Varsha

LIC Tech Term Plan

LIC Tech Term Plan: LIC E Term Plan Premium Details, Benefits, Brochure

Leave a Comment / Saving Schemes / By / December 7, 2023

LIC Tech Term Plan: LIC Tech Term Plan is complete online insurance over. The main objective of the LIC Tech Term Policy is to provide financial security to the family members if the life assured or the proposer dies during the policy period. Any individual will be able to avail of the LIC Tech Term Policy only in online mode by processing the online application. On this page, we have provided all the details about LIC Tech Term Plan Premium details, benefits, documents required, and more. Read on to find out more.

Highlights of LIC Tech Term Plan

The highlights of the LIC Tech Term Plan are given below:

  1. There are two types of benefit options available. One can either choose Level Sum Assured or Increased Sum Assured.
  2. Three types of Premium payment methods are available and they are Single-Premium, Regular Premium, and Limited Premium Payment. One can choose any Premium payment method at their convenience.
  3. The life assured has the choice to choose their Policy Term or Premium paying Term.
  4. LIC Tech Term officials offer special rates for Women.
  5. The life assured has the option to receive the death benefits in installments.
  6. There is an option for Life assured to increase their premium cover by opting for accident benefit rider on payment of additional premium.

Eligibility Criteria of LIC Tech Term Plan

The eligibility criteria of LIC Tech Term Plan are tabulated below:

Criteria Details
Minimum Age Required 18 years
Maximum Age Required 65 years
Age of Maturity 80 years (Last Birthday)
Minimum Sum Assured Rs. 50,00,000
Maximum Sum Assured There is no limit for maximum sum assured
Policy Term 10 to 40 Years
Policy Application Only Online
Death Cover Options Level Sum Assured and Increasing Sum Assured
Grace Period 30 Years
Premium Paying Term Single-Premium, Yearly Premium, or Half Yearly Premium

LIC Tech Term Plan – Benefits

As discussed above, the LIC Tech Term Plan is a pure risk insurance cover and only death benefits are payable to the family members of the life assured. The list of benefits

1. LIC Tech Term Plan – Increase in Sum Insured

As discussed above there are two sum insured plans – Level Sum Assured and Increased Sum Assured. In Level Sum Assured, the sum amount to be paid on death remains the same until the policy term ends.

Whereas in Increased Sum Assured, after 5 back-to-back renewals, the sum insured will keep on propelling at 10% for ten years without any barrier. For example, if you have enrolled for a LIC Tech Term Plan where the sum insured is 50 Lakhs and have renewed the same for 5 consecutive years, then your sum insured will continually increase at 10% for 10 years.

Refer to the table below to understand the level sum assured and increased sum assured plans.

Sum Assured Type Age Policy Term Premium Payment Term
Premium Payment Rs for Sum Assured of 50 Lakhs
Level Sum Assured 30 30 30 8400
Increased Sum Assured 30 30 30 13900

2. LIC Tech Term Plan – Death Benefit

Every Tech Term policy initiated by LIC India will have the death benefit. If the life assured dies when the policy is in the period, then the nominee will get the sum proposed amount.

3. Death Benefit Options In Instalments

If the life insured dies, then there is an option where the nominee can receive the death benefits in installments. The installment period can be chosen as 5 years, 10 years, or 15 years. The death benefit installments will be paid either annually, half-yearly or quarterly.

4. LIC Tech Term Plan – Health Benefits

While enrolling in the Tech Term policy, the online application asks if the person is a smoker or a non-smoker. Based on the information provided by the life to be assured, the health benefits will be provided to the person. However, if the life assured states that, if he/she consumes toxic substances such as cigarettes, drugs, tobacco, or any other hallucinogenic materials, then the health benefits will not be provided.

5. LIC Tech Term Plan – Offers For Women or Female Proposer

Women enrolling for Tech Term Policy will get a discount on premium under “special privilege for female life insured“. Any women enrolling for Tech Term Policy can avail of a 10% to 20% discount on the premium.

6. LIC Tech Term Plan – Huge Number of Sum Insured Benefits

LIC Tech Term Insurance also provides a discount on premium if the life insured chooses high sum insured under annual or single premium payment. Persons choosing the high sum insured can avail of at least 20% discount on the premium. For example, if a life assured has chosen the sum insured at 1 Crore under annual or single premium payment at the age of 30, then he/she can avail 12% discount on the premium.

7. LIC Tech Term Plan – Rider Benefit

The life to be assured has the option to choose the LIC Accident Benefit Rider. By choosing this option, the life assured will have to pay some extra premium. The purpose of this Rider Benefit is that if the life assured dies in the event of accidental death, then rider sum assured lump-sum amount along with death benefit will be paid to the nominee.

