• Confidentiality.
• Integrity.
• Authentication.
• Availability.
• Authorization.
• Non-repudiation.

Below, they share 14 security measures you should take.

• Regularly check your financial statements. ...
• Turn on two-factor authentication. ...
• Verify your payment recipient. ...
• Have a dedicated payment method for online transactions. ...
• Use biometric authentication when possible. ...
• Double-check QR codes.
• Take advantage of one-time passwords.
• Be cautious with linked checking accounts.
• Ensure your vendor is PCI DSS-compliant.
• Don’t reuse passwords.
• Only use apps you trust.
• Never use a debit card.
• Submit minimal personal information.
• Look for SSL encryption.

Digital payment is a transaction that takes place via digital or online modes, with no physical exchange of money involved. This means that both parties, the payer and the payee, use electronic mediums to exchange money. Please note that digital payments can take place on the internet as well as on physical premises. The various digital payment modes are accelerating cashless transactions and comes with incredible convenience. However, one needs to be alert and cautious when transacting digitally, keeping all secure practices in mind.

Digital payments have several advantages over paper checks: Convenience & accessibility: with digital payments, customers can self-service and pay invoices from anywhere at any time. They can even pay directly from the emails and invoices they receive with a 1-click "Pay Now" button.

• What is Commercial Paper (CP)? And when & why it was introduced?
  Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note.
• When was it introduced?
  It was introduced in India in 1990.
• When was it introduced?
  It was introduced in India in 1990 with a view to enabling highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Subsequently, primary dealers and all-India financial institutions were also permitted to issue CP to enable them to meet their short-term funding requirements for their operations.
• Who can issue CP?
  Corporates, primary dealers (PDs) and the All-India Financial Institutions (FIs) are eligible to issue CP.
• Whether all the corporates would automatically be eligible to issue CP?
  No. A corporate would be eligible to issue CP provided –
  • the tangible net worth of the company, as per the latest audited balance sheet, is not less than Rs. 4 crores.
  • company has been sanctioned working capital limit by bank/s or all-India financial institution/s; and
  • the borrowal account of the company is classified as a Standard Asset by the financing bank/s/ institution/s.

Digital payment through Bank cards includes payments through Debit card, Credit Card, and Prepaid cards.

• Debit card is linked to the bank account of the spender and the money is debited from the account when used for making payment.
• Credit card is issued based on the credit rating / ability to payback of the spender and is widely accepted across the globe.
• Prepaid cards include gift cards also. These cards are preloaded with a specified amount which can be used for shopping etc.

Internet Banking includes facilities like NEFT, RTGS, IMPS etc.

• With NEFT money is transferred withing two hours
• RTGS is the fastest way of transmitting money. In this, funds are transferred on real time gross settlement basis.
• IMPS-Instant interbank electronic fund transfer through mobile or online banking. In this only beneficiary’s mobile number and mobile money identifier is required.

UPI – Unified Payments Interface

• Unified Payments Interface is a digital payment system that allows people to transfer money between bank accounts using their smartphones.
• It is a convenient and easy-to-use method for making payments and is widely used in India.

Mobile banking refers to the ability to perform various banking activities using a mobile device, such as a smartphone or tablet, instead of going to a physical bank branch.

• Checking account balance quickly
• Fund transfers: You can transfer money between your own accounts or send money to other people's accounts.
• Bill payments: You can pay your bills.
• Account statements: You can access your account statements to review your transaction history and track your expenses.
• Mobile deposits: Some banks allow you to deposit checks by simply taking a photo of the check using your mobile device.
• ATM/Branch locator: You can find the nearest ATMs or bank branches.
• Alerts and notifications: You can set up alerts and notifications to receive updates about your account activity.

• A mobile wallet is a digital version of a physical wallet that you can carry on your smartphone.
• With a mobile wallet, you can add your credit or debit card details or link it to your bank account.
• Overall, a mobile wallet simplifies your payment process.

• USSD payment mobile banking, is a type of mobile banking that allows you to perform banking transactions using Unstructured Supplementary Service Data (USSD) technology, which is a communication protocol used by mobile networks.
• In simple terms, USSD banking enables you to access banking services and make transactions by dialling a specific code on your mobile phone, similar to how you make a phone call.

• Point of Sale (POS) refers to the physical location or device where a customer makes a payment for goods or services they have purchased. It is the place where the transaction between the buyer and the seller is completed.
• A point of sale can be thought of as a checkout counter or cash register in a store, restaurant, or any business establishment. It is the area where you go to pay for the items you want to buy.

AEPS (Aadhaar Enabled Payment System)

• It is a payment system that allows individuals to carry out banking transactions using their Aadhaar number and biometric authentication.
• AEPS uses your Aadhaar number, which is a unique identification number issued by the Government, to access banking services.
• Instead of using physical documents like cards or passbooks, AEPS relies on biometric data such as fingerprints or iris scans to authenticate transactions.

• Change password assigned by the Bank for the first time.
• Download app from trusted source.
• Use trusted Wi-fi Network and Computer system for digital transactions.
• Install an antivirus on computer to remove viruses that steal important information.
• Always clear your browser cache after each session.
• Log off completely from banking website, close the browser and log off computer when not in use.
• Register for SMS alerts to keep track of the transactions in your account.

• Don’t disclose your personal/ confidential information to anyone over email/ SMS/phone call.
• Don’t enter login or any other sensitive information in pop up window.
• Avoid accessing internet banking account from cyber cafes or shared computer.
• Do not share confidential information with anyone like Pin.
• Never use “Remember password’ feature provided by the browsers to save your net banking password.
• Don’t use mobile devices to store user id, password, or any other account related sensitive details.
• Don’t leave your internet banking session unattended. Always log out completely.

Below, they share 14 security measures you should take.

• Regularly check your financial statements. ...
• Turn on two-factor authentication. ...
• Verify your payment recipient. ...
• Have a dedicated payment method for online transactions. ...
• Use biometric authentication when possible. ...
• Double-check QR codes.
• Take advantage of one-time passwords.
• Be cautious with linked checking accounts.
• Ensure your vendor is PCI DSS-compliant.
• Don’t reuse passwords.
• Only use apps you trust.
• Never use a debit card.
• Submit minimal personal information.
• Look for SSL encryption.

A recession is a fall in real GDP/ negative economic growth. To avoid a recession, the government and monetary authorities need to try and increase aggregate demand (consumer spending, investment, exports). There is no guarantee that they will work. It will depend on the policies and also the causes of the recession.

