Author name: Varsha

assessment year and financial year

Assessment Year and Financial Year in India: Difference btw AY & FY 2021

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Assessment Year and Financial Year: We cannot afford to make mistakes while filing the Income Tax Returns. Therefore it is important for one to file the ITR with utmost care because even a small mistake in ITR might lead the person to pay a penalty or fine. However, it’s quite common we get confused with terms such as assessment year, financial year, or previous year while filing the Income Tax Returns and end up making mistakes. And that is the reason, we have to cross-verify when we come across these confusing terms before filing the ITR. So to help you understand the term Assessment Year (AY) and Financial Year (FY), here is a detailed article where the AY & FY  2020-21 ITR terms are explained in detail. Read on to find out.

Difference Between Financial Year & Assessment Year

Before getting into the differences between financial and assessment year, let’s first understand what is Financial Year & Assessment Year:

What is Financial Year 2020-21?

The financial year is the year in which you received or earned the income. Financial Year begins on 1st April 1st of each calendar year and ends on 31st March of the subsequent calendar year. The word “financial year” is often abbreviated as “F.Y.” Financial year is otherwise called Fiscal Year.

Any taxpayer must estimate and plan taxes for the current fiscal year, but the income tax return must be filed the preceding year or Assessment Year.

Example: The income you earned from 1st April 2020 to 31st March 2021 is the income that you have earned in the financial year (FY) 2020-21.

What is Assessment Year 2020-21?

The assessment year commences from 1st April and ends on 31st March of the preceding calendar year. Assessment year is the year in which the income earned by you in a particular financial year is taxed. Any individual will have to file their income tax return to the suitable assessment year. The assessment year is the year that immediately follows the fiscal year and usually abbreviated as “A.Y.”

Example: The income you earned in the financial year (FY) 2020-21 is taxable in the year Assessment year (AY) 2021-22. (1st April 2021 to 31st March 2020).

What is the Previous Year 2020-21?

Another important term that you may come across while filing the ITR is the previous year. The assessment year, as previously stated, is where your income is assessed and taxed. This evaluation and tax assessment are based on your income from the previous year, also known as the fiscal year. Thus Previous year is nothing but the financial year.

Assessment Year and Financial Year For Recent Years

To help you understand the differences between Assessment Year and Financial Year, we’ve compiled a list of AY and FY for recent years. Going through the table will help you surmise the AY and FY in detail.

Period Previous Year Financial Year
Assessment Year
1st April 2020 to 31st March 2021 2020-21 2020-21 2021-22
1st April 2019 to 31st March 2020 2019-20 2019-20 2020-21
1st April 2018 to 31st March 2019 2018-19 2018-19 2019-20
1st April 2017 to 31st March 2019 2017-18 2017-18 2018-19
1st April 2016 to 31st March 2017 2016-17 2016-17 2017-18

Important Things To Keep In Mind While Filing ITR – AY & FY 2021

While filing the ITR, one will have to carefully understand the terms what is AY & FY and fill accordingly. Some of the important fields which one will have to keep in mind while filing an ITR are given below:

  1. One should first understand the term AY and FY are completely two different things before filing and ITR.
  2. The term Assessment Year (AY) will always be used on ITR forms and thus it important for individuals to not confuse with FY.
  3. Taxpayers referring to the documents in ITR forms such as Form 16A, Form 26AS, capital gains statement, TDS must all be for the fiscal year.
  4. The income tax for any financial year will be assessed only when the financial or fiscal year comes to an end.

Assessment Year & Financial Year Example

Let us understand the difference between Assessment Year (AY) and Financial Year (FY) with an example.

Consider, Mr. Kumar wants to file the ITR forms for the financial year 2020-2021. Then the assessment year for which the ITR will be filed by Kumar will be AY 2021-2022. So, here the ITR form will be used for Kumar’s income tax return for the income earned between 1st April 2020 to 31st March 2021 which falls under the Financial Year FY 2020-21 or AY 2021-22.

FAQs on Assessment Year & Financial Year

The frequently asked questions on Assessment and Financial Year (AY & FY) are given below:

Q. What is the assessment year for the financial year 2018-19?
A. The assessment year for the financial or fiscal year of 2018-19 is 2019-2020.

Q. What is the period of the assessment year?
A. The period of the assessment year commences from 1st April 2021 of any calendar year and ends on 31st March of the preceding calendar year.

Q. Is the assessment year and financial year the same?
A. No, the assessment year and financial year are two different things. FY is the fiscal year in which you earn an income for tax purposes. AY is the year following the fiscal year in which you must evaluate and pay taxes on the previous year’s income.

Q. When can I file my ITR for AY 2020-21?
A. You can file the ITR for AY 2020-21 since the financial year of 2019-20 was concluded on 31st March 2020.

Now that you are provided with all the necessary information on the difference between assessment year and financial year and we hope this detailed article is helpful to you. If you have any queries on AY or FY, ping us through the comment box below and we will get back to you as soon as possible.

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rakesh jhunjhunwala

Rakesh Jhunjhunwala: Portfolio, Story, Family, Tips, Company

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Rakesh Jhunjhunwala is a business magnate from India. Rakesh Jhunjhunwala is also known as Midas (power of turning everything he touches to gold) businessman and often referred to as India’s Warren Buffet, the Big Bull, the Pied Piper of the Indian stock market, and so on. By profession, he is a chartered accountant and a trader. Though Jhunjhunwala hails from the middle-class Marwari family, he is the 48th richest man in the world, according to Forbes’ Rich List and he has a $4.3 billion net worth. So now the question is “How did Rakesh Jhunjhunwala make this money?” To answer you with this, here is a detailed article on Rakesh Jhunjhunwala’s portfolio and what investment principles he followed to become the big bull of the Indian stock market?

Who Is Rakesh Jhunjhunwala?

Rakesh Jhunjhunwala is an Indian business magnate who was born on 5th July 1960 in Hyderabad, Telangana. However later his family was shifted to Maharashtra. Rakesh was raised in a Marwadi family in Bombay, where his father served as the Commissioner of Income Tax, Bombay. Jhunjhunwala completed his degree from the Institute of Chartered Accountants of India, but after earning his degree, he decided to dive into the Dalal street headfirst.

Currently, Jhunjhunwala is the chairman of Hungama Media and Aptech, as well as a board member of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services. As a partner in his wealth management company, Rare Enterprises, he manages his own portfolio.

