The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Gold loan is currently the fastest-growing loan category (among the various types disbursed to individuals). On February 26, 2021, the outstanding loan against gold jewellery stood at Rs 56,596 crore. By February 25, 2022, it had risen to Rs 71,408 crore, a year-on-year growth of 26.2 per cent, according to the Reserve Bank of India's (RBI's) data. Several factors are driving the demand for gold loans.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
As these forms are quite elaborate, their early notification will give assessees more time to get the documentation and paperwork ready, and hence make complete disclosures while filing their returns.
'Tenants who pay rent above the threshold limit must be extra cautious about TDS fillings.'
Multi-asset funds offer exposure to gold, which tends to do well in times of geopolitical tensions and inflationary pressures, suggests Sanjay Kumar Singh.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
Treat silver as part of the procyclical or growth assets in your portfolio, advises Sanjay Kumar Singh.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Those who have crossed 50 must show the greatest urgency. They need to achieve a corpus that can sustain them and their spouses for at least 25-30 years after retirement.
Make sure that the waiting period on pre-existing diseases does not exceed two years. Avoid policies that come with room rent and ICU capping, suggests Sanjay Kumar Singh.
'Stick to FDs of shorter tenures, preferably one-two years.'
Exposure to debt funds and gold is essential even if current returns from these asset classes are low, suggests Sanjay Kumar Singh.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
With the wedding season already in full swing, a few things to keep in minutes financially when tying the knot, advises Bindisha Sarang.
While the likely intensity of the third wave is still a matter of debate, wisdom lies in being financially prepared for it, advises Bindisha Sarang.
If your total EMI payments exceed 35-40 per cent of your monthly income, use these strategies to avoid a Squid Game like debt trap, suggests Bindisha Sarang.
HNI investors need an optimal mix of oversubscription and listing-day gain to make money on leveraged bets, notes Sanjay Kumar Singh.
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