The primary policies will be

Loosening of monetary policy – cutting interest rates to reduce cost of borrowing and encourage investment

Expansionary fiscal policy – increased government spending financed by borrowing will enable an injection of investment into circular flow

Ensure financial stability – in a credit crunch, government intervention to guarantee bank deposits and major financial institutions can maintain credibility in the banking system.

If the recession is caused by very high-interest rates, then cutting interest rates may help avoid a recession. But, if you have a large fall in asset prices/bank losses (often called balance sheet recession) it is more difficult because even if you cut interest rates, banks may still not lend.

Keep a track on repayment of the debts, as the heap keeps piling up along with the delayed time! To avoid making the debt into the unpayable burden, build a separate fund for repaying the debts. This practice will help you to manage the debts efficiently and save you from loterm liability.

Increase capital requirements for shadow banks and depository institutions and make them countercyclical.

Eliminate liquidity requirements.

Improve consumer literacy and restrict consumer leverage.

Create a Chapter 11 bankruptcy for banks.

Design a more integrated regulatory structure.

However, your financial crisis can be remedied by regaining your self-control and taking solid actions. The financial benefits of dealing with financial crisis—saving more, paying down debt—will improve not just your self confidence, but your overall mood as well.

1. What is GST?

• GST means Goods and Services Tax.
• It is dual structure-based tax levied by both Union and State Government.
• It has been introduced to curb the various limitations present in earlier indirect tax regimes.
• The taxable event under GST is ‘supply’ of goods or services or both.

2. What are the different types GST?

• CGST : Levied by Central Government on intra-State supplies through CGST Act, 2017.
• SGST : Levied by State Governments / Union Territories with Legislatures on intra-State supplies through SGST Acts, 2017.
• UTGST : Levied by Union Territories without Legislatures on intra-State supplies through UTGST Act, 2017.
• IGST : Levied by Central Government on inter-State supplies through IGST Act, 2017.
• Compensation Cess : Levied by Central Government on certain specific supplies through GST (Compensation to States) Act, 2017.

3. What are ‘Goods’ under GST?

GST is a single tax levied on both ‘Goods’ or ‘Services’ unlike the earlier tax regimes where there were separate taxes for goods and services.

• It shall also include.

• Actionable claim.
• Growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply.
• Intangibles like duty credit scrips, copyright and carbon credit shall also be covered under ‘Goods’.

• It does not include.

• Money and securities.
• Alcoholic liquor for human consumption.

4. What are the ‘services’ under GST?

• Any transfer of title in goods is considered as supply of goods. Any transfer of right in goods or an undivided share in goods without the transfer of title is treated as supply of services.
• Any lease, tenancy, easement, license to occupy land shall be a supply of service. Further, any lease or letting out of the building shall also be a supply of service.
• Any treatment of process which is applied to another person’s goods i.e., job work shall be a supply of service.

• Following shall be treated as supply of services:

• Renting of immovable property.
• Construction including additions, alterations, replacements or remodelling of any existing civil structure, complex or a building intended for sale to a buyer except where the entire consideration has been received after the issuance of completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier.
• Temporary transfer or permitting the use or enjoyment of any intellectual property right.
• Development, design, programming, customization, adaptation, upgradation, enhancement, implementation of information technology software.
• Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act.
• Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration.

5. What are the advantages of GST?

• Mitigation of Cascading Effect
• Uncomplicated Compliances
• Boost to Make in India
• Regularization of unorganized sector
• Tackles corruption
• Easy Operations for E- Commerce
• Composition Scheme
• Technology Driven

6. What is CGST?

• CGST means Central Goods and Services Tax.
• It is applicable on intra-state supplies i.e., supplies made within a State.
• It is leviable in all States and Union Territories on intra-State supplies.
• The revenue of CGST goes to Central Government.

7. What is the maximum rate prescribed under CGST Act 2017?

• Presently, the different CGST rates notified are 0, 2.5%, 6%, 9%, 14%.
• As per the CGST Act, 2017, maximum rate of CGST cannot exceed 20%.
• The applicable rate of CGST is notified by the Central Government on the recommendations of the GST Council.

8. What is SGST?

• SGST means State Goods and Services Tax.
• It is applicable on intra-State supplies i.e., supplies made within the State.
• It is leviable within the respective State only.
• The revenue of SGST goes to respective State Governments.

9. What is the maximum rate prescribed under SGST Act 2017?

• Presently, the different SGST rates notified are 0, 2.5%, 6%, 9% and 14%.
• However, the maximum rate of SGST cannot exceed 20%.
• The applicable rate of SGST is notified by the respective State Government on the recommendations of the GST Council

10. What is IGST?

• IGST means Integrated Goods and Services Tax.
• It is applicable on inter-state supplies.
• It is applicable across all States and Union Territories of India.
• IGST is collected by the Central Government.

11. What is the maximum rate prescribed under IGST Act 2017?

• Presently, the different IGST rates notified are 0, 5%, 12%, 18% and 28% levied on all taxable inter-state supplies.
• However, the maximum rate of IGST cannot exceed 40% i.e., sum total of CGST and SGST/ UTGST.
• The applicable rate of IGST is notified by the Central Government on the recommendations of the GST Council.

12. What are Composite Supplies under ‘GST’?

The following composite supplies shall be treated as a supply of services:

• Works contract
• Supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption), where such supply or service is for cash, deferred payment or other valuable consideration.

13. Are Petroleum products liable to GST?

Following five petroleum products, even though satisfy the definition of ‘Goods’, GST shall be levied on them from a date to be notified:

• Petroleum Crude
• High Speed Diesel
• Motor Spirit or Petrol
• Natural Gas
• Aviation Turbine Fuel

14. What is HSN Code and SAC Code?

The HSN code also known as the Harmonized System Nomenclature code is a commodity description code that is internationally adopted and recognized commodity description and coding system. It is developed by the World Customs Organization.

With the introduction of GST in India, the HSN is now being used as a 3-tiered system. Businesses having a turnover below prescribed limit do not need to provide HSN while others need 2-digit HSN codes 4-digit HSN codes or 8-digit HSN codes depending on the amount of turnover.

GST is levied on the ‘transaction value’. The taxable value of supply under GST includes:

• Except GST, any taxes, duties, cess, fees, and charges levied under any Act.
• GST Compensation Cess will be excluded if charged separately by the supplier.
• Any amount paid or payable by the supplier that the recipient has incurred but not added in the price.
• Any expenses incurred in relation to the supply like transport etc. should be included in the value.
• Other than Government subsidies, all subsidies received for the supply shall be included.
• Interest payable for delayed payment of consideration is also included.
• Value of supply excludes discount if it is given on the invoice or when it is given post supply as a part of agreement entered into at the time of supply and the recipient reverses the proportionate credit.

