is TDS Important? 💡 TDS improves compliance and ensures timely collection of taxes. Here's how: Benefit Explanation Assured Revenue Tax is collected evenly throughout the financial year. Prevents Tax Evasion Automated deductions allow digital tracking and transparency. Reduces Year-End Burden Spreads tax liability across the year, easing financial pressure. Simplifies Filing Since tax is prepaid, your filing process is smoother and faster. Where is TDS Applicable?📍 TDS applies to multiple income types. Here are key sections of the Income Tax Act where TDS is mandatory: Income Type Section Deductor Salary 192 Employer Bank Interest (FD/RD) 194A Banks / NBFCs Rent (Residential/Commercial) 194I / 194IB Tenant Contractor Payments 194C Individuals / Firms Professional/Technical Fees 194J Companies / Consultants Sale of Immovable Property 194IA Buyer Commission or Brokerage 194H Businesses / Brokers Lottery or Game Show Winnings 194B Contest Organizers TDS Rates and Thresholds (FY 2025–26) 📊 Payment Type TDS Rate Deduction Threshold Salary As per slab Based on total taxable income Bank Interest 10% ₹40,000 (₹50,000 for senior citizens) Rent (Individuals) 5% Monthly rent above ₹50,000 Professional Services 10% Annual fees above ₹30,000 Contractor Payments 1% (Individuals) ₹30,000 per contract / ₹1 lakh annually Sale of Property 1% Property value exceeds ₹50 lakh Note - If PAN is not provided, TDS is deducted at a flat 20%, irrespective of the regular rate. Responsibilities of a TDS Deductor✍️ If you are required to deduct TDS (e.g. employer, tenant, buyer), your duties include: ✅ Deduct TDS at the applicable rate ✅ Deposit the amount to the government by the 7th of the next month ✅ File quarterly returns: Form 24Q (salary), 26Q (non-salary), or 27Q (non-resident) ✅ Issue TDS Certificates: Form 16 – For Salary Form 16A – For Interest/Commission Form 16B – For Property Purchase Form 16C – For Rent ❌ Failure to comply results in penalties, interest, and possible disallowance of expenses under the Income Tax Act. How to Check TDS Deducted 🔍 You can verify if TDS has been deducted and deposited on your behalf using: ✅ Form 26AS Available on the Income Tax e-filing portal Shows all TDS credits, refunds, and advance taxes linked to your PAN ✅ TRACES Portal View and download official TDS certificates Reconcile discrepancies in deductions vs. actual payments How to Claim a TDS Refund 💸 If TDS has been deducted in excess of your liability, you can claim a refund by: Filing your Income Tax Return (ITR) Verifying your return Receiving the refund in your linked bank account post-assessment ✔️ Example: If your income for the financial year is ₹2.4 lakh and TDS of ₹6,000 was deducted, you are eligible for a full refund after ITR filing. Pro Tips to Manage TDS Smartly 🧠 ✅ Submit Form 15G or 15H (senior citizens) to banks to prevent TDS if income is non-taxable ✅ Update PAN with all financial institutions ✅ Link PAN with Aadhaar to avoid higher deduction ✅ Track your tax credits using Form 26AS ❌ Don’t delay TDS return filing or issuing Form 16 Useful Government Resources 🔗 Income Tax India Portal TRACES TDS Reconciliation Portal Form 26AS Help Guide Final Thoughts from Piramal Finance 🧩 Understanding TDS gives you more control over your money and taxes. It helps avoid: Unwanted deductions Refund delays Legal complications Whether you are a salaried employee, freelancer, landlord, or investor, staying compliant with TDS provisions helps you make smarter financial decisions. At Piramal Finance, we are here to simplify your financial journey—from tax planning to wealth management. Frequently Asked Questions (FAQs) 1. Is TDS applicable even if my income is below the taxable limit? Yes. However, you can submit Form 15G or 15H to avoid deduction if your total income is below the exemption limit. 2. How can I check if TDS has been deducted? Use: Form 26AS via the e-Filing portal TRACES portal to view and download TDS certificatesEnsure your PAN is linked to all your income sources. 3. What happens if I don’t provide a PAN? The deductor will apply a flat 20% TDS rate, even if the normal rate is lower. 4. What are the due dates for TDS payments and filings? Deposit TDS: By 7th of the next month Quarterly TDS Returns: Q1: 31st July Q2: 31st October Q3: 31st January Q4: 31st May 5. How is TDS different from advance tax? TDS: Deducted by the payer (e.g. employer, bank) Advance Tax: Paid directly by the taxpayer if annual liability exceeds ₹10,000 6. What do I need to claim a TDS refund? PAN Form 16 / 16A / 26AS Bank account details Income & deduction records for the financial year 7. Can TDS be adjusted against my total tax due? Yes. It is treated as advance tax paid and is adjusted when you file your ITR. 8. What's the difference between Form 15G and Form 15H? Form 15G: For individuals under 60 with no taxable income Form 15H: For senior citizens whose income is below the exemption thresholdBoth prevent unnecessary TDS deductions.

