Protect your financial life and improve your credit score
The general awareness regarding credit score is extremely low. Many people have a low credit score and carry several myths related to credit score in their minds. In addition, many people's financial lives are in tatters due to poor financial literacy. Moneylife Foundation conducted the seminar along with CRIF Highmark, which provides credit bureau services, in order to empower people on these issues. The seminar was held in order to make people financially literate, help them avoid financial mistakes at any cost and help improve their credit score.
 
Sucheta Dalal, Managing Editor of Moneylife, kickstarted this 3-part seminar speaking on the mistakes that affect your financial life and how to keep money safe from financial mistakes, Ponzi schemes, email fraud etc. Many people have lost their hard-earned money on multi-level marketing (MLM), chain marketing and chit fund schemes such as Herbalife, Saradha, Rose Valley, SpeakAsia, Gold Quest or QNet. When it comes to financial products, Sucheta Dalal said, “If it seems too good to be true, it probably is.” Highlighting the importance paying credit card dues on time, she said, “If you get a credit card and pay it on time, it’s perfect for you but not when want to roll over your dues.” She also shattered the myth about gold loans being useful. Pledging gold has emerged as a popular method of taking loans. Comparing two scenarios – selling gold and buying it back vs pledging gold, she illustrated how selling gold was superior to pledging it. 
 
Debashis Basu, editor and publisher of Moneylife, explained the pitfalls of the four most popular forms of Indian investments – bank fixed deposit, insurance, gold and real estate. He pointed out that to save and invest smartly, one needs just a few products. He showed the average expected returns of various asset classes including gold, real estate, mutual funds and equity. Based on one’s financial goals, investment horizon and tax bracket, people should invest in a mix of equity and fixed income products, he advised. 
 
Kalpana Pandey, CEO and Managing Director of CRIF Highmark, enlightened the audience on maintaining, improving and rectifying credit report. Credit can be your best friend as it provides valuable capital in times of need, but your worst enemy if not managed properly. She explained the various types of credit and educated the audience on how banks choose the customer, the amount and terms under which credit is given, and the period of which credit is extended. Explaining the role played by credit bureaus, she said, “A credit report is single record of your past credit history.”
 
Ms Pandey highlighted that a credit score is a quantitative way of evaluating a customer. “A credit score is a 3-digit number summarizing your credit report, which can be in the range of 300-900. It indicates the credit-worthiness and discipline of a borrower. The score can be in different ranges, which indicates the chances of approval of the loan and the terms under which the loan is sanctioned. A score of 300-500 is a poor one, which indicates high chances of a loan decline and poor terms of loan. A score of 700-900 is a good credit score, leading to quicker approval and better terms for the borrower. Some people carry the myth that a credit score remains constant. Ms Pandey clarified that the score is not static and it keeps on changing. 
 
She also explained the details of the computation of credit score. She emphasised the importance of checking credit score regularly, highlighting the specific events when you need to check your credit score. Many people get their credit report, but wonder as to what are the details that need to be looked at in the credit report. You need to check whether all loans stated in the report belong to you, incorrect details like Permanent Account Number (PAN) appearing the credit report and updates such as closure or settlement missing. In addition, you also need to check for any other discrepancy.
 
The session ended with an interactive session on credit report where an inquisitive audience posed a number of questions related to credit scores. The queries covered a gamut of issues like grievance redressal, data parity and credit scores across different bureaus. When asked a question about data availability across different bureaus, Ms Pandey said that Reserve Bank of India (RBI) has ensured that data availability is same across all the credit bureaus. Moneylife Foundation has played a role ensuring all bureaus get the same data from financial institutions. 
 