Registration is the first step of any tax system to ensure taxpayers are following the tax rules. Under the registration process, statutory authorities will issue a unique number to the business entity who is registering. Through this number, Government collects tax from the entity and gives him input tax credit for his purchases. No tax implications can be entertained without registration process.

Registration has many advantages as mentioned below for the business entity that pays tax:

• Authority to collect taxes from suppliers and provide input tax credit to recipients who have purchased from them.
• Establish a legal identity that identifies a business entity as a supplier of goods and/or services.
• Input credit tax flows across the right chain and reaches the right people giving them the benefits.
• Tax liability of entity settles smoothly as the taxpayer can avail input tax credit for taxes paid by him and further pay the same when the tax liability on outward supplies arise.

While registering for GST, there is an option to choose from below schemes:

• Composition Scheme (subject to prescribed limit of aggregate turnover)
• Regular Scheme.

Composition Scheme

It is an easy to understand and execute scheme which is optional and voluntary. It can be availed by those who have a turnover of less than 1.5 crore (for North-Eastern State – 75 lakhs) where supply of goods is involved and 50 lakhs where supply of services is involved. However, there are exceptions where some people or businesses can’t register under this scheme:

• Entities that manufacture ice cream, pan masala, tobacco or aerated water.
• Inter-State suppliers
• Casual taxable person or non-resident taxable person.
• Entities selling on e-commerce platforms.

In cases, where entities don’t wish to opt for composition scheme or are ineligible, they can apply for Regular Scheme.

Voluntary Registration

Any person having annual turnover less than the pre-defined limit or when there is no liability arising to take mandatory registration may apply for voluntary GST registration.

Calculation of Aggregate Turnover

To choose a scheme based on turnover limit condition, following are to be included while calculating the turnover:

1. All taxable supplies

2. All exempt supplies

3. Export supplies

4. Inter-State supplies between units of person with same PAN to be computed on all India basis.

GST paid on supplies or value of purchases having a tax liability on reverse charge basis shall be excluded from this calculation.

Once registered under GST, all the invoices issued to customers will be GST invoices. Let’s learn more about it.

Tax Invoice

Complete details of goods or services provided which include supply details, amount of the same and other expenses listed together is known as a Tax invoice.

Who should issue Tax Invoice?

If you have been issued a GST number after registration, you need to provide tax invoices to your clients for sale of good and/or services. On purchase, your GST registered vendors will provide GST-compliant invoices to you.

Mandatory fields to be included in a Tax Invoice

A tax invoice is generally issued to charge the tax and pass on the input tax credit to the buyer. A Tax Invoice must have the following mandatory fields-

• Invoice number and date
• Customer name
• Shipping and billing address
• Customer’s and taxpayer’s GSTIN (if registered)
• Place of supply
• HSN Code/ SAC code
• Item details i.e., description, quantity (number), unit (meter, kg etc.), total value
• Taxable value and discounts
• Rate and amount of taxes i.e., CGST/ SGST/ IGST
• Whether GST is payable on reverse charge basis
• Signature of the supplier

If the recipient is not registered under GST and the value of taxable supply is Rs. 50,000 or more, then the invoice should carry:

• name and address of the recipient,
• address of delivery,
• state name and state code

OTHER TYPES OF INVOICES

Bill of Supply

It has some similarities to a GST invoice except that bill of supply is devoid of any tax amount as the seller is not allowed to charge GST to the buyer. A bill of supply is issued in cases where tax cannot be charged like when a registered entity supplies exempted goods/services or registered person has opted the composition scheme.

Invoice-cum-bill of supply

If a registered entity is involved in sale of taxable as well as exempted goods/ services to an unregistered person, then he can issue a single “invoice-cum-bill of supply” for all such supplies.

Consolidated Invoice

If there are multiple invoices of less than Rs. 200 and the buyer is unregistered, the seller can issue a consolidated invoice for the multiple invoices at the close of each day.

For example, you may have issued 6 invoices in a day of Rs.50, Rs.70 and Rs. 100. In such a case, you can issue a single invoice, totalling to Rs 220, to be called a consolidated invoice.

Debit and credit note

Where the taxable value or tax charged in a tax invoice issued earlier is found to be less, the supplier shall issue to the recipient a debit note containing prescribed particulars. Where the taxable value or tax charged in a tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the supplier can issue to the recipient a credit note containing prescribed particulars.

1. What is Income Tax?

Income tax is a tax which is charged on income of a person. Everyone who earns or gets an income in India beyond maximum amount not chargeable to tax is subject to income tax. Your income could be salary, pension or could be from a savings account or profits or gains from business or profession or capital gains or any other source of income.

2. Who is supposed to pay Income-tax?

Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act covers in its ambit natural as well as artificial persons.

For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.

Thus, from the definition of the term 'person' it can be observed that, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-tax.

3. Who is an Assessee?

An Assessee is a person by whom any tax or any other sum of money is payable under the Act.

4. What is an Assessment year?

The assessment year (AY) is period of 12 months commencing on 1^st April every year. The year in which income is earned is the previous year and such income is taxable in the immediately following year which is the assessment year.

5. What is a Previous Year?

It is a Financial Year (FY) immediately preceding the assessment year. The year in which income is earned.

Example – Mr. A earned salary of Rs. 2,50,000 during the financial year 2023-24. In this case previous year would be P.Y. 2023-24 and assessment year would be A.Y. 2024-25.

6. What is Income?

It is very critical term as income tax is charged on the income of a person. Income ordinarily means any earnings. Definition of income under the Income Tax Act is broad to cover various transactions beyond typical earnings. Section 2(24) of the Act enumerates certain items, including those that cannot ordinarily be considered income but are treated statutorily.

7. How income is classified under the Income-tax Act?

As per Income-tax Act, income of a person is categorised into five heads of Income:

• Salaries (salary or pension)
• Income from house property (rental income)
• Profits and gains of business or profession
• Capital gains (income from sale of a capital asset such as mutual funds, shares, house property etc.)
• Income from other sources (residuary head which covers income such as interest on saving bank account/fixed deposits, winning from lottery, dividend etc.)

8. What is exempt income and taxable income?

An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Income which is chargeable to tax are called as taxable income.

9. What is Gross Total Income?

Gross Total Income means the aggregate amount of taxable income computed under five heads of income, i.e., salaries, house property, business & profession, capital gains and other sources.