02-05-2025

How To?

How to Check Your CIBIL Score Using a PAN Card?

What is a CIBIL Score? A CIBIL score is a three-digit number (ranging between 300 and 900) that indicates your creditworthiness based on your repayment history. It is derived from the data found in your Credit Information Report (CIR), which includes all your past loans and credit card payments. Lenders use your CIBIL score to determine your loan eligibility and decide the interest rate. A higher score typically means better chances of approval with lower interest rates. Why Use a PAN Card to Check Your CIBIL Score? Your PAN (Permanent Account Number) is a unique identifier tied to your financial history. Credit bureaus use it to pull your credit data and generate a report. Checking your CIBIL score using a PAN card is: Accurate Quick Free (once a year) Most financial institutions require your PAN to verify your credit history and offer loans, credit cards, or even EMI-based services. Step-by-Step: How to Check Your CIBIL Score Using a PAN Card You can check your CIBIL score online in just a few steps: Visit the official CIBIL website – cibil.com Click on "Check Your CIBIL Score" Choose a plan (or continue for the one-time free check) Register with your name, mobile number, email, and date of birth Select “Income Tax ID (PAN)” as the ID type Enter your PAN number Provide all required information Skip the payment step if you’re using the free option Verify using OTP sent to your registered mobile number Your CIBIL score will be displayed on-screen 💡 Note: You can check your score for free only once a year as per RBI guidelines CIBIL Score Range and Their Ratings Score Range Rating 300–500 Poor 550–650 Average 650–750 Good 750–900 Excellent Credit score is issued by four major agencies in India: TransUnion CIBIL Equifax Experian CRIF High Mark Things to Keep in Mind You can only check your CIBIL score for free once per year. Besides PAN, documents like passport, voter ID, or driver’s license may be used—but PAN is the most reliable. If you find errors in your credit report, you can file a dispute online via the CIBIL website or send it by post. Benefits of Linking PAN with CIBIL Linking your PAN with your credit profile ensures: Accurate credit data Elimination of duplicate reports Faster loan processing Better loan offers and interest rates Mandatory for loan applications and income tax filings Importance of Maintaining a Good CIBIL Score Maintaining a healthy CIBIL score increases your chances of: Getting loans approved quickly Receiving lower interest rates Access to higher credit limits Tips to Maintain a Good Score: Pay EMIs and credit card bills on time Keep credit card usage below 30–40% of your limit Avoid applying for multiple loans at once Maintain a healthy mix of secured and unsecured loans Monitor your credit report regularly Frequently Asked Questions (FAQs) Q1. Can I check my CIBIL score without a PAN card?Some platforms may allow it, but PAN is the most widely accepted and reliable ID for credit reports. Q2. Does checking my score affect my credit?No. Checking your own score is considered a soft inquiry and has no impact on your credit score. Q3. How often can I check my CIBIL score for free?Once per year via CIBIL’s official site. Some third-party platforms may allow more frequent checks. Final Thoughts Your CIBIL score is a key factor in your financial journey. Whether you’re applying for a loan, a credit card, or simply managing your credit health — your score plays a vital role. A good score reflects responsible financial behavior and opens doors to better financial opportunities. Explore More with Piramal Finance Visit the Piramal Finance website to learn more about: How to maintain a healthy credit score Financial calculators Affordable loans and financial products Start your credit health journey today!