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    COMMENTS

    atul gupta

    4 years ago


    Be ready to fight against QNET/VIHAAN and all your uplines including friend.
    Find QNET REFUND PROCESS and COMPLAINT AGAINST QNET procedure as below.
    1st Option
    If your purchase on product receipts is in INR rupees then with in 30 days of purchase or if your purchase is in USD dollar then with in 7 days you can send email to Qnet customer support for refund otherwise Qnet will deny you refund. Then go to 2nd option which all need to go for even after you get refund to get QNET banned from India and to save our brothers & sisters.
    1. Get your IR ID first. It will come to your mail box once your upline register your email id on portal. If email id is given wrong then call Qnet customer support numbers and complain about your upline. Ask your IR ID and products purchased details from them.
    2. Send a cancellation mail for both products and IR ID to the support team of QNET with a subject line as "REFUND IN****" provinding all details of transactions and product details.Usually IR number will be like IN4444 and all. Attach scanned PAN CARD and product receipts in the mail to them.
    [email protected]
    [email protected]
    [email protected]
    [email protected]
    [email protected]
    [email protected]
    [email protected]
    3.Once this mail is sent, the support team will create a CRF number and sends to Hong Kong team for approvals for the refund request. It will take 15-20 working days for the approvals for refund request.
    4.Meanwhile, mail them or call them on every alternative days for an update. QNET Numbers are :
    9900060061,62,64,68-Veronika
    9900060605, 9148149320Jasvinder
    5.Once Refund request is completed ,they ask for the mode of payment. Better go for Money transfer to your account. If you opt for account transfer, then you have to send a scanned copy of your cancelled account cheque leaf or bank statement.
    6.After 20 working days, you will get your money refunded of the product to your bank account.
    7.Rest of money left , you collect from your upline by filing complaint in local police station.

    2nd Option
    pls all go for 2nd option even if you get money refunded as per option 1 by QNET to ban QNET and save indians.
    File written complaint/FIR against your friend and all uplines at local police station and write in complaint that QNET is running money circulation scheme which is banned in india as per prize ,chit and money circulation scheme ,1978. Your uplines will be called by police and they will return you money through QNET or themselves as you can not get refund from Qnet after 30 days are over if products purchased through indian portal and after 7 days if purchased through world portal. Warn your uplines that you are going to file complaint/FIR against them. Besides above process kindly by post or by hand send your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI also to ban QNET by using format of complaint given below.
    https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
    In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or cash/DD deposit receipt, pan card, address proof, purchase receipts. Mention in your complaint that meeting took place nearby your home or office otherwise local police will ask you to lodge complaint at police station where actual meeting took place. File complaint at your nearby police station and EOW DELHI both to fight against QNET. Do not sign any affidavit asked by your uplines to give back your money. Please whatsapp me at 9871853120 only if any confusion.

    atul gupta

    4 years ago


    Be ready to fight against QNET and all your uplines including friend.
    Find QNET REFUND and FIGHT AGAINST QNET procedure as below.
    1st Option
    If your purchase on product receipts is in INR rupees then with in 30 days of purchase or if your purchase is in USD dollar then with in 7 days you can send email to Qnet customer support for refund otherwise Qnet will deny you refund. Then go to 2nd option which all need to go for even after you get refund to get QNET banned from India and to save our brothers & sisters.
    1. Get your IR ID first.It will come to your mail box once your upline register your email id on portal. If email id is given wrong then call Qnet customer support numbers and complain about your upline. Ask your IR ID and products purchased details from them.
    2. Send a cancellation mail to the support team of QNET with a subject line as "REFUND IN****".
    provinding all details of transactions and product details.Usually IR number will be like IN4444 and all. Attach scanned PAN CARD and product receipts in the mail to them.
    [email protected]
    [email protected]
    [email protected]
    [email protected]
    [email protected]
    3.Once this mail is sent, the support team will create a CRF number and sends to Hong Kong team for approvals for the refund request. It will take 15-20 working days for the approvals for refund request.
    4.Meanwhile, mail them or call them on every alternative days for an update.
    Numbers:
    9900060061,62,64,68-veronica
    9900060605-rekha,jasvinder kaur
    5.Once Refund request is completed ,they ask for the mode of payment.
    Ecards or Account Money transfer. Better go for Money transfer to your account.
    If you opt for account transfer, then you have to send a scanned copy of your account cheque leaf or bank statement.
    6.After 20 working days, you will get your money refunded of the product to your bank account.
    7.Rest of money left , you collect from your upline by filing complaint in local police station.