10. What are Deductions?

While computing the income tax, there are certain expenses, investments or income that are allowed to be deducted from the Gross Total Income, which is called deductions. These deductions are given in section 80C to 80U of the Income Tax Act.

11. What is Total Income?

After making deductions under section 80C to 80U from the gross total income, the amount left is known as Total Income. Income tax is computed on this income. Total income is rounded off to nearest multiples of ten rupees. Total Income is computed as follows:

1. How does the Government collect Income-tax?

Taxes are collected by the Government through three means:

• voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self-Assessment Tax paid by the taxpayers,
• Taxes deducted at source [TDS] and
• Taxes collected at source [TCS].

It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.

2. What is self-assessment tax?

Self-Assessment Tax(SAT) means the amount that an assessee pays on the requisite income after deducting Advance Tax and TDS/TCS for the given financial year. Individuals who are required to file their income tax returns are liable to pay their SAT beforehand.

3. What is Advance Tax?

Advance tax in India is a system of paying income tax in instalments during the financial year, rather than making a lump sum payment at the end of the year. It is a method of regularizing tax payments to the Government. Taxpayers, including individuals, companies, and other entities, are required to estimate their total income and calculate the applicable tax liability. They then pay the tax in instalments based on prescribed due dates set by the income tax department. Advance tax helps in the timely collection of tax revenue by the Government and assists taxpayers in managing their tax obligations more effectively.

4. How to deposit Self-Assessment Tax or Advance tax to the credit of Government?

Self – Assessment Tax or Advance Tax is to be deposited to the credit of Government by using the challan prescribed in this behalf, i.e., ITNS 280. The Challan can be downloaded from www.incometaxindia.gov.in. Tax can be paid in the designated banks through two modes, viz., physical mode, i.e., cash/cheque or e-payment mode.

5. What is TDS?

TDS stands for tax deducted at source. Tax is required to be deducted at source by a person who is required to make payment and the amount deducted at source is to be remitted into the account of the Central Government. As per the Income-tax Act, tax is required to be deducted at source on certain income such as salaries, rental income dividend, interest, professional fees, commission etc., if the payment exceeds certain threshold limits.

6. What is TDS return?

Every person responsible for deduction of tax at source is required to furnish quarterly statements of Tax deducted at source.

7. What is TCS?

TCS stands for Tax Collection at Source. Seller of certain goods is responsible for collecting tax at source at the prescribed rate from the buyer. Section 206C of the Income-tax Act mentions the list of goods on which the seller should collect tax from buyers.

8. In the Challan there are terms like Income-tax on companies & Income-tax other than companies. What do they mean?

The tax that is to be paid by the companies on their income is called as corporate tax, and for payment of same in the challan it is mentioned as Income-tax on Companies (Corporation tax). Tax paid by non-corporate assessees is called as Income-tax, and for payment of the same in the challan it is to be mentioned as Income-tax (other than Companies).

9. How to calculate my tax liability?

You can calculate your tax liability by visiting the official website of Income tax department or visiting the given link:

https://incometaxindia.gov.in/pages/tools/tax-calculator.aspx

10. What are the precautions that I should take while filling-up the tax payment challan?

While making payment of tax, apart from other things, one should clearly mention following:

• Head of payment, i.e., Corporation Tax/Income-tax (other than companies)
• Amount and mode of payment of tax
• Type of payment [ i.e., Advance tax/Self-assessment tax/Tax on regular assessment]
• Assessment year
• Permanent Account Number allotted by the IT Department.

11. What is tax refund?

If you have paid more taxes than you were required to pay, you can claim the additional amount as income tax refund. If the taxes paid (either by way of Advance Tax or TDS or TCS or Self-Assessment Tax) is more than the actual tax amount due, then the excess tax paid can be claimed as refund.

12. How can I check the status of payment of tax which are made through a bank physically?

The NSDL website provides online services called as Challan Status Enquiry. One can also check the tax credit by viewing Form 26AS from the e-filing account at

https://www.incometax.gov.in/iec/foportal/

Form 26AS will also disclose the credit of TDS/TCS in one’s account.

1. When should a taxpayer file an income tax return?

2. Can a person file return of income even if his income is below taxable limits?

Yes, he can file return of income voluntarily even if his income is less than basic exemption limit.

3. What documents are to be enclosed along the return of income?

There is no need to enclose any document with the return of income. However, one should retain the documents to produce before any competent authority as and when required in future.

4. Should we disclose all our income in the return even if it is exempted?

Yes. Income from every source including exempt income must be disclosed.

5. Is there any limit of income below which I need not pay tax?

As per section 115BAC, which is a default regime for the A.Y. 2024-25 provide a limit of Rs. 3 lakhs upto which no tax is leviable. This limit is applicable for all age group individuals, HUFs, AOPs and BOIs. The default regime provides for concessional tax rate subject to certain conditions mentioned under section 115BAC.

However, in case an option is exercised to opt out of the default regime, limit of Rs. 2,50,000 is applicable for an Individual, HUF, AOPs, and BOIs upto which no tax is leviable. In respect of resident individuals of the age of 60 years and above but below 80 years, the basic exemption limit is Rs. 3,00,000 and in respect of resident individuals of 80 years and above, the limit is Rs. 5,00,000.

For other categories of persons such as firms, co-operative societies, companies and local authorities, no basic exemption limit exists and, hence, they have to pay taxes on their entire income chargeable to tax.

6. What is the major difference between default (simplified or new) tax regime and old regime?

The major difference between the default and old tax regimes is the income tax slab rates and the availability of exemptions and deductions. Under the old tax regime, taxpayers can claim exemptions and deductions on investments and expenses such as house rent allowance, medical insurance, etc. However, under the default tax regime, most of these exemptions and deductions have been removed and replaced with a reduced income tax slab rate. Once a person having business income come under default regime he cannot come out of such regime. However, a person not having business income can exercise option to opt out of default regime every year.

7. How do I choose tax regime (default or old) in income tax?

When it comes to deciding between the old and default tax regimes, it is important to consider the exemptions and deductions that can be claimed in the old tax regime. After subtracting all the eligible deductions, an individual can calculate their net taxable income.

This should then be compared to the tax liability under the new tax regime. Whichever option has the lower tax liability should be chosen.

To decide on which regime to opt, the official website has shared a link;

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

1. What is Permanent Account Number (PAN)?

Permanent Account Number, in short PAN, is the unique identification number allotted by Income Tax Department to the person who applies for it. It is a ten-digit alphanumeric number issued in the form of a laminated card.