LIC Tech Term Premium Details

The LIC Tech Term premium comes in 3 forms – Regular Premium, Limited Premium, or Single Premium. If he/she chooses Single-Premium, then they will have to pay the premium at one go. Whereas if the Life assured chooses, Regular or Limited Premium, then the proposer can pay the premium on a regular basis annually or half-yearly mode.

The LIC Tech Term Plan Premium depends on the age, policy term, smoking status, gender, premium paying term, and sum assured by the proposer. If the life assured chooses a single premium, then the minimum single premium amount is Rs.30,000. If the life assured chooses regular premium or limited premium, then the minimum premium is Rs.3,000.

How To Buy LIC Tech Term Policy?

Any life assured will be able to purchase the LIC Policy only in online mode. The steps to purchase the LIC policy in Online mode are given below:

  • 1st Step: Visit the official website of LIC – Click Here
  • 2nd Step: On the homepage, under the “Buy Policy Online“, click on the link “Click Here To Buy“.

lic tech term policy

  • 3rd Step: A new page will open. Now click on LIC Tech Term Plan 854. Refer to the image below:

lic tech term policy

  • 4th Step: A new page with instructions will appear on the screen. Hit the button “Click to Buy Online” button.
  • 5th Step: The page will be directed to the “Contact Details” page. Enter all the necessary contact details and solve the “Captcha“.
  • 6th Step: Tick the checkboxes and click on the “Calculate Premium” button.
  • 7th Step: The premium details will be displayed on the screen. Now upload all the necessary documents.
  • 8th Step: Click on “Proceed“.
  • 9th Step: Now a new page will open. Here you can review the proposal, edit the proposal.
  • 10th Step: If all the details are reviewed, click on the button “Pay“.
  • 11th Step: You will be redirected to the Payment Window. Process the premium amount online.
  • 12th Step: After successful payment, you will receive the policy registered details to your registered mobile number and Email ID.

Once the LIC Tech Term Policy  854 is purchased, the proposer or life insured must keep track of premium due dates and pay the premium from time to time to enjoy the benefits from LIC Tech Term Policy.

FAQs on LIC Tech Term Policy

The frequently asked questions on LIC Tech Term Policy 854 are given below:

Q. How is the LIC Tech term plan premium calculated?
A. The LIC Tech Term Insurance Premium is calculated on the basis of the life assured age, sum proposed, gender, policy term, smoking status, premium paying term.

Q. Is a medical test required for the LIC Tech term plan?
A. If you meet the following conditions, then you don’t have to undergo Medical Test.
1. Life Insured must be a non-smoker
2. Life Insured must not have a past medical history
3. Life Insured must belong to the age group 18 to 35 years whose annual income should be greater than 3 Lakhs.

Q. What documents are required for LIC Tech term plan?
A. The list of documents required for LIC Tech Term Plan are given below:
a. Proof of Identity
b. Age Proof
c. Address Proof
d. Income Proof
e. Medical Reports (Applicable only for a few people)
d. Passport Size Photographs

Now that you are provided with all the necessary information on how to buy LIC Tech Term Policy along with benefits. If you have any queries about this article or in general about LIC Tech Term Insurance Policy details, ping us through the comment box below and we will get back to you as soon as possible.

UAN Generation & PF Registration By Employer

UAN Generation & PF Registration By Employer: UAN Activation Process

Leave a Comment / EPF / By / December 7, 2023

UAN Generation By Employer: UAN is otherwise called a Universal Account Number issued to employees who are contributing to EPF. UAN consists of 12 digits unique number which is generated and allotted to the employees by the officials of EPFO. The UAN number remains unchanged throughout the employees lifetime irrespective of the number of jobs he/she changes.

Whenever a person gets employed for the first time, it is the employer’s duty to get UAN generated for him/her from the EPFO portal. However, if the employee already has a UAN number and switches the job, the officials of EPFO allocate a new Member ID or Account ID linking to the existing UAN. On this page, we have provided all the necessary information on “How does an Employer link new Employee with UAN“. Read on to find out more.

To Whom Does Employer Generate UAN Number?

An employer will be able to generate the UAN number only for the person who is getting employed for the first time. So any individual who is joining or experiencing employment for the first time will be getting their UAN registered online by the employer.

How Does Employer Generate UAN Who Already Has UAN?

Any employer will not be able to generate UAN for the employee who already has the UAN numbers. However, when an employee switches the job, the officials of EPFO allocates a new member identification number or Account ID linking to the existing UAN number. For this, the employee will have to raise a request for a new member ID by submitting an existing UAN number to the employer. So that employer will get the new member ID generated and get it linked to the existing UAN number.

Note: Having 2 UAN Numbers is against the EPFO Rules. If you have two UAN numbers, you will have to deactivate 1 UAN number. Read our article on How To Merge Two UAN numbers online to get rid of two UAN numbers.