    2nd Option
    pls all go for 2nd option even if you get money refunded as per option 1 by QNET to ban QNET and save indians.
    File written complaint/FIR against your friend and all uplines at local police station and write in complaint that QNET is running money circulation scheme which is banned in india as per prize ,chit and money circulation scheme ,1978. Your uplines will be called by police and they will return you money through QNET or themselves as you can not get refund from Qnet after one month is over if products purchased through indian portal and after 7 days if purchased through world portal. Warn your uplines that you are going to file complaint/FIR against them. Besides above process kindly by post or by hand send your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI also to ban QNET by using format of complaint given below.
    https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
    In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or cash/DD deposit receipt, pan card, address proof, purchase receipts. Mention in your complaint that meeting took place nearby your home or office otherwise local police will ask you to lodge complaint at police station where actual meeting took place. File complaint at your nearby police station and EOW DELHI both to fight against QNET. Do not sign any affidavit asked by your uplines to give back your money. Please whatsapp me at 9871853120 only if any confusion.

    Ameet Patel decodes capital gains at Moneylife Foundation seminar
    Capital gains can be extremely confusing for an average taxpayer. Different rules and tax rates apply for different assets and there are other complexities such as indexation, and exemptions. Chartered Account (CA) Ameet Patel simplified the computation of capital gains to an audience at the Moneylife Foundation seminar sponsored by Capital First. Mr Patel, former president of the Bombay Chartered Accountants Society (BCAS), also answers tax related queries on Moneylife Foundation’s Tax Helpline on a voluntary basis. 
     
    CA Patel commenced the session by defining a capital asset. “A capital asset may be a short term or long term depending upon the period for which the asset is held. This can be confusing for an average taxpayer as there are different periods for different assets for defining whether it is a short-term asset or a long-term asset. For instance, in case of shares of unlisted company, if the holding period does not exceed 24 months then it is a short-term asset. However, for shares held in recognised stock exchange in India, the period is merely 12 months,” he said. 
     
     
    He went on to explain that indexation benefit is given while computing long-term capital gains (LTCG) in order to ease the burden of inflation. In order to dispel any confusion among the audience, Mr Patel illustrated the computation of capital gains with numerical examples showing both the options – with indexation and without indexation. 
     
    Certain taxpayers may end up paying excess tax without knowledge of a number of exemptions available under the Income Tax Act. Section 54 is one of the most important sections for saving tax arising from capital gains on sale of residential property. CA Patel explained the conditions under which this exemption can be claimed. Section 54EC is another important provision, where long term capital gains can be invested in specified bonds in order to claim exemption. However, he highlighted that Rs50 lakhs is the upper limit while claiming exemption under Section 54EC.
     
    Those who invest a lot in shares should know what expenses are allowed as a deduction while computing capital gains on sale or purchase of shares. Securities Transaction Tax (STT) is not allowed as an expense, while expenses like brokerage, service tax, stamp duty are allowed, he said. 
     
    “A significant number of taxpayers don't maintain proper documents,” said Mr Patel. This leads to a number of problems as proof is required in law if there is a scrutiny. Maintaining documents related with immovable property (even old documents) is extremely critical. While buying or selling immovable property, it is important to take a receipt for brokerage paid to real estate agents in order to prevent disallowance of expenditure. 
     
    Mr Patel said, Section 50C of the Income Tax Act is also extremely critical. If the value stated in an instrument of transfer is less than the value adopted by stamp duty authorities, then stamp duty value is considered for the purpose of computation of capital gains on land or building. For instance, if an agreement states that the valuation of a flat is Rs30 lakhs, but stamp duty authorities value it at Rs40 lakhs, then stamp duty value (Rs40 lakh) will be considered for the purpose of computation of capital gains. This will lead to higher capital gains on the transfer.
     
    Mr Patel ended the session advising taxpayers to comply with income tax provisions as information related to high value financial transactions is disclosed in the Annual Information Return (AIR). 
     
    He patiently answered a number of questions posed by an eager and inquisitive audience. The questions covered issues like number of years for which records need to be maintained, income tax refunds and income tax return (ITR) forms for different categories of taxpayers. There were a number of queries related to capital gains on sale of immovable property covering issues like the date on which capital asset is purchased and the period for which indexation benefit is available.  
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    User 

    COMMENTS

    sandeep shet

    4 years ago

    Hi, I have one question. If you own listed shares of a foreign company, which is listed outside india, what is the time limit for it to be long term? Will it still be one year or three years?

    CA Ameet Patel demystifies TDS provisions at Moneylife Foundation programme
    Many taxpayers consider provisions relating to TDS (Tax Deducted at Source) to be complicated. Ameet Patel, a chartered accountant by profession and a partner at Manohar Chowdhry & Associates, demystified TDS provisions for a packed audience today. The session, “TDS and how they affect you as a taxpayer” was conducted by Moneylife Foundation at the Moneylife Foundation Knowledge Centre, Dadar, with the support of Capital First. He started the session remarking, “The literacy levels for taxation among people are quite low,” making sessions like these are important. 
     
