Flipkart Pay later - benefits, uses and activation

 

Flipkart Pay later : benefits, uses and activation process

Managing finances is a day to day activity now a day. As the inflation is rising worldwide, people are looking for alternative ways to plan their monthly bill payments. There is limit in everyone’s purchasing power but certain unalarmed needs knock everyone’s door now and then.

Diwali is at its arrival and we are all geared with our shopping list. Diwali is the biggest festival in India. Festival season is something which add lots of gifts to our shopping basket always and deep down in our minds everyone wants festivals to be full of gifts, sweets, new cloths and latest products. But the question is, “How to get the extra money to pay” or "Loan & credit to pay".

Look honestly not all of us have any access to any credit facility like short term loans, credit cards etc. And no want to bear the exhausting, complicated, time taking process of loan approval. Loan approval in itself requires a lot of paper work which is not a cup of tea for a common person like a student or a homemaker. In addition to this, short term loans and credit facilities (like Credit Cards) require paying charges and interests on regular basis.

So here I’am with an easy solution for all these issues. We are all now very much familiar with online shopping and e-commerce platforms. So why not to use these platform facilities to plan our finances. Flipkart  is out with a very useful feature of “Flipkart Pay Later”. Its quite old now but still, people are not much aware of it and its benefits.

Flipkart Pay later

Flipkart Pay Later is a kind of credit facility or loan facility offered by flipkart in association with IDFC First Bank, in which you can pay after the purchase of your product. The payment system is basically of two different types i.e. single payment in the subsequent month (Pay Next Month) or EMI payment. Flipkart Pay Later (EMI) is currently available for select products where transaction amount is greater than ₹ 2,500.

This facility can also be used with their partner platforms such as Myntra and 2GUD. Flipkart Pay Later (EMI) is not available on their partner platforms. But my main emphases is over  Pay Next Month because it does not charge any interest.

No interest, hidden Charges and processing fee

The best think about Flipkart Pay Later in that it won’t charge you any processing fee and interest for the facility. Flipkart Pay Later (EMI) does incorporate interest element in its EMI (every month installment) but in Pay Next Month there is no interest charged. There is a nominal usage fee of ₹10/- will be added to the customer’s dues if the credit usage for the month is higher than ₹1,000/-.

Benefits

1. Instant credit upto ₹ 70,000.
2. Few minutes application processing time.
3. No documentation i.e. e-KYC ( Electronic Know Your Customer)
4. Credit for a month without any charge (except ₹ 10) like annual maintenances, service charge, interest charge etc.
5. Affordable EMI without any loan approval or credit approval process.
6. Easy adjustment of refunds on cancellations from dues payable.
7. One bill payment of all purchases made last month or previous months. So individual record keeping.
8. Any time cancellation or surrender of the facility after payment of all dues.
9. 24*7 customer support.

Penalty

We talked about all the pros, now is the point to discuss the cons. As it is a financial credit or loan so conclusively in case of default, there will some penalty too. Penalty will be charges if you defaulted to pay or failed to pay the due amount or minimum amount due (partial payment). Penalty will be calculated on the outstanding dues (includes outstanding principal amount, interest or late payment panality) as on 5th of each month.

Bill Amount (in ₹)                     Late Payment Charge Amount (in ₹) 

100-500                                                60    

501-1000                                            125    

1001-2000                                          175

2001-4000                                          300

4001-5000                                          410

5000 & Above                                     600

Minimum amount due is the sum total of "10% of your Pay Later purchases" plus "Convenience fee for the partial payment option" plus "Any rolled over (or unpaid) amount from the previous month(s)" plus "Any late payment charges from the previous month(s)".

Convenience fee is calculated on the amount you carry forward to the next month.

Carry Forward amount to next month	Convenience Fee for Partial Payment	Late Payment Charges for payments after the due date
<= ₹ 500	₹ 60	₹ 60
₹ 501 - ₹ 1000	₹ 60	₹ 125
₹ 1001 - ₹ 2000	₹ 120	₹ 175
₹ 2001 - ₹ 4000	₹ 240	₹ 300
₹ 4001 - ₹ 5000	₹ 330	₹ 410
₹ 5000 & above	₹ 475	₹ 600

Note : all charges are inclusive of all taxes

How to Avail and due payments

One can activate Flipkart Pay Later by Aadhaar OTP-based e-KYC (Electronic Know your client) which is valid only for 12 months from the date of activating your Pay Later account.

For this you have of to visit the Flipkart Pay Later section under 'My Account' and refer to the ‘Pay Later’ section in the Flipkart mobile Application or website.

The due payments are to be done by the 5th of the subsequent month(s).

How to activate

It is a three stage process. First stage is the Pan Activation. Second stage is the Aadhaar OTP-based e-KYC. Last stage is the Bank confirmation.