Documents Required By Employer For UAN Registration

The list of documents that are required to the employer to generate the UAN for new employees are given below:

  1. Personal Details
  2. PAN Card
  3. Aadhaar Card
  4. Bank Account Details

UAN Registration By Employer

As discussed above, the UAN number can be registered or generated for the person who is getting employed for the first time. The detailed UAN generation process by the employer are given below:

How To Generate UAN Number by Employer?

The steps to generate the UAN Number by the employer are given below:

  • 1st Step: Visit the official website of EPFO Employer Portal – Click Here
  • 2nd Step: Enter your Establishment ID and Password.
  • 3rd Step: A new page will open. Here click on the “Member Section” and select “Register – Individual” from the drop-down menu.
  • 4th Step: By default, the option will be chosen as “No” since it is UAN Registration for the first-time employee.

employer-uan-register-new-employee-previous-employment

  • 5th Step: Now the employer will have to enter the employee details such as “Name, Date of Birth, Gender, Nationality and other details” as shown in the image above.
  • 6th Step: Click on “Next” and enter the employee “PAN, Aadhaar Card & Bank Details“.
  • 7th Step: After entering all the details, the employer will have to validate and approve the data in the Approval section.
  • 8th Step: A new UAN will be generated by the EPFO officials. Now the employer can link the PF account of an employee to the newly generated UAN Number with the help of the PF UAN Login Portal.

As soon as the UAN is generated, the employer can share the UAN details with the employee to whom the UAN is generated.

How UAN Member ID Is Generated By Employer?

If any employee switches his job, then he/she will have to get the new Member ID generated to link the same to the existing UAN. The process on how employer generates the UAN Member ID is given below:

  1. Employer will have to log in with the help of Establishment ID & Password in EPF Employer Portal.
  2. After logging in, click on the “Member Section” and select “Register Individual“.
  3. Now move to the “Previous Employment” section and select “Yes“.
  4. Here enter the existing UAN number of the employee.
  5. A list of details related to the employee will be displayed on the screen. Now the employer will have to check if the details are matching with the employee.
  6. If the details are matching, then the employer will have to provide the joining date of the employee and other details as requested in the portal.
  7. Now the employer can click on the Save button. Now the window asks for Confirmation and the employer will have to confirm the details once again.
  8. Soon after the confirmation, a new Member ID linking to the existing UAN number will be generated by the EPFO officials.

UAN Activation Process

Once the UAN number is shared with the employee by the employer, he/she will have to activate UAN and log in to the EPF account. The steps to activate the EPF account online are given below:

  • Step 1: Visit the official website of EPFO – Click Here
  • Step 2: On the homepage, click on “Our Services” and select “For Employers“.
  • Step 3: Now click on the “Member UAN/Online services“. Refer to the image below:

UAN activation

  • Step 4: A new page will open on the screen. Now enter the details such as UAN Number, PF member ID, and your Mobile number.
  • Step 5: Solve the Captcha Code.
  • Step 6: Click on the “Get authorization PIN” button.
  • Step 7: A PIN will be sent to the registered mobile number.
  • Step 8: Check the “I Agree” checkbox under the disclaimer notice and enter the OTP you have received in the required field.
  • Step 9: Click on “Validate OTP and Activate UAN“.

Soon you will receive the password to your registered mobile number. Now with the help of UAN ID & Password login to check your EPF Account activities & contributions made.

FAQs On How To Activate UAN By Employer

The frequently asked question on UAN Generation and PF registration by the employer are given below:

Q. How does an employer generate UAN number for new employee?
A. Any employer will be able to generate the UAN number for the new employee with the help of the EPFO Portal. Employer will have to log in with the Establishment ID & Password and click on “Register Individual” under Member Section to generate the UAN Number to the new employee.

Q. Can employee create a UAN number?
A. No employee cannot create a UAN number if they are not working in any organization.

Q. Should I pay money to the employer to create UAN Number?
A. No, you don’t have to pay money to create a UAN number on the EPFO portal.

Now that you are aware of the process on how does employer generates the UAN for the employees. If you have any questions on UAN Generation or Activation, reach us through the comment box below and we will get back to you as soon as possible.

EPF Calculator

EPF Calculator: Pension Calculator, How PF Is Calculated Online?

Leave a Comment / EPF / By / December 7, 2023

EPF Calculator: Employee Provident Fund, in short, EPF is a retirement benefits scheme for all the salaried employees in the Private sector. Any organization or industry that has more than 20 employees will have to register under EPFO to make contributions. There are various schemes under EPF such as EPF Scheme, Pension Scheme, and Insurance Scheme.

Of all the schemes, EPF Scheme is the most popular scheme. Both employee and employer will have to make a 12% of the fixed contribution of his/her basic salary along with a Dearness allowance if applicable. The employee 12% contribution directly goes to the EPF account. Whereas the employer’s 12% contribution is divided into two schemes – where EPF Account Scheme carries 3.67% and Pension Scheme carries 8.33%. The officials of EPFO will also provide the interest rates for the EPF funds and these EPF interest rates will be revised every financial year. For the Financial Year (FY 2020-21) the EPF Interest Rate is fixed at 8.5%. So now the question is how to calculate the estimated savings after retirement. For this, any EPF member will have to use the EPF Calculator. To help you with that here is a detailed article on how EPF is calculated?. Read on to find out more.