    Ameet Patel, a rankholder an accomplished Chartered Accountant and ex-president of the Bombay Chartered Accountants' Society (BCAS) gave an introduction to TDS and highlighted its advantages. He then moved on to  TDS provisions for different payments like salaries, interest on securities interest on banking/other companies, rent and professional fees. Given the fact that it has become complicated for the tax deductor, he simplified these provisions. In many cases, TDS does not need to be deducted. For instance, TDS is not collected on payments made to Reserve Bank of India (RBI) and the Government of India. Ameet Patel highlighted many other scenarios like these.
     
    The rates at which TDS is deducted is different for different nature of payments. Moreover, these rates are different for different categories of assesses. Mr Patel simplified these provisions, appropriately classifying these into different heads. He said, “For salaries, there is no specified rate for deduction of TDS as opposed to other forms of payment.” Some people have the misconception that surcharge and education cess is to be added while deducting TDS. Ameet Patel clarified that these need not be added. Highlighting the due dates for payment of TDS, he said that payment for the month of March can be made upto April 30 as opposed to the 7th of the next month for all other months. 

    In a few cases, deductors fail to comply with TDS provisions, which give rise to consequences like penalties and interest. Ameet Patel highlighted these consequences, emphasising the importance of complying with these provisions. He highlighted the importance of Form 26AS saying that it is like the Bible for taxpayers for TDS provisions. Delineating different aspects of Form 26AS, he said that  a simple error like quoting of incorrect PAN (or not quoting PAN) in TDS return is the most common reason why proper credit is not reflected in TDS return.  He told the audience to ensure that the information in Form 26AS is the same as that in the TDS certificate to make sure that proper TDS credit is appearing in Government records before filing the return of income. He also pointed out that getting TDS certificate is not that important as long as the TDS is reflected in 26AS.
     
    Form 15G and 15H are other critical important forms for savers by which they tell the banks not to deduct TDS, if they so qualify. He highlighted the complexities of these forms, going on to explain the misconceptions many have relating to these forms and their own tax status. 
     
    He finally advised the audience to comply with tax laws, given the fact that records are maintained digitally by government agencies and everything can be tracked by them. Many people are unduly harsh on the tax deductors. He advised them to empathise with them sating “Put yourself in the tax deductors shoes.” Tax deductors are compelled to take a conservative position when the law is not very clear as there are harsh consequences (interest, penalty and prosecution) if they do not comply with the provisions.  
     
    The session ended with an interactive Q & A session covering TDS provisions for a number of issues like co-operative societies, bank fixed deposits and gifts with Mr Patel re-iterating the vital importance of 26AS. This was the second in a series of tax programmes sponsored by Capital First.
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    User 

    COMMENTS

    chhaganlal s nandu

    5 years ago

    THE SESSION WAS VERY INTERESTING.
    I HAVE ONE QUESTION. THE PERSON MAKING THE PAYMENT DEDUCTS T D S FROM THE DEDUCTEE BUT DOES NOT DEPOSIT IN THE TREASURY. THE DEDUCTOR WILL HAVE TO FACE THE CONSEQUENCIES BUT THE DEDUCTEE WILL NOT GET THE CREDIT AS IT WILL NOT BE REFLECTED IN 26 AS. WHAT IS THE REMEDY?

    REPLY

    Sucheta Dalal

    In Reply to chhaganlal s nandu 4 years ago

    Please go to http://foundation.moneylife.in and send your question through our FREE tax helpline available there.

    chhaganlal s nandu

    5 years ago

    THE SESSION WAS VERY INTERESTING.
    I HAVE ONE QUESTION. THE PERSON MAKING THE PAYMENT DEDUCTS T D S FROM THE DEDUCTEE BUT DOES NOT DEPOSIT IN THE TREASURY. THE DEDUCTOR WILL HAVE TO FACE THE CONSEQUENCIES BUT THE DEDUCTEE WILL NOT GET THE CREDIT AS IT WILL NOT BE REFLECTED IN 26 AS. WHAT IS THE REMEDY?

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