24-04-2025

Festival

Vishu Kaineettam: Tradition that Teaches the Joy of Giving and Saving

Vishu is one of the most important and joyful festivals celebrated in the Indian state of Kerala and by Malayali communities worldwide. It marks the beginning of the Malayalam New Year, usually falling on April 14th or 15th. More than just a celebration, Vishu is a time of hope, prosperity, and new beginnings. Vishu 2025 falls on Monday, April 14, bringing with it the joy of new beginnings and cherished traditions. One of the most heartwarming parts of Vishu is a tradition called Vishu Kaineettam, where elders give money to children. It’s a simple act filled with love and blessings, and it carries a deeper meaning that can be used to teach valuable lessons about saving and planning for the future. Vishu 2025 is just around the corner, so let’s explore what is Vishu and it’s significance. What Is Vishu and Why Is It Celebrated? Vishu is celebrated with great excitement and positivity. People believe that the way you begin Vishu will influence your entire year, so everyone wakes up early to see the “Vishu Kani” – a beautiful arrangement of items meant to bring luck and prosperity. The Vishu Kani usually includes rice, fruits, vegetables, flowers (especially the bright yellow Konna flowers), gold or coins, a mirror, and a holy book, all placed in front of a statue or photo of Lord Vishnu or Lord Krishna. Families make sure that the first thing they see on Vishu morning is this carefully prepared display, believing it will bring blessings for the year ahead. The Joy of Vishu Kaineettam After seeing the Vishu Kani, there’s another special moment that everyone looks forward to – Vishu Kaineettam. This is a tradition where elders in the family give money to children and younger members. It’s usually in the form of coins or cash, given by hand, often with a warm smile and a blessing for a happy and successful year. Children eagerly collect their Kaineettam and feel proud and happy, not just for receiving money but because it’s a sign of love and care from their family. For many, it’s one of the most exciting parts of Vishu. Kaineettam - An Early Lesson in Saving While Vishu Kaineettam is a fun tradition, it also offers a great opportunity to teach children about the importance of saving. Instead of spending all the money right away, parents and elders can encourage kids to put part of their Kaineettam into a piggy bank or savings jar. This small act can lead to big life lessons. It teaches children: That money is valuable and should be used wisely. That saving a little now can help them reach their goals later. That it feels good to plan and be responsible. Some families even take this time to start a new habit—encouraging children to save for something special, like a toy, a book, or even to donate to someone in need. Over time, this helps build a strong foundation for good money habits and financial responsibility. Vishu Festival means New Beginnings and Life Lessons Vishu is a time of joy, food, fireworks, and family. But beyond the celebrations, it also reminds us of the importance of values – love, respect, and gratitude. Traditions like Vishu Kaineettam help keep families connected across generations, while also offering simple ways to teach important life skills. This year while celebrating vishu 2025, as elders give their blessings through Kaineettam, it’s a perfect moment to also give a little guidance. Encourage children to save a part of what they receive, and help them understand that every coin saved is a step toward a brighter future. Conclusion Vishu Kaineettam is more than a festive tradition – it’s a way to share love, blessings, and wisdom. In a world that moves fast, these small, meaningful customs help us slow down and pass on values that truly matter. So let this Vishu festival not only celebrate new beginnings, but also the start of good habits, thoughtful savings, and lasting memories.

11-04-2025

Start Your Business This Gudi Padwa with Instant Business Loan

Gudi Padwa, the vibrant Maharashtrian New Year, marks new beginnings, prosperity, and the perfect time to set bold intentions. For many aspiring entrepreneurs and small business owners, it's more than just a festive occasion—it's a moment to take the next big step toward growth. Whether you're launching a new venture or scaling your existing operations, a business loan can be the key to turning your Gudi Padwa resolutions into reality. Why Gudi Padwa Is the Perfect Time to Take a Business Leap Gudi Padwa symbolizes success, positivity, and forward momentum. Just as homes are cleaned and adorned with rangoli and torans, it’s a great time to refresh your business goals. Traditionally, it’s also considered an auspicious time to begin new ventures, sign contracts, or make significant investments. How a Business Loan Can Empower Your Entrepreneurial Journey Whether you're starting from scratch or planning to expand, here’s how a business loan can give you the boost you need: 1. Startup Capital Launching a business requires an upfront investment in inventory, equipment, marketing, staffing, and registration. A small business loan offers the seed money without diluting ownership, unlike investors or partners. 2. Expansion Costs If your business is ready to grow—whether by opening a new location, adding product lines, or upgrading technology—a business loan gives you the flexibility to act quickly and scale efficiently. 3. Cash Flow Management Seasonal businesses or those affected by delayed payments can use loans to manage working capital and ensure smooth daily operations during lean periods. 4. Marketing & Promotion Festive seasons like Gudi Padwa see a spike in consumer activity. With the right funding, you can launch marketing campaigns, seasonal offers, or social media promotions to capture the festive buzz. 5. Upgrade Infrastructure Need a new delivery vehicle, point-of-sale system, or renovation of your store? A business loan allows you to invest in infrastructure without putting personal finances at risk. Types of Business Loans Available in India Term Loans: Fixed repayment schedule over a period (e.g., 1–5 years) Working Capital Loans: Ideal for managing day-to-day operational costs Equipment Financing: For purchasing machinery or tools MSME Loans: Special schemes from the government and private lenders for Micro, Small, and Medium Enterprises Tips for Applying for a Business Loan This Gudi Padwa Prepare a Business Plan: Showcase your goals, financials, and how the loan will be used Check Your Credit Score: A good score (750+) improves loan eligibility Compare Lenders: Look at interest rates, tenure, collateral requirements, and processing time Gather Documents: PAN, Aadhaar, business registration, bank statements, GST returns, etc. Final Thoughts: Invest in Growth, Prosperity Will Follow As you raise your Gudi and welcome in a new year filled with hope and opportunity, consider how strategic financial support can accelerate your journey. A business loan isn’t just about funds—it’s about empowering your vision and making it sustainable. So this Gudi Padwa, take the leap. Start that dream venture or take your business to the next level. With the right plan and the right funding, growth is not just possible—it’s inevitable.

28-03-2025