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The Central Government in India collects CESS on income tax to raise funds for specific public programs such as education, health or infrastructure. If we simply put, this is an additional tax charged on your income tax and used for a particular purpose unlike regular taxes that go into the general fund. So, if you’ve …
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A UPI reference number lets you conveniently make and track all your digital payments. Developed by the National Payments Corporation of India, UPI provides better security to your transactions and account details and reduces the chances of fraudulent activities. It allows you to send money from one account to another or initiate merchant payments effortlessly. …
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Virtual Payment Address (VPA) in UPI or Unified Payments Interface is a unique identifier of your account. It is a system that bypasses the need for bank account numbers and bank IFSC. You can use VPA to send or receive money, make bill payments and initiate merchant payments. To learn more about VPA in payment, …
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If you’ve come across the term ‘BSR code’ while filing your taxes or making payments online, you might wonder what it means and why it’s important. BSR stands for Basic Statistical Returns code (that’s the BSR full form), a unique number assigned to every bank by the Reserve Bank of India (RBI). This code makes …
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It is crucial to know the difference between CGST and SGST, and IGST to file accurate returns. To further the ‘One Nation, One Tax’ policy, the Government of India introduced a new indirect tax regime called the GST in 2017. These three categories of GST simplify interstate and intrastate transactions. To learn what is IGST, …
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A term loan offers an excellent means of financing when a business experiences a shortage of funds. Businesses need capital to cover their day-to-day operations and capitalise on growth opportunities. These expenses include paying rent for the workspace, purchasing raw materials, paying suppliers and covering utility bills. Read on to learn what is a term …
You need to link an Aadhaar card with a ration card to enjoy various government subsidies. A ration card is an essential government document that allows individuals to get food, gasoline and grains at subsidised rates. Linking your ration card with your Aadhaar card also helps prevent identity theft, ensuring that fake cardholders do not …
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Knowing the varying features of a salary account vs a savings account helps you choose a feasible option. To begin with, a savings account is a financial product that helps you keep your money secure and earn nominal interest. On the contrary, a salary account is available only if you get a salary and your …
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DBT full form in bank is Direct Benefit Transfer, a government program designed to transfer subsidies directly to beneficiaries’ bank accounts, ensuring convenience and transparency. With many welfare programs introduced by the Government of India, DBT ensures its benefits reach the underprivileged population on time without hassle. Often, the funds released from the government trusts …
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RBI launched Digital Rupee officially as a legal tender for the wholesale segment on December 1, 2022. Taking another step towards the ‘Digital India’ initiative, the new digital currency of India is exchangeable with paper currency. Also referred to as the Central Bank Digital Currency (CBDC), this helps the country head towards a cashless economy. …
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