2. Can a minor have PAN?

Yes. Minor can also have a PAN. The legal guardian can apply for the PAN of the minor.

3. Why is it necessary to have PAN?

It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. It is also compulsory to quote PAN in all documents pertaining to specified financial transactions.

4. Who is required to apply for PAN?

Any person who is filing return of income, making payment of tax or entering into any of the specified transactions for himself or behalf of any other person.

5. Uses of PAN

It is compulsory to quote PAN in all documents related to the following specified transactions:

• Sale or purchase of a motor vehicle
• Opening of bank account
• Application for issue of debit or credit card
• Opening of Demat account
• Payment to hotel or restaurants where payment is made in cash more than Rs. 50,000 at any one time
• Payment for foreign travel or purchase of foreign currency where payment is made in cash more than Rs. 50,000 at any one time
• Purchase of mutual funds exceeding Rs. 50,000
• Purchase of bonds or debentures exceeding Rs. 50,000
• Purchase of RBI bonds exceeding Rs. 50,000
• Cash deposit with bank or post office in any one day above Rs.50,000
• Purchase of demand draft or pay order issued by the bank, in cash on any one day above Rs.50,000
• Time deposit made with Bank, Post office, Nidhi Company or NBFC in excess of Rs. 50,000 or aggregating to Rs. 5 lakh in any financial year
• Payment for one or more pre-paid payment instruments issued by RBI to a bank/co-operative bank/any other company or institution where payment exceeds Rs. 50,000 in any one financial year
• Payment of life insurance premium more than Rs. 50,000 in a year
• A contract for sale or purchase of securities (other than shares) in excess of Rs. 1 lakh per transaction
• Sale or purchase, by any person, of shares in a company not listed in a recognised stock exchange more than Rs. 1 lakh per transaction
• Sale or purchase of any immovable property in excess of Rs. 10 lakhs
• Sale or purchase, by any person, of goods or services of any nature other than those specified above in excess of Rs. 2 lakhs per transaction.

6. Consequences of not having PAN

There are three significant implications for not having PAN:

• You will not be able to enter into the specified transactions.
• Assessing Officer may impose the penalty of Rs. 10,000 in case you entered into certain transactions but not quoted your PAN.
• Credit of TDS will not be allowed to you if the PAN is not furnished to the deductor.

7. Can a person have more than one PAN?

No. If a person has obtained or possesses more than one PAN, it is against the law, for which a penalty of Rs.10,000/- may be imposed.

8. How to apply for PAN?

PAN application should be made only on Form 49A. It can be downloaded from tin-nsdl.com

9. What if I lost my original PAN Card?

If you lost your PAN card, you could get the duplicate PAN Card by applying for it to the Income Tax Department, NSDL or UTISL. Your PAN, i.e., 10 digits alphanumeric number already issued to you, will remain same.

• Question that can be added

1. Do I need to maintain any record or proof of earnings?

For every source of income, you have to maintain proof of earning and the records specified under the Income-tax Act. In case no such records are prescribed, you should maintain reasonable records with which you can support the claim of income.

2. What is Gratuity?

Gratuity is a lump sum amount paid by the employer to the employee as a token of appreciation for the services they have provided towards the company.

3. Is gratuity taxable income?

In case of a Government employee, whether it be a State Government employee or a Central Government employee, the whole of gratuity received at the time of retirement or death is fully exempt. However, in case of a non-government employee, a certain amount of gratuity is exempted and the remaining amount is taxed.

4. I am an agriculturist. Is my income taxable?

Agricultural income is not taxable. However, if you have non-agricultural income which exceeds the basic exemption limit, then for calculating tax on non-agricultural income, your agricultural income will be taken into account.

5. As an agriculturist, am I required to maintain any proof of earnings and expenditures incurred?

Even if you have only agricultural income, you are advised to maintain some proof of your agricultural earnings/expenses.

6. If I win a lottery or prize money in a competition, am I required to pay Income-tax on it?

Yes, such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount.

Exiting the workforce is known as Retirement. The standard age to retire is between 60-65 years in India. Retirement may feel like a long way off when you're young.

Retirement planning entails ensuring a stable flow of income after retirement. It means putting money away and investing it, particularly for that reason. Your retirement approach will be determined by your long-term objectives, income, and age.

Financial planning, on the other hand, is needed if you want to retire in luxury and dignity. Whatever your dream retirement looks like, whether it's a relaxing time at home with family and friends or an adventure-filled trip around the world, you'll need money. This is why retirement planning is necessary for an individual.

The Indian Government offers pensions, gratuities, annuities, and other retirement benefits to members of the Indian Army, Police, and other service professions. Apart from that the Indian Government provides investing options such as the National Pension Fund and the Public Provident Fund to help individuals plan for their retirement. These options are available for all even to non-Government employees.

The National Pension Scheme (NPS) is a Government-sponsored retirement savings program in India. It is designed to help individuals build a corpus for their retirement years. Under this scheme, participants can contribute regularly during their working years, and the accumulated amount is invested in a mix of equity, fixed income, and Government securities. The NPS offers tax benefits and allows individuals to choose their investment options based on their risk appetite. Upon retirement, a part of the accumulated amount can be withdrawn as a lump sum, while the remaining portion is utilized to purchase an annuity, providing a regular income during retirement.

The Public Provident Fund (PPF) is a popular long-term savings scheme offered by the Indian Government. It allows individuals to invest money and earn tax-free interest within a specified limit on their contributions. The main benefits of PPF are:

• Tax Benefits: The contributions made to PPF are eligible for tax deductions under Section 80C of the Income Tax Act.

• Fixed Interest Rate: The PPF offers a fixed, attractive interest rate, which is set by the Government and is compounded annually.

• Long-term Investment: PPF has a maturity period of 15 years, providing a stable and secure option for long-term savings.

• Withdrawal Options: Partial withdrawals are allowed after the completion of the 6th financial year, offering liquidity in case of emergencies.

• Low Risk: PPF is backed by the Indian Government, making it a safe and low-risk investment option.

• Accessibility: PPF accounts can be opened at designated post offices and authorized banks, making it accessible to a wide range of individuals.

ULIP stands for Unit Linked Insurance Plan. It is a combination of insurance and investment. When you buy a ULIP, a part of your premium goes towards life insurance coverage, and the remaining amount is invested in various funds like equity, debt, or balanced funds. The value of your investment depends on the performance of these funds. ULIPs offer the potential for higher returns but also come with higher risk.