Rakesh Jhunjhunwala Story

When Jhunjhunwala was in college, he began dabbling in the stock market.  Jhunjhunwala began with a capital investment of Rs 5,000 in 1985. The capital had grown to Rs 11,000 crore by September 2018.

After hearing his father’s discussion about the stock market with his colleagues, Jhunjhunwala developed with an investment in the stock market. Jhunjhunwala quoted that his father advised him to glance at the newspaper on daily basis to check the stock market fluctuations and all the news related to the same. Though Jhunjhunwala’s father encouraged him to indulge in the stock market, he refused to lend money and asked not to borrow money from his friends.

However, Jhunjhunwala was a risk taker from the outset and this made him borrow money from his brother’s clients with the promise of returning the money with better returns than bank fixed deposits.

In 1986, he made his first significant profit when he purchased 5,000 shares of Tata Tea for Rs 43, and the stock grew to Rs 143 in three months. He made a return of more than three times his investment. He made between 20 and 25 lakh within three years.

Also, Jhunjhunwala has made many profitable investments in companies such as Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC over the years.

Rakesh Jhunjhunwala Principles

 Jhunjhunwala principles of investing are given below:

  1. Addressable opportunity
  2. Competitive ability
  3. Operating leverage and scalability, and
  4. The integrity of the management

Rakesh Jhunjhunwalas Top 10 Trading & Investments Commandments

The top 10 trading and investment commandments by Rakesh Jhunjhunwala are given below:

  • Rakesh Jhunjhunwalas Top 10 Trading Commandments
    Source: Twitter
  • Rakesh Jhunjhunwalas Top 10 Investments Commandments
    Source: Twitter

Rakesh Jhunjhunwala Family

Rakesh Jhunjhunwala was married to a stock market investor Rekha Jhunjhunwala in February 1987. The couple has three children: Nishtha, a daughter, and Aryaman and Aryavir, twin sons.

Rakesh Jhunjhunwala Family
Rakesh Jhunjhunwala Family

Rakesh Jhunjhunwala Investments or Company

RARE Enterprises, a privately held stock trading company, is managed by Jhunjhunwala. However few list of companies in which Jhunjhunwala has invested are given below:

  1. Titan
  2. CRISIL
  3. Aurobindo Pharma
  4. Praj Industries
  5. NCC
  6. Aptech Limited
  7. Ion Exchange,
  8. MCX
  9. Fortis Healthcare
  10. Lupin
  11. VIP Industries
  12. Geojit Financial Services
  13. Rallis India
  14. Jubilant Life Sciences and much more.

Rakesh Jhunjhunwala Scam

One of India’s biggest financial disasters was in the 1992 Financial & Securities Scam. As a member of the bear cartel, Rakesh Jhunjhunwala made a lot of money shorting stocks during the Harshad Mehta period.

Developed cartels dominated the market in the 1990s. Manu Manek, also known as the Black Cobra, was the leader of one such bear cartel. Radha Krishan Damani, Rakesh Jhunjhunwala, Ajay Kayan, and others were among his supporters. The Black Cobra cartel and Harshad Mehta fought a bloody war in the 1990s. Harshad Mehta was primarily a Bull who believed in the Market’s bullish logic.

Famous Rakesh Jhunjhunwala Quotes

Few famous quotes quoted by Rakesh Jhunjhunwala are given below:

You do not succeed without obsession

Rakesh Jhunjhunwala

Markets are like women — always commanding, mysterious, unpredictable and volatile

Rakesh Jhunjhunwala

Growth comes out of chaos

Rakesh Jhunjhunwala

Build a fighting spirit — take the bad with the good

Rakesh Jhunjhunwala

 Prepare for losses. Losses are part and parcel of stock market investor life

Rakesh Jhunjhunwala

Always go against tide. Buy when others are selling and sell when others are buying

Rakesh Jhunjhunwala

When opportunities come, they can come through technology, marketing, brands, value protections, capital, etc. You need to be able to spot those

Rakesh Jhunjhunwala

See the world as it is, rather than what you would like it to be

Rakesh Jhunjhunwala

The prettiest part of the stock is that it has to be cheap – the entry point

Rakesh Jhunjhunwala

Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it

Rakesh Jhunjhunwala

FAQs on Rakesh Jhunjhunwala

The frequently asked questions on Rakesh Jhunjhunwala are given below:

Q1. Who is the king of share market in India?
A. Rakesh Jhunjhunwala is known as the king of the share market in India.

Q2. What is the qualification of Rakesh Jhunjhunwala?
A. Jhunjhunwala has completed Chartered Accountant from the Institute of Chartered Accountants of India.

Q3. Where does the Rakesh Jhunjhunwala house locate?
A. Jhunjhunwala’s house is located in South Mumbai, India.

Q4. What is the Rakesh Jhunjhunwala net worth?
A. The net worth of Jhunjhunwala amounts to be 440 crores USD.

Q5. What are the Rakesh Jhunjhunwala stocks?
A. Rakesh Jhunjhunwala owns 37 stocks that have a net worth of Rs. 17,971.4 crore.

We hope this detailed article on Rakesh Jhunjhunwala is helpful. Feel free to share your feedback about this article in the comment box below.

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What Does Bade Ache Lagte Hain Say About Money?

What Does Bade Ache Lagte Hain Say About Money?

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Bade Ache Lagte Hain was a TV serial that aired on Sony TV from the period of 2011 to 2014. The TV show was designed by Ekta Kapoor and produced by her production company, Balaji Telefilms. TV serial Bade Ache Lagte Hain was so famous that it became a huge part of every Indian family that any person can narrate the story.

Thus, when we hear about the TV serial name Bade Ache Lagte Hain, we typically think that “Ram is a business magnate who was compelled to marry a middle-class woman, Priya. They later fall in love, and have overcome many challenges in order to remain together“. However, have you ever wondered what does the TV serial tells about money and how people are lured for it?

Bade Ache Lagte Hain Story In Short

First, let’s glance to through the complete story of Bade Ache Lagte Hain.

Bade Ache Lagte Hain revolves around Ram and Priya, two strangers who marry and fall in love. Ram and Priya are both over the age of marriage. Ram is in his forties, while Priya is in her thirties.

Basically, Priya is a sweet young lady who teaches TOEFL to college students. Aisha, her younger sister, is an aspiring model whereas Karthik, younger brother of Priya is a very pleasant guy. Priya’s belongs to a middle-class family and has a lot to do with money.

