Get subscribed to our newsletter
Get interesting updates to your email inbox.
Personal loans help you overcome difficult financial situations which you encounter in your life. Finding yourself in financial straits related to education course fees, hosting a wedding reception or buying a new car is a situation no longer to be bothered by. Availing a personal loan will help you solve all such economic riddles.
Why Personal Loan?
Being a form of unsecured loan, a personal loan usually requires no collateral asset to be issued. This relaxation is compensated with a higher interest rate than to be found in a secured loan. But more than not, this does not pose as an obstacle, for personal loans are much easier to be availed than any other types of loans. Whether you are a salaried professional or a self-employed individual, getting a personal loan online or offline is relatively simpler and more convenient.
You can also choose the tenure for the repayment of the personal loan which generally ranges from 1 year to 5 years. Also, for many people, when paying an outstanding or debt amount of their credit cards becomes difficult, they cover the same with the help of a personal loan. Doing this allows them not only extended payment tenure but the rate of interest is also lesser than that they have to pay for the credit cards. In addition to this, converting a credit card into a personal loan prevents the credit score from taking a radical fall due to credit payment defaulting. All these have been the benefits of availing a personal loan. However, there are other things as well that one should know about personal loans and such is taxation involved in it.
Taxation on a Personal Loan
Personal loans are not considered as a form of income, therefore, they are not considered taxable. But this is not the universal principle. There are instances where a personal loan can be considered as an income and hence taxation levied on it according to the Income Tax Act.
If the Loan is Forgiven
If a scenario arises where the lender comes to a decision of reprieving your debt then the situation might overturn. What this implies is that if the lender forgives your borrowed amount or part of it then, apparently, the part of the loan forgiven would be considered as your income. The formal term for this income is Cancellation Of Debt (COD). Since the loan has been converted, it would become a taxable income.
This also comes with certain exceptions. For instance, if the personal loan is forgiven as a form of a gift, then the amount will not be taxable.
Borrowing from Unknown Sources
Borrowing from valid and legitimate institutions such as banks is not only a safer option but it also provides taxation relief. If the source from which you borrowed is unknown or not officially recognized by Credit Information Bureau India Limited (CIBIL), then the taxation authority might treat it as your personal income and hence taxes will be applied on it.
Tax Benefits on a Personal Loan
Irrespective of the fact that whether a personal loan is tax-deductible or not, one can still enjoy tax benefits on a personal loan. The Government of India grants tax benefits on personal loans if they are taken for purposes such as business-related investments, for buying a new asset or related to education. As long as the loan availed is considered tax-deductible, tax benefits will follow.
The cases where the user can access tax benefits from the personal loan are as follows:
If the borrower has taken a personal loan to be used for a business purpose, he can expect some form of tax benefits for his personal loan. This is because the interest paid on the personal loan by the borrower can be claimed as an expense which reduces his net profit. This state of affairs is going to go to the borrower’s favour. There would be a concession on the tax that he would have to pay. This concession amount is generally not specific and can be as minimum or maximum as imaginable. However, it is assured that there would be something.
Investments on Assets
Tax benefits are also granted to the borrowers who have taken a personal loan for the purchase of non-residential property or assets such as shares, jewellery, etc. The catch, however, is that a borrower will not be in the position to claim tax deductions in the very year he took the loan and paid the interest. Once he opts for selling the asset he has acquired then only the tax benefits will follow him.
Purchase of Residential Property
Another case where the personal loan can provide tax benefit is when it is taken for the purchase or construction of a residential property. The tax benefit can be had in the form of interest paid for the personal loan. If the house is bought for the personal use of the owner/borrower, the maximum amount that can be deducted as tax is Rs. 2,00,000. However, there is no cap on the amount to be deducted if the house is rented to someone else. Though it is to be noted that the tax amount deducted is from the interest charged and not from the principal part of the personal loan amount.
Some Tips for Getting Personal Loans at Better Rates
Getting a personal loan is quite simple and easy. The documents required are minimal and the payment tenure is also flexible. Regardless of that, there are certain things to be kept in consideration if the borrower is keen on getting a personal loan on even better terms and conditions.