Some Indians are unwilling to give up their existing level of luxury, which might hinder them from investing in retirement plans. According to a survey, only 49% of Indians have a retirement plan in place. Everyone's financial strategy must include retirement planning as a non-negotiable element. Although the future is unknown, being prepared can help.

Individuals with higher risk tolerance can opt for market-linked retirement plans such as Unit Linked Insurance Plans, Mutual Funds, and similar products to diversify their retirement portfolio.

Retirement planning is essential because it safeguards an individual's financial well-being during their retirement years, providing them with financial security and peace of mind.

Individuals can ensure a secure financial future by investing in mutual funds, fixed-income securities, and government-backed securities to diversify their retirement portfolio. Starting early is crucial to enjoy the benefits in later years.

Yes, the banks should not insist on opening of a new account in case of Central Government pensioner if the spouse in whose favour an authorization for family pension exists in the Pension Payment Order (PPO) is the survivor. The family pension should be credited to the existing account without opening a new account by the family pensioner for this purpose.

The pension paying banks credit the pension amount in the accounts of the pensioners based on the instructions given by the Pension Paying Authorities.

1. Agency banks are requested to seek guidance from respective Pension Sanctioning Authorities regarding the process to be followed for recovery of excess pension paid to the pensioners, if any.
2. Where excess pension payment has arisen on account of mistakes committed by the bank, the amount paid in excess should be refunded to the Government in lump-sum immediately after detection of the same and without waiting for recovery of any amount from the pensioners.

There have been complaints that life certificates submitted over the counter of pension paying branches are misplaced causing delay in payment of monthly pensions. In order to alleviate the hardships faced by pensioners, agency banks were instructed to mandatorily issue duly signed acknowledgements. They were also requested to consider entering the receipt of life certificates in their CBS and issue a system generated acknowledgement which would serve the twin purpose of acknowledgement as well as real time updation of records.

The pension paying bank is responsible for deduction of Income Tax from pension amount in accordance with the rates prescribed by the Income Tax authorities from time to time.

While retirement planning safeguards an individual's retirement years. The company's future is safeguarded through succession planning.

Succession planning can cultivate a new generation of leaders, thereby providing an exit strategy for existing business owners/ team leaders. It supports firms or companies in long-term planning and growth. The development of quality candidate pools that are ready to fill vital or crucial roles.

The succession planning process ensures that an organization recruits and develops employees to fulfil each key role within the company. It is a systematic method of identifying and developing future leaders who will be able to fill in for current leaders when they leave the company due to retirement, resignation, termination, transfer, promotion, or death. It is a modern approach that assures that a company's most critical personnel move on to new opportunities, retire, or pass away without lowering the efficiency of the company.

The first step in succession planning is to identify the positions that are integral to the company's success. These are the positions that, without successors, will cause the company's growth to slow or stop. In most cases, the higher they are on the chain of command, the more crucial it becomes to name a successor.

We've come up with the 4 crucial "must-haves" in your plan:

• Understand Strategy & Structure. In order for succession planning to be effective, you should know what your organization's goals and interests are.
• Evaluate Employee Skills.
• Training and Development.
• Provide Recognition and Advancement Opportunities.

Some difficulties that succession plans may face are:

• Employees may leave for better salary and benefits elsewhere due to a lack of financial resources.
• Improper training and development may lead to promoting unprepared employees to higher positions.

Small and medium-sized businesses in India, in particular, should develop a secure succession plan, otherwise, they risk going out of business. One cannot run a business, no matter how big or small, unless talented people are ready to step into key positions when the current occupants leave. If a proper succession plan isn't in place, even the most successful companies can fall over a cliff. It assists your company in preparing for any eventuality by preparing high-potential employees for promotion.

Whatever income we receive, we either spend it or keep it for later. Money that we don’t spend is our saving. The formula is simple. To save more, we will have to either spend less and earn more. It is wise not to spend all that we have at once. We save in jars, piggy banks, bank accounts and other investment options like stocks and mutual fund. 

• Inflation depreciates the value of our money. The money saved today and returns on it can come to use later when the prices of goods and services are high. Saving helps us to keep up with inflation.
• As soon as we get our first income, start saving. There might be times when we may fall short of earning. 
• Build an emergency fund. In times of crises, these savings will come handy. Think of an emergency fund as your BAE (Before Anything Else) and start saving towards building an emergency fund Before Anything Else.
• Save for big expenses and life goals. Major life expenses like education (college fees), wedding, holiday, car, home, etc. can be funded with your well-saved money. Set a goal and regularly save towards it.
• Save for your non-working days and old age. The expenses will be the same. Moreover, they will increase because of inflation. Star saving early for your retirement.
• Save and accumulate capital to invest and grab golden opportunities.
• Save and create wealth to pass on to your next generation.

It is easy to spend than to save:

• Turn your mind to saving mode. Once you see money you should think of saving more.
• Before making a purchase think if that is your need or you want. If you can skip buying it, do so.
• Instead of vaguely saving, set some targets. List down your goals, the amount you need and the timeline for the same.
• Take care of yourself and your family. Get regular check-ups done to avoid major damage and expenditure later.

• Don’t lure into bulk buying discounts. Instead of saving, we usually end up buying more than we need and spend more than our budget.
• Not knowing where your income is coming from and how much you are spending. Make a cash flow. Have a budget, a spending plan.
• Avoiding basic saving funds like emergency, retirement, health insurance, etc.
• Take the help of technology and a financial planner to track your expenses, budget, save and achieve your life goals, become financially secure and independent. 

Savings is money set aside for various purposes, like a specific goal or just for saving. Emergency funds, as the name suggests, are money reserved for unforeseen problems or emergencies that may arise. It's readily available to address urgent financial needs

A need is something that is necessary for survival or essential for life, while a want is a desire or something we wish to have but can live without. Meeting needs is crucial for our survival, whereas fulfilling wants is not necessary for our basic survival. If you Concentrate on your needs only you will be able to save more.

• Buy or rent used textbooks and sell last semester’s books back.
• Don’t make impulse purchases.
• Limit the number of times you eat out monthly.
• Always pay bills on time to avoid late fees.
• If you have a credit card, pay it off as quickly as possible.
• Walk, use public transportation or ride a bike instead of having a car.
• Live with others so you can split rent and utilities.
• Shop where they offer student discounts.
• Sell what you no longer use or need.
• Open a savings account that earns interest.

A budget is a money management plan that helps you understand your income, expenses, and savings. It allows you to balance what you earn with what you spend and save. Creating a budget guide your spending and helps you achieve your financial objectives.

Other Questions already available on website

All PSLCs will be valid till March 31st and will expire on April 1st.