Online EPF or PF Calculator

There is no official EPF Calculator available on the official website of EPFO. And any EPF member who wants to estimate their savings on retirement will have to calculate their savings manually. In order to calculate the PF amount after resignation one will have to keep the following things in hand.

EPF Pension Calculator: Factors Considered To Calculate EPF

The list of factors required to calculate the EPF amount is given below:

  1. Monthly Basic Salary Including Dearness Allowance
  2. Percentage of Contribution To EPF
  3. Employers Contribution
  4. Retirement Age Including VRS (If you have plans)
  5. Current EPF Balance
  6. Current Finical Year EPF Intrest Rate

EPF Retirement Calculator: How EPF is Calculated?

The formula to calculate the EPF has been given below:

EPF Calculation Method Formula = Existing EPF Balance + Yearly Employee Contribution towards the EPF Account + Yearly Employer Contribution towards EPF Account + Current Financial Intrest Rate 

EPF Calculation Method Example

Let us understand the Manual EPF Calculation Method through an example:

Assume,

  • Employees Basic Pay + Dearness Allowance = Rs. 14,000
  • Yearly Employee 12% Basic Contribution + Dearness Allowance =  12% of 14,000 = Rs. 20160
  • Employer Contribution towards EPF account = 3.67% of 14,000 =  Rs. 6168
  • Employer Contribution towards EPS account = 8.33% of 14,000 = Rs. 13992
  • Current Finanial Year Intrest Rate (FY 2020-21) = 8.5%
  • Employees Existing EPF Balance (If available) = Rs. 40,000

Now the Estimated Savings of EPF Account is:

EPF Account Balance = Rs. 40,000 (Existing Balance) + Rs. 20,160 (Employees Contribution) + Rs. 6168 (Employer Contribution for EPF Account) +  8.5% (Current Financial Intrest Rate)

= Rs. 66,328 + 8.5% of EPF Account balance

= Rs. 66,328 + 5637.88 (Current Financial Intrest Rate)

= 71965.88

So, the EPF Account Balance = Rs. 71965.88/

Note: If the existing balance is not available, then mark it as 0.

Click Here To Check EPF Balance Through SMS

EPF Calculator Excel

We have created an EPF Pension Calculator in Excel format. All you have to do is download the EPF Calculator provided on this page in Excel format and perform your operations to calculate your EPF balance after retirement.

Download EPF Excel Calculator Here

Other EPF Calculators Online

There are many third-party websites which are providing online EPF Calculators to calculate your estimated EPF amount for your retirement. Any individual who wants to make use of those calculators can simply get the same from Google Search or other Search Engines.

EPF Calculator – Things To Know About EPF Contributions

  1. As discussed above EPF consists of 3 schemes – Provident Fund Scheme, Pension Scheme, and Insurance Scheme.
  2. Every employee who has enrolled under EPFO will have to contribute 12% of his/her basic salary and Dearness allowance if available.
  3.  Along with employee, even the employer will have to make a contribution of 12% of the basic salary of the employee.
  4. Employee’s contribution will directly go into EPF account.
  5. The employer contribution is divided into two unequal halves. Employer’s contribution of 8.33% will be added into Pension Scheme and other 3.67% contribution into the EPF account.
  6. The officials of EPF will also provide the interest to the funds whichever you have in your EPF account. For the current Financial Year, the interest rate is set as 8.5%.
  7. The officials of EPFO will not pay any interest to the pension scheme amount contributed by the employer. However, from the age of 58, the officials of EPFO will pay the pension to the employees with the help of funds received in the Pension Scheme.

FAQs On EPF Calculator

The frequently asked questions on EPF Calculator are given below:

Q. What will be my PF amount at retirement?
A. The PF amount depends on the employee’s basic salary, employee contribution, employer contribution, Financial Year Intrest Rate. The detailed EPF Calculation method to calculate the PF amount at retirement has been explained in the above section of the article.

Q. Can we contribute more than 12% to EPF?
A. Yes, any individual will be able to contribute more than 12% to the EPF account. For this, the employee will have to contribute under Voluntary Provident Fund (VPF).

Q. Is it compulsory to deduct PF from salary?
A. Yes, any employee whose basic salary and dearness allowance is up to Rs. 15,00 will have to contribute to the EPF. However, employees can also opt-out of the EPF by filling Form 11 at the EPFO website.