Coming to Ram is a successful businessman. His stepmother, stepbrother, and two stepsisters live with him. He spends all of his money on his family’s happiness, but his stepmother only uses him because of her own convenience, and he lacks maternal affection. He is a pudgy man in his forties who is single. He’s given up on marriage, but his best friend-turned-business associate is certain that if he looks hard enough, he’ll find the right person to get married.

Though the whole story revolves around the above-mentioned context, it has a lot to say about money. If we take a deep dig, every part of the serial conveys about money and its importance to keep someone happier.

Bade Ache Lagte Hain Story Says Money Brings Loneliness

Ram Kapoor is a very rich and wealthy man. The cast shows that the Ram has the capability to buy a failing business in order to obtain the company’s airplane in the first episode. Ram also can buy everything he can for his stepfamily with the money he has.

Though he has enough money, he is a very lonely person. Even so, Ram buys everything and makes his stepfamily comfortable, he needs some maternal love from his stepmother. But he always ends with loneliness. This shows no family member has been connected to him emotionally and everyone in the family is just showing artificial feelings to Ram to get things done with his money.

Bade Ache Lagte Hain Tells Money Cannot Buy Happiness

Natasha, Ram’s sister, has it all: she comes from a wealthy family and is a talented designer. But, when her boyfriend, Karthik (Priya’s brother), refuses to meet her, she slits her hand and is brought to the hospital. Most people think that Natasha is stubborn, has madness or petulance, but money couldn’t make her boyfriend fall in love with her. Here the cast conveys, that money couldn’t buy happiness or love which Natasha was looking for.

Bade Ache Lagte Hain Revels Money Makes Man Greedy

Because of the raise and promotion, an employee of who was already married decides to marry Priya. He seems to be the ideal man, allowing Priya to retain her identity. However Ram founds out at the right time he is cheating on Priya. This shows how greedy a person can be for the sake of money. 

Bade Ache Lagte Hain Says Money Cannot Help Jealousness

Can you remember episode 162, in which Ram is jealous of Priya’s entire party being devoted to praising Actor Ronit Roy and his health, thus inevitably mocking Ram?. This makes Ram jealous and his money couldn’t help him overcome this. However, this part of the serial conveys that no matter how much money you have, you will get jealous when you have low self-esteem.

Bade Ache Lagte Hain Says 20+ Is Ready To Marry 40+

Nowadays young girls are ready to marry any person who haves money. This context has been explained in various parts of the serial and we have provided few examples taken from the Bade Ache Lagte Hain serial.

  1. Since Ram is a wealthy guy, even 20-year-old girls are willing to marry a 40-year-old, fat Ram. Young girls believe that marrying a rich man will get them all the luxurious and branded life.
  2. Can you remember Priya’s conversation with her students about the magazine with Ram on the front cover, and how Priya is tempted to pick up the magazine? In that episode, all the young girls praise Ram just because he is rich.
  3. Also in the other episode, Ram meets a model girl at the behest of his best friend. The model initially tries to impress the Ram but when Ram tells her he doesn’t really have any money, the model ignores and decides to leave.
  4. In the other episode of the serial, even Aisha, Priya’s younger sister, decides to marry Ram because she believes that buying a branded purse brings her more joy than talking about sunrise and sunset with a middle-class husband.

Bade Achhe Lagte Hain Story After Leap – Struggle of Money

Now the show has taken 5 years leap. Due to some misunderstandings, Priya leaves Ram and spends five years in Dubai, where she gives birth to Ram’s daughter Pihu. This part of the story shows how Priya as a single parent struggles for money to fulfill her daughter’s needs.

We hope this article on “what does the Sony TV serial Bade Ache Lagte Hain tells about money” is helpful to you. The objective of this post is to feature the money point of view which the serial was trying to convey and not to hurt anyone. If you find this article was helpful to you, then do drop your feedback in the comment box below.

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Zerodha coin

Zerodha Coin | Mutual Fund Investment Platform, Login, Charges, Review

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Zerodha Coin was introduced by the officials of Zerodha which is an online platform that enables users to buy Mutual funds directly. As it is known that any individual will be able to buy the mutual funds in any of the two ways either via a distributor or directly from AMC (asset management company). When you buy mutual funds with the help of a distributor, then you will have to pay some commission to the distributor. But when you are buying mutual funds through the AMC website, you don’t have to pay any commission but however, you will have to direct to multiple AMC websites to manage your account. To help you overcome this, the officials of Zerodha have introduced the Zerodha coin.

What is Zerodha Coin?

Zerodha Coin is an online platform that is managed by the officials of Zerodha. Zerodha coin helps you to buy direct mutual funds without any commission from AMC companies. Zerodha coin can be either accessed through the web or mobile application. And any investor enrolled for Zerodha coin will be able to invest across 3k+ mutual funds platforms.

Zerodha Coin Charges

Initially, any user making use of the Zerodha platform had to pay Rs.600 which is now cancelled. So that now, any user can access the Zerodha Coin for free of cost.

Description Zerodha Coin Charges
Zerodha Coin Account Opening Fees Free
Zerodha Coin AMC Fees Free
Zerodha Coin Brokerage Free
Zerodha Coin Commission Free
Zerodha Coin DP Charges Free
Other Charges No hidden charges, thus it’s free.

Zerodha Coin Benefits & Features

The features and benefits of the Zerodha coin are discussed below:

  1. The platform can be accessed by anyone for free cost.
  2. There are no commissions charged on direct mutual fund investments made using this platform.
  3. You can invest in up to 3000+ mutual funds from one platform.
  4. Direct Mutual Funds will be DEMAT from a single portfolio that includes stock, mutual fund, and fund investments.
  5. With the help of a single dashboard, you can manage all of your mutual funds in one window.
  6. Profit and loss statement and capital gain statement are combined into a single document.
  7. Easy SIP is a type of SIP service. You can start, stop, and change SIP at any moment with Easy SIP.
  8. Similar to the stock market, you can follow orders and see NAV online. You can buy and redeem funds based on NAV by placing an order.
  9. Using the mobile app, you may create, pause, and modify your SIP at any time.
  10. This platform also offers a portfolio tracking view where you can manage your portfolio.

Zerodha Coin

How To Open Zerodha Coin Account?

If you already have a Zerodha account, then you don’t have to create a separate account in order to open a Zerodha Coin account.  You can just log in to the Zerodha coin account with the help of Zerodha credentials.

How To Buy Mutual Funds In Zerodha Coin?