- Keeping a good credit history is an essential part of availing a personal loan. If the borrower’s credit history is good, he will be preferred by the lenders. On top of that, owing to his well-maintained credit history, he may also enjoy other benefits such as better interest rates and other reward facilities.
- To add to the previous point, keeping multiple credit cards often reflects poorly on credit history. Therefore, the borrower would do well to maintain as few credit cards as possible. Generally, a potential credit card, like a Standard Chartered credit card, will serve the purpose of all the cards.
- Settling the account with previous loans, if any, will increase the borrower’s chances of getting a personal loan.
- Making timely payments on loans will help the borrower in maintaining a good credit report which will help him in the future to avail further loans at a better rate.
A personal loan becomes twice as effective if the tax benefits are added to it. Also, it is by no means limited to taxation benefits, if you happen to use a personal loan for purposes aforementioned. It is highly recommended to seize on the benefits the loan offers when it comes under the umbrella of taxes.
Facebook-owned WhatsApp may soon ask users to verify their identity to make payments on the platform. According to XDA Developers, new strings spotted in the latest WhatsApp beta release suggest that the messenger will require users to upload verification documents to continue using payments on WhatsApp. Currently, when users set up WhatsApp Pay in India, the service only verifies the phone number linked to your bank account to enable UPI-based transactions. In Brazil, the messenger uses Facebook Pay to validate users' credit or debit cards to facilitate payments.
At the moment, the service doesn't require users to submit any identity verification documents to make payments. However, that might change soon, the report said. WhatsApp v220.127.116.11 beta includes a few new strings which suggest that users might have to submit identity verification documents to continue using payments.
The identity verification might be limited to those who use WhatsApp Pay to receive payments for their businesses. UPI-based apps, like Google Pay, PhonePe and even WhatsApp Pay don't require users to submit any documents to transfer or receive money. However, wallet apps like PayTM do ask for KYC verification as per RBI guidelines.
WhatsApp is yet to make an official announcement regarding this change. Since the new strings have just made their way to the beta version, it might be a while before the company reveals any details, the report said. (IANS/ MBI)
Keywords: WhatsApp, UPI, payments, verify, identity, documents
By Rajesh U. Pandya
Although the world is recovering from coronavirus pandemic, we must not lower our guards and stay alert when it comes to hand hygiene to curb the spread of the deadly virus. But are we paying sufficient attention to our nail hygiene? Our nails are the index of well-being for our entire body. The manifestations of several critical diseases were first detected within the dirty nails.
The ignorance towards our nails becomes the breeding ground of harmful bacteria. These germs enter our body through our hands because in India we eat through our bare hands. Therefore, nail hygiene is crucial and without it hand hygiene is incomplete.
Practising good nail hygiene involves following a systematic process to ensure the longevity of our nail health. It includes ensuring that food particles, dirt and dust are not sticking to our nails and there is no build-up of nail bacteria. Thankfully, contrary to popular belief, it is not that difficult to maintain good nail hygiene. A little diligence, awareness and attention are sufficient to keep our nails healthy.
Avoiding nail hygiene makes you prone to viral infections
Due to constant negligence towards the cleanliness of the nails, many serious issues like bacterial and viral infections arise. Often these lead to serious health problems. Our hand hygiene is not perfect till the time we clean the undersides of our nails besides washing hands regularly. Most people don't mind sharing nail clippers with others. This is however an extremely unhygienic practice. When we don't share any of our personal hygiene products then why do we share our nail clippers? Nails harbour abundant germs, bacteria and viruses and sharing nail clippers is equivalent to exchanging those microorganisms.
Nails harbour abundant germs, bacteria and viruses and sharing nail clippers is equivalent to exchanging those microorganisms.| Photo by CDC on Unsplash
Keep fingernails dry and clean
It prevents bacterial and fungal infections from growing under our nails. It has been observed that prolonged exposure to water can break nails. It is always recommended to wear cotton-lined rubber gloves when washing dishes, cleaning or using harsh chemicals. In order to follow good nail hygiene, we have to be careful about our nail care products. Use a sharp stainless-steel nail clipper with a grime remover, that can remove the hidden germs and grime below the nails. Trim nails straight, then round the tips into a gentle curve. Always wash hands and under nails with soap and water after a nail clipping session.