The duration of the PSLCs will depend on the date of issue with all PSLCs being valid till March 31st and expiring on April 1st.

PSLCs may be construed in the nature of 'goods'#, dealing in which has been notified as a permissible activity under section 6(1)(o) of BR Act vide Government of India Notification dated May 4, 2016. The tax implications on account of trading in PSLCs may be determined by the banks in accordance with the applicable tax laws. Further, as per the extant guidelines, no transaction charge/ fees is applicable on the participating banks payable to RBI for usage of the PSLC module on e-Kuber portal.

There are only four eligible categories of PSLCs i.e. PSLC General, PSLC Small and Marginal Farmer, PSLC Agriculture & PSLC Micro Enterprises.

'Export Credit' can form a part of underlying assets against the PSLC - General. However, any bank issuing PSLC-General against 'Export Credit' shall ensure that the underlying 'Export Credit' portfolio is also eligible for priority sector classification by domestic banks.

Foreign banks with less than 20 branches are not allowed to reckon PSLC General towards fulfilment of their incremental target for lending to sectors other than exports beyond the overall target of 32 per cent. However, such banks are allowed to reckon PSLC Agriculture, PSLC Micro Enterprises and PSLC SF / MF for the same

Yes. The banks will have to maintain amount of specified securities for the amount received in TLTRO in its HTM book at all times till maturity of TLTRO.

Under TLTRO scheme, banks will have to invest the amount borrowed under TLTROs in fresh acquisition of securities (i.e., over and above their outstanding statement in specified securities it was holding as on March 26, 2020) from primary/secondary market. However, participation in TLTRO scheme will not impinge on the existing investment of the bank and the bank may continue to operate their AFS/HFT portfolio, as hitherto, in terms of extant regulatory/internal guidelines.

There is no maturity restriction on the specified securities to be acquired under TLTRO scheme. However, the outstanding amount of specified securities in bank’s HTM portfolio should not fall below the level of amount availed under TLTRO scheme.

The specified securities acquired under TLTRO scheme will be allowed to remain in HTM portfolio till their maturity.

The specified securities acquired under TLTRO scheme will be classified in HTM category. However, if a bank decides to classify such securities under AFS/HFT category at the time of acquisition, it will not be allowed to later shift such securities to HTM category and it should maintain sufficient records to demonstrate and separately identify securities purchased under TLTRO scheme within the AFS/HFT portfolio. Further, all regulations applicable to securities classified under AFS/HFT including those on valuation, will be applicable on such specified securities.

A credit card is a physical card that can be used to make purchases, pay bills or depending on the card, withdraw cash. The simplest way to think of a credit card is as a type of short term loan.

When you open a credit card account, your credit card company gives you a set credit limit. This is essentially an amount of money the credit card company allows you to use to make purchases or pay bills.

Your available credit is reduced as you charge things to the card. You then pay back what you spent from your credit limit to the credit card company.

Credit cards can be used to make purchases online or in stores and pay bills. When you use a credit card for either one, your card details are sent to the merchant's bank. The bank then gets authorization from the credit card network to process the transaction. Your card issuer then has to verify your information and either approve or decline the transaction.

If the transaction is approved, the payment is made to the merchant and your card's available credit is reduced by the transaction amount. At the end of your billing cycle, your card issuer will send you a statement showing all the transactions for that month, your previous balance and new balance, your minimum payment due and your due date.

The grace period is the period of time between the date of a purchase on your card and the due date listed on your statement. During this period if you pay your bill in full by the due date, no interest charges accrue. But if you carry a balance month to month, your card issuer can charge you interest. Your credit card's annual percentage rate or APR reflects the cost of carrying a balance on an annualized basis. Your APR includes both your interest rate and other costs, such as an annual fee if your card has one.

The credit cards provide variety of benefits provided it is responsibly and smartly used in the manner below:

• Finance your needs, not wants.
• Know the MITC
• Set a budget.
• Redeem credit card points.
• Stay under 30% of the credit limit.
• Don’t use credit cards at ATMs.
• Store your credit card details securely.
• Use spending analyses tools.

• Help build a healthy Credit score - Responsible credit card usage helps establish and improve your credit history, enabling access to better financial opportunities in the future.
• EMI Facilities - Credit cards allow you to convert large purchases into manageable monthly installments, making it easier to afford expensive items.
• In build grace periods - Credit cards often offer grace periods, giving you time to repay your balance without incurring interest charges.
• Protection from unauthorised purchases- Credit cards come with fraud protection, ensuring you won't be liable for unauthorized transactions.
• Track your spending - Credit card statements provide detailed records of your expenses, aiding in budgeting and financial planning.
• Reward Programmes - Many credit cards offer reward points, cashback, or discounts, providing benefits for regular card usage.
• Sign on bonuses - Some credit cards offer enticing sign-up bonuses, such as reward points or cashback, for new cardholders.
• Cards are universally accepted - Credit cards are widely accepted worldwide, allowing convenient and secure transactions in various locations.
• Use the right card for the right purchase - Different credit cards offer specific rewards or benefits for various spending categories, maximizing savings.
• Balance Transfer - Credit cards may allow you to transfer balances from higher-interest cards to lower-interest cards, helping reduce debt burdens.

• Monthly Scrutiny - Credit card statements require regular monitoring to avoid errors, fraudulent charges, or unauthorized transactions.
• Hidden costs - Some credit cards may have hidden fees, such as annual fees, late payment charges, or foreign transaction fees, which can add to your expenses.
• Easy to be overused - Credit cards can lead to overspending and accumulating debt if not used responsibly, tempting users with easy access to credit.
• Minimum due - Paying only the minimum amount due can lead to a debt cycle, as high-interest charges may keep accumulating on the remaining balance.

If you're in the market for your first credit card or your next credit card, it's important to do some comparison shopping. Some of the key things to look for when comparing credit cards include:

• Regular variable APR for purchases
• APR for balance transfers and cash advances
• Promotional APR terms and conditions
• Annual fees
• Rewards programs
• Introductory bonus offer terms

It's also helpful to look at the card's other benefits and features, if any. For example, if you're interested in opening a travel credit card to earn miles or points toward flights and hotel stays you may also be interested in finding a card that comes with benefits such as airport lounge access or airline fee credits. If a card has an annual fee, it's helpful to compare the value of rewards and benefits to the fee to decide if it's worth it.