In order to buy Zerodha Coin, one will have to create an account in Zerodha. Once the account is created, follow the steps listed below to buy the Zerodha Coin online.

  • Step 1: Visit the official web page of Zerodha Coin or Click Here.
  • Step 2: On the homepage, click on the “Login” button.
  • Step 3: Log in with the help of your Zerodha credentials.
  • Step 4: Now in the “Search” tab, just type the fund name which you are looking for.
  • Step 5: As soon as the fund appears, click on the “Buy Direct” option.
  • Step 6: Now you will be redirected to a new window.
  • Step 7: Here enter the amount you would like to invest.
  • Step 8: Click on the “Buy” button.
  • Step 9: Additionally if you want to create a SIP, click on the “Direct SIP” button.
  • Step 10: Enter the “SIP” details and your work is done.

How To Transfer Mutual Funds To Zerodha Coin Account?

Any individual will be able to transfer their regular mutual funds to Zerodha coin easily, even if you have invested your funds in DEMAT or Non-DEMAT form. The steps to transfer the mutual funds to the Zerodha Coin by DEMAT or Non-DEMAT form are given below:

Mutual Funds Transfer: Regular Fund in DEMAT Form

Transferring regular funds from the DEMAT account to Zerodha coin is very simple. All you have to do is just fill out the Delivery Instruction Slip (DIS) which will be available in your stockbroker. While filling the DIS form, you will have to enter the details such as Zerodha DP ID, Mutual Fund units, and other fund details. Once you submit the DIS form, the funds will be transferred within 24 hours.

Mutual Funds Transfer: Regular Fund in Non-DEMAT Form 

If your mutual funds are not in DEMAT form, then the process is a bit difficult. One will have to fill out the de-materialization form. The DRF (Dematerialization Form) can be downloaded from the Zerodha website. Two copies of this form must be filled out and submitted, together with a self-attested PAN copy and a self-attested mutual fund copy. When you submit this form to Zerodha’s headquarters, the De-materialization process begins. For the conversion of this account, you must pay a minimal fee of Rs.150 plus courier charges.

Zerodha Coin Review: Is Zerodha Coin Good?

As of now, we have only 2 methods to buy Zerodha Coin i.e., either through distributor or AMC. Buying through a distributor will cost some commission and buying through AMC portals is time-consuming, since we need to create a different portfolio.

Thus choosing Zerodha Coin is really helpful, since it helps to manage all the portfolios in one place. And making investments in mutual funds is very simple using the Zerodha coin. Also one doesn’t need to pay any money to buy mutual funds using Zerodha Coin. However, there are some drawbacks which one should note if he/she uses Zerodha coin and they are:

However, you should accept the foregoing flaws and make use of this platform. This platform provides a great deal of flexibility and saves time when it comes to paperwork.

If you are already using Zerodha Coin, share your experience and review about Zerodha Coin in the comment box below.

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PM Cares Fund

PM Cares Fund | 80G Tax Deduction, Covid 19, Chief Minister Relief Fund

Leave a Comment / Income Tax / By /

PM CARES Fund 80G: The full form of the PM CARES fund is “Prime Minister’s Citizen Assistance and Relief in Emergency Situations“. PM CARES fund was established on 28th March 2020 and the main objective of this initiative is to deal with economic and health distress caused by the COVID-19. Any individuals or organizations can donate any amount of money to these PM CARES funds and all the funds collected through PM CARES will be used to help the people who are affected with COVID-19.

And to encourage people to donate for PM CARES, the officials of the Income Tax Act have been amended to enable contributions to be tax-deductible under Section 80G. This means that if he/she contributes some amount of money to PM CARES fund, then he/she can claim the tax deduction by submitting the PM CARES fund 80G Certificate of Receipt. In this article, let’s understand how to make donations to PM CARES fund and avail tax exemption. Read on to find more. Know About Income Tax Challan 280

PM Cares Fund Section 80G Tax Deductions

The key points which one will have to keep in mind before making a donation to PM CARES Funds are given below:

  1. All the contributions which are made to PM care funds will be treated similarly to that of contributions made to PMNRF i.e., Prime Minister’s National Relief Fund.
  2. Under Section 80G of the Income Tax Act of 1961, If an individual or organization makes donations to the PM CARES fund, then they will be eligible for 100% tax exemption.
  3. Also one must note that there would be no upper limit on the number of tax deductions available under Section 80G for contributions made to this Fund.
  4. Under the Companies Act of 2013, Donations made to PM CARES fund would be counted as expenses spent for Corporate Social Responsibility (CSR).
  5. Donations that are made by individuals from foreign countries will also be exempted from income tax. If any individual or organization based in foreign wants to avail the tax exemption, then they will have to donate under Foreign Contribution Regulation Act (FCRA).

What is Section 80G of the Income Tax Act?

Any individual or organization can avail of the tax benefits by simply making contributions to fund, trusts, and charitable organizations are discussed in Section 80G of the Income Tax Act. It is to be noted that, an individual will be eligible to claim the tax deductions based on the trust, funds or charity to which he/she donated. However, if an individual makes contributions to some government funds will be eligible for a 100 percent tax deduction. But when it comes to monetary donations to some NGOs then he/she can claim only a 50 percent tax deduction.

In addition to this, under Income Tax Act, section 80G, there is an upper limit of tax deduction. The upper limit resembles 10% of your overall gross income. This means that any individual will not able to claim the tax deduction after reaching the certain limit as mentioned above. However one can claim 100% of tax deductions without any upper limit when he/she contributes to PM CARES funds.

How To Contribute for PM CARES Fund Under Section 80G?

The step by step procedure to contribute to the PM CARES fund has been explained in detail below:

  • Step 1: Visit the official website of PM CARES Funds.
  • Step 2: Now on the homepage, click on the tab “Donate“.
  • Step 3: From the drop-down menu, select the Donation Type you are doing.
  • Step 4: Now a new page will open. Enter all the necessary details.
  • Step 5: Click on the button “Review & Generate OTP“.

PM CARES Fund

  • Step 6: Validate the OTP. Enter the payment method and process your payments.
  • Step 7: The acknowledgment page will be displayed on the screen. Take the screenshot for further reference.