Always wash hands and under nails with soap and water after a nail clipping session. Photo by rashid khreiss on Unsplash
Keep hands and nails moisturized to avoid the cuticles from overgrowing. Frequent use of nail paint remover, hand sanitisers and harsh soaps can result in the dryness of cuticles along with nails. Keep nails short, trim them regularly and wash hands for at least 20 seconds and then moisturize them, This will make the chance of diseases slimmer and can prevent any kind of viruses. KAI India nail clipper comes with unique features like 100 per cent stainless steel, nail filer, grime remover, nail tray and non-chromium coating making them safe and most effective for maintaining proper nail hygiene.
Here are some of the more ways through which we can keep our nail hygiene intact, thereby protecting it from the damage to nails:
* Stay away from chewing fingernails: It has the potential of damaging the nail bed as a minor cut can cause infection. Moreover, when we bite our nails, germs enter our mouths directly.
* Be gentle towards hangnails: Never pull off your hangnails. Rather, be gentle towards them and carefully clip them off. Stop using those products which are harsh on nails. Always go for acetone-free products.
* Go for a regular nail checkup: If you have a persistent nail problem, consult a doctor or dermatologist for an evaluation.
* Do not share: Try not to share your nail clipper, as they contain germs. Wash the nail clipper with lukewarm water and wipe with a soft cloth. (IANS/ MBI)
Keywords: Nails, hygiene, covid, clipper, products, infections
Gambling has always been one of the most popular sports among people. It is not limited to one group of people, the sport doesn't require the players to have any qualifications besides being a certain age and above depending on the country, men, women, young, old, wherever you come from, whoever you are, we're all equal as players on a casino table. Many casinos now have online sites for their players to enjoy the games at their comfort and leisure.
Online Casino games have become one of the best ways for people to spend their free time. Especially during the pandemic when the world was put under lockdown casinos shifted online and the punters have enjoyed the same entertainment and excitement sitting at their homes. Online gambling games are becoming increasingly popular in the 21st century because this generation prefers to spend time indoors with their online friends. This has inevitably led to the creation of thousands of games to fulfil the rising demand of millions of online players.
Follow NewsGram on Instagram to keep yourself updated.
So, what is the reason why Online Casino Games are so popular?
Online Gambling platforms offer hundreds of casino games for the player to choose from that too from some of the best providers in the industry. They provide you with a range of games like baccarat, blackjack, slots, poker and many more. Being online also means that a player can go straight into the game without having to wait for their turn. One can freely enjoy the experience of an actual casino without getting out of their house.
Online Gambling platforms offer hundreds of casino gamesPixabay
Online gaming platforms understand the doubts of their player regarding making online transactions of money as their afraid of their data being stolen. Thus, to build a trusting relationship with their customers, most platforms make sure that they are secured with encryptions and firewalls to prevent loss of data. To name one BetRivers is one of the platforms which safe and easy to use.
In a land-based casino if run into some problem or need assistance from your host you'll need to stop playing, reach out to the information desk, convey your problem and wait until someone comes to solve your problem which is not the case for online gaming platforms. On just one tap customer service is available 24/7 for their players on online platforms.
Covers a large area
Again, in a land-based casino, a player must go to the building themselves. Some casinos may only have one building while some have their branches in different cities and countries. But online casinos invite players from numerous countries from wherever they are to play the games at their comfort. BetRivers online casinos are available for players from different countries from Pennsylvania, Indiana, Colorado, Illinois, Michigan, Virginia and more
Any person with a tablet, desktop, smartphone and internet connection can easily access the games and play online. Online casinos give the players to enjoy the games at any time and anywhere they like.
Chances of winning
If a player has zero chances of winning one can't call it gambling. Online casino games provide the player with several combinations of risk and rewards where they can lose the money or win the money put on the table. Players have to pay a minimal fee to get a chance to win, the higher the money you put on stakes the higher is the reward for winning. For example, a player can sometimes win an outrageous amount of money while playing slots and in games like blackjack which has the best odds of winning that has a low house edge one can for sure win some amount of money.
The majority of players play casino games to enjoy the adrenaline rush, have fun or simply just casually kill their free time. In today's world, online casinos have emerged as safe, secure, fun, and amazing platforms for player to access their games online and win some profit while playing.