Now that you are provided with all the necessary information on the EPF calculation method and we hope this article is helpful to you. If you have any queries about EPF Calculator, ping us through the comment box below and we will get back to you as soon as possible.

lic e-service registrations

LIC e Service Registration: Check LIC e-Services Online Payment, Status

Leave a Comment / Uncategorized / By / December 2, 2023

LIC e-Service Registration: The full form of LIC is Life Insurance Corporation of India. LIC is one of India’s most popular insurance companies, which provides various types of services and products to life insurance seekers. Since LIC is offering various services to their customers, the officials have come up with an e-service portal to simplify their customer service. Ever since the LIC e-service portal was introduced by the officials, all the LIC service functionalities can be availed online by customers without visiting the material office physically.

But it is to be noted that any customer who wants to avail of the LIC e-services online will have to first register themselves online on the e-service portal of LIC. The LIC e-Service registration process is quite complicated for novice users. Thus to help you with that, here is a detailed article on How To register for the LIC e-services portal. Read on to find out more.

Who Can Register For LIC Online e-Services?

  1. All the existing LIC policyholders can register for LIC e-services.
  2. If the LIC policy is purchased for his/her minor child, then any of the Parents can register on behalf of their minor child.
  3. A policyholder who has purchased multiple policies cannot register multiple times. Any policyholder can register only once in the LIC portal for e-services.

Documents Required For LIC e Service Registrations

The list of documents required before LIC e Service Customer Registration are listed below:

  1. Valid Photo ID Proof (Pan Card, Aadhar Card, Passport)
  2. Mobile Number
  3. Email ID
  4. LIC Policy Details

How to Register for LIC e-Services Online?

The steps to register online for LIC e-services online are given below:

  • Step 1: Visit the official website of LIC: www.licindia.in.
  • Step 2: Move to the “Online Services” tab and select “Customer Portal.”

lic e services

  • Step 3: Now, you will be directed to the LIC E-Service Portal. Here click on the “New User” button.
  • Step 4: A pop appears, and click the “Yes” button.
  • Step 5: Now, you will have to enter the details such as Policy Number, Installment Premium, Date of Birth, Mobile Number, Email Number & Gender.
  • Step 6: Tick the check box reading ”

lic e service registration online

  • Step 7: A new page will open with your details. You will have to print the form and sign the same.
  • Step 8: After signing the Form, you will have to upload the scanned image of the form in the portal.
  • Step 9: Apart from the scanned form, upload a scanned copy of the PAN Card or Aaadhar Card or Passport.
  • Step 10: Now, you will have to select the “User ID” and “Password” as per the LIC e-Portal specifications.
  • Step 11: Soon, the officials will send you a welcome message to your email address and mobile number along with login credentials.
  • Step 12: Now login with the help of your LIC e-Service credentials.
  • Step 13: As soon as you log in to the LIC e-service portal, you will be able to access various services such as Basic Services, e-Services, and Premier Services from the portal.

Benefits of Registering LIC e-Service Portal Online

It is always time-consuming when you try to get service offline in the offices because of the long queues and improper communication. And that is the main reason, why the LIC e-Services portal came into the picture. The list of benefits that can be availed by the customers by registering to LIC e-services are given below:

  1. By registering on the LIC e Service website, one can keep a record of his/her LIC Policy status.
  2. Customers will be able to track and process the next premium dues from time to time.
  3. Any policyholder can simply pay his premium amount online which is far better than standing in the long queues in the material office.
  4. If a customer has enrolled for a LIC policy, he/she can check the status of the same through the e-service portal.
  5. Also, a customer has a feature where he/she can simply buy the LIC policy without assisting any Agent or third party.
  6. As soon as the customer pays his premium dues, the challan or receipt will be instantly provided which is time-consuming if you pay premium dues in the offices.
  7. The LIC e-portal is very safe and no personal information about the customer will be breached to third parties.
  8. The best part of the LIC e-Service portal is that you can avail all these services for free of cost.

What Services Can Be Used If you Register for Online LIC e-Services?

With the introduction of the Online LIC e-service portal, customers can access any LIC services online at their doorsteps. The list of services that can be accessed by the LIC e-service customers are given below:

  1. Premium Payments Online: Any policyholder registered under LIC e-service can simply pay their premium online from time to time.
  2. Check Policy Status Details: e-service customer can check their policy status details.
  3. Loan Status Details: If any loan applied, then they can check if the loan is approved or not. Also, they can make use of the portal to apply or close the loan which needs to be availed or available.
  4. Claim Status Details: If any claims have been processed to the policyholder, then he/she can check their claim status details online through the LIC Eservice portal.
  5. Adding Nominees: Customers can update, add or modify their existing nominees.
  6. Information About LIC Products: The portal helps the customer with fair knowledge about all the products and services provided by LIC.
  7. Complaint Registration: Through the e-service portal, the customer can also file complaints or register grievances if they find any.
  8. Policy Condition Details: Customers will be able to check if their LIC Policy is in force, lapsed, etc., through the online portal.