PM CARES Fund 80G Certificate or Receipt

To claim the income tax deductions, one will have to submit the necessary proofs. So to claim the deduction under Section 80G of the income tax act, one will have to submit the PM CARES fund 80G receipt. However, if any individual has missed submitting the receipt, then he/she can download the PM CARES donation receipt from the official website by following the steps listed below:

  1. Visit the official website pmindia.gov.in.
  2. Now click on “Donation” and select the “Donation Type” you have made.
  3. A new page will open. Here click on the tab “Print Receipt“.
  4. Select the medium through which you have donated the funds to PM CARES.
  5. Based on the medium selected a new page will open.
  6. Enter your mobile number and Bank reference number.
  7. Click on the “GET OTP” button.
  8. Validate the OTP and you can simply download the receipt.

How To Claim Tax Deduction Under Section 80G by Donating To PM CARES Fund?

The officials of the income tax government have approved a 100 percent tax deduction for contributions to the PM CARES Fund under section 80G of the Income Tax Act. All the taxpayers can claim the deduction for the fiscal year 2019-20, if contributions are made between April 1, 2020, and June 30, 2020. However, any individual will be able to avail of the tax deduction only once by donating. For example, if you have claimed the income tax deduction in the financial year of 2019-20, then he/she is not eligible to claim tax deductions for the next financial year that is for the fiscal year 2020-21.

PM Cares

FAQ’s on PM CARES Fund 80G Details

The frequently asked questions on PM CARES Fund 80G are given below:

Question 1.
How can I get an 80G certificate from the PM Cares fund?

Answer:
Any individual will be able to download the 80G certificate or receipt either from the official websites of the PM CARES fund or also can get the receipt by sending an email to pmnrf@gov.in with your details and the donation transaction details.

Question 2.
How many deductions are allowed for donation to Prime Minister Relief Fund?

Answer:
Any individual making a donation to the PM CARES fund can avail of 100% tax deductions without any upper limit.

Question 3.
Is PM cares eligible for 80G?

Answer:
Yes, all contributions made to PM CARES are eligible for Section 80G under Income Tax Act.

Question 4.
Contributions made to PM CARES can be refunded?

Answer:
No, once the contributions are processed, they cannot be canceled or refunded.

Question 5.
How much is the 80G exemption?

Answer:
100% tax exemptions are provided to the individuals who donate to the PM CARES fund. For example, If an individual with an annual income of Rs 10 lakh donates Rs 2 lakh to the PM CARES Fund, the entire donation is tax-deductible under Section 80G, and the taxable income is reduced to Rs 8 lakh.

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Reliance My Gold Plan

Reliance My Gold Plan | Know About Reliance Gold Saving Scheme

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Reliance My Gold Plan: RMGP which is also known as Reliance my gold plan is a monthly savings plan that allows investors to acquire gold in 20 installments over the course of a month for as little as 50Rs each day. This Reliance My Gold Plan is such a unique product that allows you to build a gold SIP on a daily basis and redeem it for a 24k gold coin or jewelry. Though it seems to be a better solution to invest in gold, one must also know the disadvantages which are discussed in detail below. Read on to find out more about reliance gold policy, reliance gold saving.

What is Reliance My Gold Plan?

Reliance Money Precious Metals Pvt Ltd, a Reliance Capital firm, and the World Gold Council have together initiated the Reliance My Gold Plan (RGMP). For any investor who cannot stay away from gold as an investment, one alternative is to look into the Reliance My Gold Plan, a gold plan that allows you to invest in gold in a methodical manner. This RGMP scheme allows the investor to buy the gold scheme in 20 installments over the course of a month for a specified period of time.

How The Reliance My Gold Saving Plan Works?

Reliance golden year plan login can be purchased for a period of one to fifteen years. The plan allows you to pay monthly, and gold prices from the previous 20 business days are averaged and gold is purchased accordingly. The gold gram given will be 24 carat gold with a purity of 995 and will be rounded to the nearest four decimal points.

When you’ve accumulated enough, you can convert it to Gold Grams of 24 Carat Gold with a purity of 995.  i.e., after paying the making charges and VAT, reliance my gold plan redemption process is possible in the form of a 24K gold coin or jewelry at particular stores and is available as reliance my gold plan redemption form pdf. RMGP competes with jewelers’ Gold Savings Schemes (GSS). Under the system, you can also buy jewelry from empanelled jewelers.

My Gold Plan Reliance Scheme – Overview

Reliance my gold plan

Who Can Buy The Reliance My Gold Plan?

The following people are eligible to but the RMGP scheme:

  1. Indian Resident
  2. Non-Indian Residents -NRI
  3. Minors (where parents / lawful guardians are applying on behalf of Minors), and
  4. Hindu Undivided Family (“HUF”)

Note: One will have to declare the nominee while buying the Reliance My Gold Plan.

How To Buy My Reliance Gold Plan?

One will have to fill out the application process in order to buy the My Reliance Gold Plan. For an application form of Reliance My Gold Plan, one must visit the nearest RMPM Collecting Centres. At RMPM collecting centers, he/she required to provide a fully completed and signed application form, as well as valid approved KYC proof that has been self-attested and the initial payment. The customer must present valid proof of identity and proof of address to satisfy R-KYC MGP’s standards. For the proof of identity and address, the individual can submit any of the following:

  1. Photo Identity Proof such as Aadhaar card, Passport, Driving License, etc.,
  2. Address Identity Proof: Any proof of identity which was Government/Regulatory/Statutory Authorities issue identity cards/documents with addresses.

Gold Saving Scheme

Advantages of Reliance My Gold Plan

The advantages of my Reliance My Gold Plan are discussed below:

  • Surprisingly, you may start with as little as Rs 1000 and work your way up in multiples of 100.
  • It permits systematic gold accumulation by splitting subscriptions into 20 daily purchases, removing the risk of market timing.
  • After paying the making charges and VAT, the customer’s account is credited with 24K gold of 995 fineness up to four decimals of grams.
  • The RMGP gold is housed at Lemuire Secure Logistics Pvt Ltd, and the security trustee is IDBI Trusteeship Services Ltd.

Disadvantages of Reliance My Gold Plan

  • Gold prices are greater than those supplied by other monthly jewel schemes
  • The plan can be purchased for a period of one to fifteen years. There is a six-month lock-in period after which you can claim gold in the form of coins or jewelry, but there are 2.5 percent early termination fees.
  • There will be 1.5 percent administration charges as a mark-up on the daily gold price.
  • It does not provide gold trading. At the end of the semester, you must take physical delivery.
  • There is no way to get your money back in cash. If you do not take delivery of gold within six months of maturity or the receipt of a fulfillment voucher, you will be charged a 0.5 percent safekeeping fee.