Before owning a credit card, here are the key things to know:

• Credit Card Terms: Understand the terms and conditions, including interest rates, fees, and penalties.
• Credit Score: Check your credit score and see if you meet the card's eligibility requirements.
• Interest Rates: Know the interest rates and Annual Percentage Rate (APR) associated with the card.
• Credit Limit: Determine the maximum amount you can borrow with the card.
• Payment Responsibility: Understand the importance of making timely payments to avoid fees and maintain a good credit score.
• Rewards Programs: Explore any rewards or cashback programs offered and see if they align with your preferences.
• Debt Management: Be aware of the potential for debt if you overspend or carry a balance.
• Fees and Charges: Identify any annual fees, transaction fees, or foreign exchange fees associated with the card.
• Security Measures: Understand the security measures provided, such as fraud protection and liability policies.
• Payment Options: Know the payment options available and the due dates for making payments.

By considering these factors, you can make an informed decision about owning a credit card that suits your financial needs and helps you build a positive credit history

Credit card theft can occur through various methods including the below.

• Skimming: Thieves use a device called a skimmer to steal card details when it's swiped, enabling them to duplicate the information.
• Dumpster Diving: Discarded bills or documents containing credit card details can be retrieved by anyone and used for scams.
• Phishing: Scammers send convincing emails, posing as reputable organizations, to trick you into sharing personal information on fake websites.
• Keystroke Capturing: Malware or software installed on your system records every keystroke, including credit card details, when you unknowingly download it.
• SIM Swap: Scammers pretend to be cardholders, requesting a duplicate SIM card and deactivating the original, allowing them to access OTPs and conduct online transactions.

The features of debit card and credit card might appear to be same, but they are infact very different. Knowing the differences and understanding how and when to reach each can be a gamechanger when you handle your finances.

• Access to funds
• Perks
• Spending limit
• Credit score
• Fraud protection
• Fund deductions
• Potential changes

If used correctly, credit cards can be a wonderful financial tool that can be a great addition to one’s wallet. However, it is important to remember that credit cards come with a great deal of responsibilities. Before applying for a credit card, ask yourself if you are ready for the responsibility and where you intend to use the card. If you can embrace the intelligent use of credit cards, they can serve you well for years to come.

A plain vanilla credit card is a simple and standard card that doesn't offer any special perks or rewards. You can use it for regular purchases, and it allows you to borrow money from the card issuer, which you'll need to pay back later.

A fuel credit card is made for buying fuel or gas. It gives rewards, cashback, or discounts on fuel purchases, which is great for people who drive often and want to save money on fuel expenses.

A business credit card is specifically for businesses to handle their expenses and purchases. It helps keep personal and business finances separate, tracks business spending, and often comes with perks like rewards on office supplies or travel expenses that cater to business needs.

Cashback credit cards give you the opportunity to earn money back from your purchases. They pay you a percentage of what you spend or reward you with points. To make the most of them, it's essential to pay off your full balance every month and avoid going over your credit limit. Otherwise, the interest charges can cancel out the rewards you earn.

A Charge Card works similar to a Credit Card, but with a key difference: you can't make partial payments. You must pay the entire bill in full by the due date. It doesn't have a specific spending limit set in advance, allowing flexibility based on your financial standing.

The Kisan Credit Card scheme was launched to provide farmers with Kisan Credit Cards based on their land holdings. This way, all banks could follow the same system, making it easy for farmers to use these cards to buy agricultural essentials like seeds, fertilizers, and pesticides. It simplifies the process of accessing credit and helps farmers meet their farming needs more efficiently.

A prepaid card is a card that you can use for making payments. You purchase the card and load it with a specific amount of money. Then, you can use the card to spend up to that amount. It is also known as a prepaid debit card or stored-value card. It's like having a set budget on a card for your expenses, and you can't spend more than what you've loaded onto it.

Secured credit cards are a special kind of credit card that requires a cash deposit as a guarantee. This makes it safer for the card issuer to lend money to people with low or limited credit history. With secured credit cards, these individuals can use the card responsibly to build and improve their credit score over time.

These cards give you points or miles as rewards when you make purchases, whether it's for travel or everyday expenses. As you collect enough points or miles, you can use them to get rewards such as free flights or hotel stays. It's like earning "credit" for spending, and you can exchange these credits for exciting travel benefits.

A credit builder credit card is designed to assist people who are starting with no credit history or want to improve their credit rating after being rejected for credit. It helps them build or rebuild their credit by using the card responsibly and making timely payments. It's a helpful tool to establish a positive credit history for future financial opportunities.

A p-card is a special card issued by companies to their employees for purchasing goods and services on the company's behalf. With a p-card, employees can buy what they need without going through the usual purchase request and approval process. These cards are also called purchasing cards or procurement cards. They simplify the buying process for businesses and make it more efficient for employees to make necessary purchases.

A balance transfer is when you shift the amount you owe on one credit card to another card with a different provider. It helps you consolidate all your debts into a single place. Sometimes, the new card may offer a special lower interest rate for a limited time to help you save money on the transferred balance.

A balance transfer and purchase card is a type of credit card that allows you to transfer existing debts from other credit cards or loans to consolidate them into one place. It can also be used for everyday purchases, just like a regular credit card.

Money transfer credit cards work differently from regular credit cards. They allow you to transfer money from the credit card directly into your bank account. This lets you use those funds to pay off high-interest debts, like an overdraft, personal loan, or payday loan. You can also use the transferred money to make a big purchase, like buying a new car. It's a useful option to manage your finances more effectively and save on interest costs.

Supplementary cards are like extensions of the main credit card and are mainly used to share the principal cardholder's credit benefits with their loved ones. These individuals might not be eligible for their own credit cards because they are too young, have a poor credit history, or don't have a steady income. With supplementary cards, they can enjoy the convenience and advantages of using a credit card, benefiting from the creditworthiness of the main cardholder.

A contactless credit card uses a special technology called RFID to make payments faster and easier. Instead of swiping or inserting the card, you can simply hover or tap it over the card terminal. The card sends out short-range electromagnetic waves with your credit card information, which the payment system captures and uses to complete the transaction. It's a quick and convenient way to make purchases without needing to physically insert the card or enter a PIN.

A Credit Card Insurance Plan provides financial security to the cardholder in case of unexpected situations like loss of income, disability, injury, or death. If the cardholder faces these difficult circumstances and cannot repay their credit card bills, the insurance plan helps cover the payments on their behalf, offering peace of mind during challenging times.

Officials mentioned that the discounts offered on debit cards and other digital payment methods will remain in effect for the time being. The discount of 0.75% on transactions made using credit/debit cards, e-wallets, or mobile wallets resulted in a savings of approximately 50 paise per litre on petrol and diesel purchases.