Types of LIC e Services Registrations

There are namely 3 types of registrations for LIC e-Services and they are given below:

LIC e-Service Agent Registrations

Any individuals who wish to serve as an Agent will have to fill the LIC Agent Registration form. For this, he/she can visit the nearest bank and take up the agentship under the LIC. And any agent who wishes to provide his service to clients online can simply head to LIC Agent Login. If the agent doesn’t have the LIC Agent Portal, then he/she can register for the same through the LIC e-service Agent Portal.

LIC Existing Policy Holder e-Service Registrations

The only criteria to register for LIC e-services policyholders is that the customer should have enrolled for a LIC policy. The steps to register for the same have been provided in the previous section of the article in detail.

Also, few individuals would get confused that if they are having multiple policies then they will have to register multiple times, which is not true. They can get all their policy details under the “Registered User” Login details themselves.

LIC e Service New Registrations for New Users

Any user, who wishes to register under LIC e-service must have enrolled for a LIC policy. After enrolling for a LIC Policy, he/she will have to click on the “New User” and provide all the necessary details. Once the registration is successful e-Service portal, then he/she can access the services online.

FAQs On LIC e-Service Registrations

The frequently asked questions on Online LIC e Service Registartions are given below:

Q. How can I see my LIC policy details online?
A. Any individual will be able to see their LIC Policy details online through the e-service portal if they have registered. After logging into the portal, click on “Services Account of LIC” and you will be able to see your policy details online.

Q. How can I check my LIC policy without registration online?
A. Without LIC e-service registrations, one cannot see his/her policy details online. However, customers have the provision to check their details by sending SMS to 56767877 from a registered mobile number to check the policy details.

Q. Can I get LIC statement online?
A. All the customers who have registered under the LIC e service portal can generate premium statement receipts whenever needed.

Now that you are provided with all the necessary information about Registrations of LIC e Service Portal and we hope this detailed article is helpful to you. If you have any queries, please ping us through the comment box below and we will get back to you as soon as possible.

ATM Credit Card Cash Withdrawal

Credit Card Cash Withdrawal In ATM, How To Withdraw, Charges, Fees

Leave a Comment / Finance / By / November 28, 2023

Credit Card Cash Withdrawal: Credit Card has made one’s life easier who are looking to avail loans instantly. There are many features available on Credit Card and one of the best features of a Credit Card is that Cash Advance which is nothing but the withdrawal of liquid cash instantly. The advantage of a Credit Card is that one doesn’t require any bank approval or provide documents to avail the loan or withdraw the cash immediately.

However, withdrawing cash with the help of a Credit Card from an ATM will cost you more. Withdrawing cash through Credit Card will collect Credit Card finance charges at some interest depending on the bank. Thus any individual is recommended to use Credit Card for cash withdrawal purposes only in emergency hours.  On this page, we will provide you with all the necessary information on how to withdraw money from a credit card at an ATM and what will be the charges if we withdraw cash from Credit Card. Read on to find more.

What Is Credit Card Withdrawal?

Credit Cash withdrawal from an ATM is otherwise called a Cash Advance. The Cash Advance feature of Credit Card allows the Credit Card users to withdraw cash from the bank’s ATM. Many banks provide Credit Card to process the transactions, thus those Credit Cards coming with the Cash Advance feature are considered as an additional feature provided by the bank officials.

With the help of a Credit Card, any cardholder can withdraw the Cash and he/she will have to repay the withdrawal amount with some amount interest charges to the bank. The Credit Card Withdrawal Charges/Fees depends on the Bank under which the user has an account. However, few banks don’t provide Cash Advance Feature. So, one needs to check with the bank before applying for Credit Card if they cover the Cash Advance feature or not.

Credit Card Cash Withdrawal Limit

Any Credit Cardholder will be able to withdraw the cash based on the Credit Limit allocated by the Bank officials. Usually, the Credit Card Cash limit for withdrawal would range from 20% to 40% out of your total Credit limit. It is to be noted that Credit Limit and Credit Card Cash Limit is totally 2 different things.

  1. Credit Limit: Credit limit is the maximum amount which you can spend or make transactions through Credit Card.
  2. Cash Limit or Cash Advance Limit: The cash limit is the maximum cash you can withdraw from your Credit limit.

For example, let us assume that a user has a Credit Card, whose credit limit is 2 Lakhs. Then the cash advance limit of the same user will be around 40,000 to 80,000 (20% to 40%). 

Note: Cash Limit and Credit Limit vary from bank to bank.

Is It Bad To Withdraw Money From a Credit Card?

Any individuals will withdraw money from Credit Card when they really run out of cash in crucial situations. However, there are few disadvantages which the user will have to face if they are withdrawing Cash through Credit Card:

  1. Interest rates will be imposed from the date of withdrawal till the repayment is made.
  2. Since it is the withdrawal of money, no credit score will be updated.
  3. A cash advance fee will be imposed on every withdrawal.