FAQ’s on Reliance My Gold Plan

Question 1.
Can I buy gold jewelry online on EMI through Reliance My Gold Plan?

Answer:
No, you cannot buy gold jewelry online. Through Reliance My Gold Plan Online, you can only choose among jewelers who have been equipped by Reliance.

Question 2.
What is the Reliance my gold plan customer care number?

Answer:
The customers can reach out to the officials through the following toll-free number and email ID for inquiries.

  • Customer Care Reliance My Gold Plan Toll-Free Phone Number: 1800 200 2267
  • Email ID: customer.support@mygoldplan.co.in

Question 3.
What is the payment mode of Reliance My Gold Plan?

Answer:
Any individual who has enrolled for Reliance My Gold Plan can process the payments through Cheque / DD / Pay Order / ECS / Direct Debit.

Final Thoughts

There are no unique advantages to investing in the Reliance My Gold Plan.  Investors are generally dissatisfied with gold, and they are more interested in chasing stocks.  Thus we advise you to read the terms and conditions carefully before investing in Reliance My Gold Plan.

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Difference between pan, tan and tin number

Difference Between PAN, TAN, And TIN Number 2021

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Difference Between TAN and TIN PAN Number: PAN, TAN, and TIN are the common terms which any individual would come across while filing the Income Tax. The term PAN, TAN, and TIN sound more or less similar and this is the reason why most individuals end up confusing themselves. Thus it is important for one to know the meanings of these terms beforehand to simplify the tax filing process. To help you with that, here is a detailed article on what is the difference between TAN, PAN, and TIN. Read on to find out more.

What Is TIN, PAN, and TAN Number?

Before understanding the differences between PAN, TAN, and TIN Numbers, it is important to understand what exactly does the term PAN, TAN, and TIN mean.

What is PAN Number?

PAN Number Full Form: The full form of PAN number is Permanent Account Number. Permanent Account Number comes with a 10 digit alphanumeric unique code. PAN card is issued by the Income Tax Department of India and any taxpayer in India must have the PAN card. PAN card plays a vital role in tax payment, tax returns, tax arrears, and other financial transactions.

What is TAN Number?

TAN Number Full Form: The full form of the TAN number is Tax Deduction and Collection Account Number. TAN Number is a mandatory thing for a tax deduction and collection at source TDS/TCS.  TAN Number is allocated to the individuals by Income Tax departments officials which consists of a 10 digit alphanumeric code. The first four digits of code are alphabets, the next 5 digits will be numbers and the last digit ends with an alphabet.

What is TIN Number in India?

TIN Full Form: The full form of TIN number is Taxpayer Identification Number. The TIN number is issued by the officials of the Commercial Tax Department of their respective state government. The TIN number comes with 11 digits unique numeric number which is mandatory for an entity, traders, or dealers who are registered under VAT (Value Added Tax). Any business person who pays VAT should have a TIN Number, which helps the officials easy to track their payments under a single window.

What Is the Difference Between PAN, TIN, and TAN?

Now you are aware of the meaning of PAN, TAN, and TIN. Now let us understand the difference between PAN TAN and TIN number from the table below:

Description PAN Number TAN Number TIN Number
Who Issues The officials of the Income Tax Department The officials of the Income Tax Department The officials of the Commercial Tax Department of their Respective State Government
Type of the Code Number Consists of 10 digit alphanumeric unique code number Consists of a 10 digit alphanumeric unique code number Consists of 11 digits numeric code where the first 2 digits represent the state code
Code Number Specifications In PAN number, the first 5 digits are alphabets, the next 4 digits or numerical numbers, and an alphabet In TAN number, the first 4 digits are alphabets, followed by 5 numerical values and the last digit is the alphabet In TIN number, all the 11 digits are numerical values. The first 2 numerical values represent the state code
Objective PAN is a universal identification code for tracking income tax and financial transactions The primary purpose of TAN is to process the deduction and collection of taxes at one source TIN is mainly used to track VAT-related activities or payments at one single window
Who Should Have IT Each and every taxpayer or income tax assesse should have PAN Individuals or organizations who are responsible to deduct or collect the tax should have a TAN number Any dealer, trader, or businessman who is responsible for paying VAT should have a TIN number
Account Under Which Law PAN card issued under Section 139 A of the IT Act of 1961 TAN is issued under Section 203A of the Income Tax Act of 1961 Each state has its own act under which the TIN is applicable
Penalty Charges A person who fails to follow the rules will have to pay the penalty fee of Rs 10,000. A person who fails to follow the rules will have to pay the penalty fee of Rs 10,000. The penalty charge varies from state to state.
Application To Be Submitted Under Form No? For PAN Card application, individuals will have to submit Form 49A (Indians) or Form 49AA (Foreigners) For the TAN number application, one will have to fill Form 49B Form No varies from state to state and it is important for one to check with their state before filling the application form
Documents required to apply
  • Valid Photo ID Proof
  • Address ID Proof
  • Photographs in case of individuals
  • Date of Birth Proof
 No proofs are required. However, if you are filling online application form then you will have to submit the acknowledgment form signed
  • Proof of registration
  • PAN Card
  • ID proof of owner
No of Persons Can Own Only One Only One Only One
Application Charges
  • Costs Rs.107 if the address is located inside India
  • Costs Rs.989 if the address is outside India
 Costs Rs.55 plus service tax Cost varies from state to state

FAQs On PAN, TAN, and TIN Number

The frequently asked questions on PAN, TAN, and TIN Number are given below:

Q. How to get a TIN Number in India?
A. Any individual who wants a TIN number will have to signup and process the application in their respective state government VAT portal. Upon submitting the application form and necessary documents, the Commerical Tax department of the concerned state allocates the TIN number.

Q. What is the difference between TAN and PAN?
A. The primary purpose of TAN is related to deduct or collect the tax. Whereas PAN is used to track the income tax and other financial transaction details.

Q. What is PAN tax identification number?
A. PAN tax identification number is nothing but the 10 digits alphanumeric number printed on your PAN Card. The main objective of a PAN card is to track the financial transactions which carry taxable components.

Now that you are provided with all the necessary information about PAN, TAN, and TIN numbers and we hope this detailed article is helpful to you. Feel free to ping us through the comment section below if you have any queries about this article or in general about the difference between TAN and TIN, PAN number.

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Section 194J TDS on Fees for Professional or Technical Services | Check Limit Here

Section 194J TDS on Fees for Professional or Technical Services | Check Limit Here

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Section 194J TDS Professional Technical Fees: The deduction of tax at source, or TDS, has proven to be quite effective in collecting taxes in the country by focusing on the source of income. It also makes paying tax easier for taxpayers when it comes time to file their income tax returns. This is due to the fact that they receive credit for taxes deducted at the source. In this article, let’s learn everything about Section 194J of the Income Tax Act 2020-21.

What is Section 194J?

When certain payments are made to a specific resident, a person must deduct their Tax Deducted at Source (TDS) solely at the rate of 10%, according to the norms and regulations of Section 194J of the Income Tax Act, 1961.

Types of Payments Covered under Section 194J

The following are the types of payments to residents mentioned under this section:

Professional Cases

Professional fees or fees for technical services are one of the most important and common types of payments that a corporate entity makes. Fees paid to a lawyer, doctor, engineer, architect, chartered accountant, interior decorators, advertisements, and others are examples of professional fees.

  • It refers to the services provided by someone who works in the medical, architectural, legal, medical, or engineering fields. Accountancy, interior design, advertising, technical consulting, and any other profession recognised by the Board under Section 44AA are examples of additional services.
  • Film artists, business secretaries, and approved representatives are among the other services permitted under Section 44AA.
  • It also includes athletes, event managers, commentators, anchors, umpires and referees, coaches and trainers, physiotherapists, team physicians, and sports columnists.

Section 194J TDS on Fee for Technical Services

It refers to the consulting, technical, or managerial services provided by an individual. Assemblies, mining, and building are not considered technical services because the income earned falls under the recipient’s head salary.

Non-Compete Fees

For the purposes of Section 194J, non-compete fees refer to the amount paid in cash or in-kind in exchange for an agreement prohibiting the person from sharing any patent, licence, franchise, trademark, know-how, commercial or business rights, technique, or information that could be used elsewhere for manufacturing, processing, or any other provisional service.

Royalty

For the purposes of this section, royalty refers to payment in exchange for:

  • Transfer of ownership of a patent, an innovation, a secret formula, a model, a design, or a trademark.
  • Making use of an invention, a model, a patent, and so on.
  • Sharing any information pertaining to the usage of an invention, patent, formula, or another such item.
  • Equipment is used or has the right to be used for industrial, scientific, or commercial reasons.
  • Transfer of rights to literary works, scientific results, films, or video recordings for radio broadcasting, with no regard for their sale, display, or distribution.

Specific Cases

TDS deduction is also available under Section 194J in the following instances, as determined by the department’s case laws and circulars:

  • In hospitals, medical services are available.
  • Film artists charge advertising companies professional fees.
  • Amount paid to staff agencies and HR consultants.
  • The payments are made by organizations to share registrants.

Rate of TDS under Section 194J

The rate of TDS under Section 194J is tabulated below:

Payment Type Threshold limit Rate of tax
Fees for professional services Rs. 30,000 10%
Fees for technical services and payment to call centres Rs. 30,000 2%
Remuneration or fees to Director (other than 192) NIL 10%
Royalty Rs. 30,000 10%
Non-compete fees Rs. 30,000 10%

Threshold Limit for Deducting Tax Under Section 194J

If the payment is more than Rs. 30,000 during the year, the tax must be deducted. However, there is no limit for payments made to the director. No matter how small the amount, the tax must be deducted.

Who is Liable to Deduct Tax Under Section 194J?

With the following exceptions, everyone who makes a payment in the type of fees for professional or technical services is required to deduct tax at source:

  • In the event of a sole proprietor or a HUF, when the preceding financial year’s turnover was less than Rs. 1 crore.
  • In the event of an individual or a HUF operating on a business: If the preceding financial year’s turnover was less than Rs. 50 lakh.
  • To put it another way, all entities (excluding people and HUF who were not subject to a tax audit the previous year) must deduct tax.

Rate of Deduction of Tax Under Section 194J

  • TDS will be deducted at a rate of 10% on any payment made under this section.
  • The payment of fees for technical services will be subject to TDS at a rate of 2% from April 1, 2020.
  • With effect from April 1, 2017, the tax on payments made to call centre operators will be deducted at a reduced rate of 2%.
  • In the event that the payee fails to provide his PAN, a 20% deduction will be made.

Time of Deduction Under Section 194J

The tax should be deducted if making the actual payment of the expense or making such an entry in the account whichever comes first.

Time Limit for Payment of Tax Under Section 194J

The time limit for submitting TDS under the section must be followed as follows:

  • The deposit must be made on the same day as the TDS deduction under Section 194J is made by the government or on behalf of the government.
  • TDS can also be deposited within a week after the end of the month in which the tax deduction was made.
  • If the payment is made on the last day of the fiscal year, the TDS deposit must be made within two months of the end of the fiscal year in which the payment was made.
  • If the assessing officer approves, some unusual instances may be allowed to deduct TDS on a quarterly basis.
Non–Government deductor Government deductor
Payment made before 1st March 7th day from the end of the month 7th day from the end of the month
Payment made in the month of March April 30th Tax is paid on the date of payment to the payee, but the challan must be deposited by the 7th day following the month’s end.

Consequences of Non-Deduction or Late Deduction under Section 194J

One will have to face the consequences for not deducting the tax or deducting the tax late:
Disallowance of a portion of the expenditure: In the year in which the expenditure is claimed (added to the profit and loss account), 30% of the expenditure is disallowed; however, the 30% disallowed is re-allowed in the year in which the TDS is paid to the government.Interest charges till the date of payment: If the tax is not paid on time, interest must be paid to the government together with the TDS. The following formula is used to calculate the interest rate:

  • Where no tax deduction has been made, interest at 1% per month/part of the month shall be levied from the date on which such tax was required to be deducted until the date of actual deduction.
  • Where tax has been deducted but not paid to the government, From the date on which such tax was deducted until the date of payment to the government, interest at 1.5% per month/part of a month shall be charged.

FAQ’s on TDS on Professional or Technical Fees

Question 1.
Which section of the Income Tax Act enlists TDS on technical fees?

Answer:
Section 194J of the Income Tax Act enlists TDS on technical fees.

Question 2.
How is TDS on professional fees calculated?

Answer:
TDS on professional fees will be deducted at a rate of 10% under this section. TDS will be deducted at a rate of 20% if the income recipient does not provide his PAN to the deductor. There will be no surcharge, education cess, or SHEC added to the above-mentioned rates.