What Is Credit Card Cash Advance Fee?

Credit Card Cash Withdrawal Fee: Credit Card Cash Advance fee is the fee which is imposed by the bank officials. On every withdrawal transaction using Credit Card, a Cash advance fee will be charged which is some percentage of the cash withdrawn.

Usually, banks charge 2.5% to 3% of the withdrawn amount as the Credit Card Withdrawl fee. That is bank charges a minimum of Rs.300 to Rs.500 as the cash advance fee. This cash advance fee will be imposed by the officials from the date of withdrawal to the paid date. Also, individuals must note that withdrawing multiple times through Credit Card will cost the charges. In simple words, for every cash withdrawal through Credit Card, some amount of charges will be applied.

Few Banks Credit Card Cash Withdrawal Charges

As stated above, every bank charges some fees and it varies from bank to bank. Here are few examples of the top banks and their fee charge for Credit Card Cash withdrawal.

Bank Name Credit Card Cash Advance Fee
Credit Card Cash Withdrawal Charges HDFC 2.5% of the withdrawn amount subject to a minimum of Rs.500
ICICI Credit Card Withdrawal Charges 2.5% of withdrawn amount subject to a minimum of Rs.300
Axis Bank Credit Card Withdrawal Charges 2.5% of the withdrawn amount, subject to a minimum of Rs.250
SBI Credit Card Withdrawal Charges 2.5% of withdrawn amount subject to a minimum of Rs.300
Citibank Credit Card Withdrawal Charges 2.5% of the withdrawn amount, subject to a minimum of Rs.500

What Will Be The Interest Charges If We Withdraw Cash From Credit Card?

There are many types of Credit Card and based on the type of Credit Card, one will have to pay extra interest charges on withdrawal of the cash. If the cardholder pays the outstanding cash amount on time, then the interest rates imposed by the banks will be less. But if the cardholder doesn’t pay the outstanding bills on time, then some interest rates will be imposed. Usually, banks charge 2.5% to 3.5% interest charges per month which again varies from bank to bank.

Interest Charges on Credit Card Cash Withdrawal

The monthly and annual interest charges on credit card cash withdrawal by various banks are tabulated below:

Bank Name Interest Charges On Credit Card Cash Advance
Monthly Interest Charge Annual Interest Charge
HDFC Credit Card Interest Charges 1.99% – 3.5% 23.88% – 42%
ICICI Credit Card Interest Charges 2.49% – 3.5% 29.88% – 42%
Axis Bank Credit Card Interest Charges 2.95% – 3.5% 35.4% – 42%
SBI Credit Card Interest Charges Up to 3.35% Up to 40.2%
Citibank Credit Card Interest Charges 3.1% – 3.5% 37.2% – 42%

How To Withdraw Cash From Credit Card In ATM?

Withdrawing cash from Credit Card is as simple as that of withdrawing cash from a debit card in an ATM. The steps to withdraw the cash from Credit Card in ATM is as follows:

  1. Visit your nearest ATM.
  2. Insert your Card and Enter your PIN.
  3. Enter the amount (Keep an eye on Credit Card Cash Advance limit).
  4. Confirm and collect your money.

Few banks insist to withdraw the money from the same bank from where the user has an account. And also few banks charge extra money if they withdraw money from other banks’ ATMs where they don’t have an account.

Impact of Cash Advance On Credit Score

As long as you pay the bills on time, your credit score will not be affected. However, due to high-interest rates imposed by the banks, it would be quite difficult for one to clear the outstanding bill payments which will affect the credit score.

Advantages of Credit Card Cash Withdrawal

As there is something good in everything, there are also few benefits in withdrawal of money through Credit card and they are:

  1. Instant liquid cash in hand
  2. Flexible cash limit for withdrawal
  3. No documents or approval needed to withdraw the cash in advance.

FAQs on Credit Card Cash Withdrawal In ATMs

The frequently asked questions on Credit Card Cash Withdrawals are given below:

Q.  What is the Credit Card Cash Withdrawal Limit?
A. The Credit Card Cash withdrawal limit varies from bank to bank. However, most of the bank charges 20% to 40% of the Credit limit for withdrawal of cash in advance.

Q. How do you get cash from your Credit Card?
A. Any individual whose Credit Card has a Cash Advance feature can simply get cash by withdrawing the money through ATM with the help of a Credit Card.

Q. Can you withdraw money from a credit card at an ATM?
A. Yes, if the Credit Card has the feature of Cash Advance, then any individual can withdraw the cash from an ATM.

Now that you are provided with all the necessary information about Credit Card Cash Withdrawal in ATM and we hope this detailed article is helpful to you. If you have any queries about this page or Credit Card Cash Withdrawal fees, please reach us through the comment box below and we will get back to you as soon as possible.

Transfer Actionable Claims

Transfer of Actionable Claim Under Property Act, 1882

Leave a Comment / Finance / By / November 7, 2023

Transfer Actionable Claims, 1882: Section 3 of the Transfer of Property Act, 1882, which was amended by the Amending Act II of 1990, defines an actionable claim. It is a mobile intangible asset whose transfer is covered in Chapter VIII of the Act.

What is an Actionable Claim?

Actionable claim means a claim to any debt, other than a debt secured by mortgage of immoveable property or by hypothecation or pledge of moveable property, or to any beneficial interest in moveable property not in the possession, either actual or constructive, of the claimant, which the Civil Courts recognise as affording grounds for relief, whether such debt or beneficial interest be existent, accuring, conditional or contingent.

As a result, a legally actionable claim could be:

  • A claim to an unsecured obligation that is not secured by a mortgage, hypothecation, or pledge of immovable property.
  • Beneficial ownership of moveable property is referred to as a beneficial interest in movable property.

Because debts secured by the mortgage, pledge, or hypothecation do not manifest as claims to property, but rather as the property itself, they are not included in the definition of “actionable claims.”

Except for demands for payment of a sum of money, debt, or price, all claims under a contract are barred. Similarly, a right to sue based solely on the fact that it is non-transferable is not regarded as an actionable claim.

Examples of Actionable Claims

  • Rental arrears
  • In a dissolved partnership, the partner’s interest
  • Annuities under a waqf deed
  • Reimbursement for items sold
  • A claim for unpaid dower by a widow of a mohammadam
  • A rent claim that will be due in the future

Exceptions of Actionable Claims

  • Debts covered by an immovable property mortgage
  • Contract damages
  • Tort damages
  • A claim for mesne profits
  • Company ownership
  • Copyright protection is a claim made by some people

Unsecured Debt

Debt can be defined as an obligation to pay a liquidated sum of money in a few words.

A monetary commitment that is not secured by a mortgage, pledge, or hypothecation is referred to as an unsecured debt. As a result, for a transaction to be classified as unsecured debt, three conditions must be fulfilled:

  • A monetary obligation is a debt that is owed to a third party
  • Inadequate security
  • Confidence in the amount of money owed

Beneficial Interest in Movable Property

If a person has the right to possess the movable property but does not have constructive or actual possession of it, that person is said to have a beneficial interest in it. As a result, the following are the essential elements:

  • The property must be moveable;
  • The property is not in the claimant’s possession, and
  • The claimant has the legal right to own the property in question.

Transfer of Actionable Claims

Transfer of Actionable Claims Definition: The transfer of an actionable claim whether with or without consideration shall be effected only by the execution of an instrument in writing signed by the transferor or his duly authorized agent, shall be complete and effectual upon the execution of such instruments, and thereupon all the rights and remedies of the transferor, whether by way of damages or otherwise, shall vest in the transferee, whether such notice of the transfer as is hereinafter provided be given or not:

Except where the debtor or other person is a party to the transferor has received express notice thereof as hereinafter provided) every dealing with the debtor or other person from or against whom the transferor would, but for such instrument of transfer as aforesaid, have been entitled to recover or enforce such debt or another actionable claim shall (save where the debtor or other person is a party to the transfer or has received express notice thereof as hereinafter provided)

  • Section 130: The transfer of actionable claims, with or without consideration, is effected by written document, according to Section 130 of the Transfer of Property Act. The transferor or his representative must sign the instrument. The transfer of a claim occurs only once the instrument has been signed and executed.
  • Section 131: The transferor or his agent must sign every notification of the transferable claim, according to Section 131 of the TP Act.
  • Section 132: The act’s section 132 addresses the liability of a transferee of an actionable claim.
  • Section 133: The transferee is not obligated to furnish any warranty as to the debtor’s solvency under Section 133.
  • Section 134: If a transfer of an actionable claim is made by means of mortgage for the purpose of securing a current or future obligation, Section 134 states that the money should be used first to pay for the cost of such realisation and then to satisfy the amount guaranteed by the transfer.
  • Section 135: The transfer of rights under an insurance policy is covered by Section 135 of the law.
  • Section 136 & 137: Officers associated with the court of justice are ineligible under Section 136. Saving of negotiable instruments is governed by Section 137.

Negotiable instruments are governed by Negotiable Instrument Act 1881 which, by approval and/or delivery or mere delivery, shall be assigned or transferred to them. A negotiable tool may also be transferable, however, as well as a shareable claim. The assignee shall not acquire more than the customer’s right, title, and interest under the Transfer of Property Act of 1881, but the customer shall in due time have the same rights and advantages as a customer as a holder under the Negotiable Instrument Act of 1881.

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

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

Leave a Comment / CA Foundation / By / March 1, 2023

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.

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

Leave a Comment / Income Tax / By / March 1, 2023

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.