Question 3.
What is the maximum limit under Section 194J on TDS?

Answer:
The maximum limit under Section 194J is Rs.30,000, which applies to each item or payment separately.

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How To Close Car Loan: Pre-closure/Foreclosure Procedure (All Banks)

How To Close Car Loan: Pre-closure/Foreclosure Procedure (All Banks)

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How To Close Car Loan? There are many banks in India that offer Car loans to purchase new Cars as well as old Cars. Any individual who cannot afford money to purchase their desired Car can apply for Car loans offered by various banks in India to purchase the same. Banks such as SBI, HDFC, Kotak Mahindra, etc., offer Car loans to any individual who has a steady and stable income. 

Individuals who are applying for Car loan must compare the interest rates offered by banks and choose the right bank to apply for a Car loan. Once the Car loan is processed by the bank, the individual will have to repay the loan. The repayment of the Car loan is paid through EMI (Equated Monthly Instalments). And most individuals will often get confused that paying the last EMI means closing the Car loan which is not true. In order to completely close a Car loan, one must take get the No Dues Certificate (NDC)/ No Du Form from the Car loan lender. So to help you with that, here is a detailed article on how to close a Car loan. Read on to find more.

Car Loan Repayment Method

Car Loan EMIs: Applying for a Car loan is easy, but one must think about the Equated Monthly Installments since Car loans are repaid to the lenders in the form of EMIs. Thus it is important for one to plan the necessary EMI repayment schedule before applying for a Car loan.

Car Loan Pre-closure/Foreclosure Procedure

Any individual would like to close their Car Loan if they have a sudden inflow of cash in their hands. Individuals can either make a partial or full payment of Car loan before tenure ends. But for those individuals who wish to prepay the Car loan before the tenure ends will have to pay pre-closure charges indicated by bank officials. 

The Car loan preclosure fee is a small percentage of the outstanding principal amount of the Car loan. The Car loan preclosure or foreclosure charges vary from bank to bank and thus it is important for individuals to check the preclosure clause of the particular bank before applying for the Car loan. 

Pre-Closing a Car Loan

Any individual who wishes to pre-close their Car loan will have to keep a note on the following things:

  1. Pre-closing the Car loan before the tenure ends will affect the credit score of the individual indirectly.
  2. Any lender will not allow to pre-close a Car loan, but still, if the individual wants to close the Car loan, then he/she will have to pay the penalty fees.
  3. Pre-closure of a Car loan will help individuals to save amount on interest rates.

 How To Close A Car Loan?

The steps to close a Car Loan is given below:

1st Step: Check If All Dues Are Paid

  1. Before closing the Car loan, check if you have paid all the EMIs as per the repayment schedule. For this, you will have to keep track of monthly EMI payment bills. 
  2. Upon paying the last EMI, collect all the loan documents and visit your concerned bank or lender.

2nd Step: Visiting Bank/Lender

  1. Following the successful payment of the last EMI, one must visit the concerned bank where they have applied for a Car loan.
  2. After visiting the bank, the individual must submit a request for loan closure.
  3. Make sure the bank is issuing you loan closure documents such as “Bank Closure Letter, NDC and NOC” (No Dues Certificate & No Objection Certificate respectively).
  4. After receiving the bank forms, fill out a form and submit the same to Regional Transport Office (RTO).

3rd Step: Remove Hypothecation 

  1. Hypothecation is the process of submitting an asset as collateral protection to the bank or lender.
  2. Thus when you were applying for a Car loan, your Car is hypothecated to the bank/lender. The details about the same will be indicated in your Car Registration Certificate (RC).
  3. This means that your lender or bank is the owner of the Car until and unless the Car loan is closed. So your bank name or lender name must be removed while closing the Car loan and that is where hypothecated removal comes into the picture.
  4. For this, you will have to get Form 35 which states that hypothecation has been canceled between the lender and borrower.
  5. Now you will have to submit the bank or lenders copies of the No Dues Certificate & No Objection Certificate to the RTO.
  6. And also the individual will have to submit copies of the bank/lender’s No Dues Certificate & No Objection Certificate to the insurance provider.

 4th Step: Request & Receive New Car Documents

  1. Before going to RTO make sure that you are carrying the original bank NOC, RC Book, Form 35 signed by bank officials, Car insurance documents, PAN card, and ID card stating your address proof.
  2. After successful submission of documents to RTO, the officials of RTO will issue a new RC Card in the form of a booklet or smart card. The main purpose of this card is to update the older card.
  3. The new RC card will contain all the details such as the buyer’s name and an RTO stamp indicating cancellation of hypothecation and endorsement.
  4. Now the next step is to obtain the insurance policy updated in your name.
  5. Also make sure you are receiving  Insurance documents, tax documents, and Emission Certificate from RTO without fail.

5th Step: Document Submission To Insurance Provider

After receiving the updated RC book, NOC documents, and other insurance files, ensure that you are submitting them to the insurance provider. So that the insurance provider will update their records as per the new RC book.

6th Step: Check Credit Report

The last and final step is to check the credit report. Usually, the bank officials inform CIBIL saying the loan is closed. However, if your credit is not updated in 60 days from closing the Car loan, you will have to check with the bank officials about the same.

FAQs on How To Close a Car Loan

The frequently asked questions on how to close a Car loan are given below:

Q. Is it good to foreclose a Car loan?
A. Paying EMI’s are off-putting and if you have surplus money then you can obviously go and foreclose a Car loan. However, foreclosing the Car loan will result in a negative credit score because whenever you pay your EMIs, the credit would be increasing.

Q. Is it good to close the Car loan early?
A. Before closing the Car loan early compare the penalty charges and interest charges. If you find the penalty charges are less than the interest charges then you can certainly close the Car loan. However, if the penalty charges are more than the interest charges, then it is a bad idea to close the loan early.

Q. How do I return a Car I can’t afford?
A. It is quite common we just desire to buy the expensive Cars which we cannot afford for. However, if you find that, you will no longer able to pay the EMIs, then you can ask the dealer to agree to Voluntary repossession. For this, you will have to tell the lender/bank that you won’t be able to make EMI payments and ask them to take the Car back through Voluntary repossession. 

Now that you are provided with all the information about how to close a Car Loan and we hope this detailed article is helpful to you. If you have any queries ping us through the comment box below and we will get back to you as soon as possible.

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