Step 1 : In the Flipkart App or website. Login and go to Pay Later section under 'My Account'  or simply you can search Flipkart Pay Later over the search bar provided in the Flipkart App or website.

Step 2 : Enter your PAN (Permanent Account No). Click on “Activate Now” button.

Step 3 : Verify Aadhaar : Fill in your Aadhaar no and verify by the OTP received in the registered mobile with Aadhaar. Click on “Verify” button.

Step 4 : Fill in the OTP (one time password) in the pop up dialogue box.

Step 5 : Review and submit your application. Check your details, name, address etc.

Step 6 : Verify your Bank account by filing your UPI Id or Bank Details. Click on “Confirm and Submit” button.

Step 7 : Rupee one will be credited in your bank account linked with Aadhaar.

Step 8 : Your eligibility will be checked.

Step 9 : Now your will be informed about your credit limit for Flipkart Pay later (Pay Next Month).

There is also a offer on the first purchase by using Flipkart Pay Later, you can get 15% off subject to the maximum of ₹150/-.

If you want to see the complete process, then you can visit the my youtube link : https://youtu.be/FxYMP4onRek

For Flipkart Pay Later (EMI) your have to check on individual product eligible for it and then proceed. For more details you can visit Flipkart official website and mobile application. I hope this blog helps you out to finance your Diwali shopping plans. I tried best to provide you the best information.

Do follow,subscribe and like us at facebook, Instagram and youtube to keep getting such useful informations.

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Disclaimer :

The above blog is purely for educational and  guidance purpose. It's just the reflection of the author's personal experience and judgment. The author has just provided the general information & understanding and its not at all an alternative of any legal advice or practitioner. The content stated in the blog should be used by the reader at his own discretion and sole responsibility. The content of the blog can be only used for any other document, write-up, article, blog and any written or printed material whether on paper or digitally in any form, with the prior permission of the author.  

 

How to Check Income Tax Refund Status

Waiting is always tiring. In this covid pandemic scenario people are worried about there income tax refund a lot. As the refunds are coming at snail speed, the anxiety among assesee is increasing day by day. Many a times it is really annoying to call consultants and tax associates to asks for the refund update. I have been regularly receiving calls from people asking about there refund status for F.Y. 2019-20. With this blog I would like to share the process through which anybody can know about his income tax refund in a very simple and easy process. Will explain you the related facts and process in the most simplest way so that a common person can very easily understand.

Dear friends I try to provide you the best details and information, this require research and time. Your support and love provide me encouragement to keep on doing this. Please show your love and support by liking and sharing by blogs. Please don’t forget to follow my blog to so that we can stay connected.

If you wish to see the complete process of finding the income tax refund status with live example go to the video link :  https://youtu.be/n-_dWBgnOd0

What is Income Tax Refund ?

In simple words, Income tax is a statutory liability of the citizen of the country towards government for earning income, which accrue or arise by any source within the country. Against the income arising in the country the income earner (called as assessee) has to pay tax to the government.

“TDS” stands for tax deducted at source and “TCS” stands for tax collected at source.  As per respective provision of the Income Tax act, the payer of the income has to deduct tax from the earning of the payee on behalf of assesee (payee) and deposit it to the government in the form of TDS. TCS is a tax collected by the seller of specified commodities (specified in the Income Tax Act) and paid to the government. I will do come out with a separate blog over TDS and TCS very soon as it a huge topic to cover and explain.

The assessee whose income is subject to TDS and TCS, if does not have a taxable income files income tax return and claim the tax deducted for the financial year in return from the government.  This claiming of excess tax deducted from the income of the assessee in return is called as Income Tax Refund.

How to get Income Tax Refund ?

In order to get your income tax refund you have to file your income tax return for the financial year.

How to Check Income Tax Refund Status ?

After filing your income tax return when the refund is issued can be seen by tracking Income Tax Refund Status. You can do so by following the below simple process :-

Step 1 : Go to www.tin-nsdl.com

Step 2 : Service Menu

At the home page, go to the menu bar and click over “Services” menu.

Step 3 : Status of Tax Refunds Menu

From the Drop-down Menu, Select “Status of Tax Refunds” and wait for the next page to appear.

Step 4 : Status Tax Refund

From the page appearing on the screen. Go to “Status Tax Refunds” and click over “Refund Tracking”. And wait for the page to appear.

Step 5 : Refund Tracking

From the Refund Tracking screen. Go to Taxpayer Refund (PAN) and click over “Proceed”

As we are tracking our own refund status and we are tax payer that is why we are selecting the respective option. And additionally we are tracking our Refund on the basis of PAN (Permanent Account number) so it’s a PAN base search.

Step 6 : Fill in PAN no and Assessment Year

In the “Refund Tracking” screen, fill in your PAN no and Assessment Year. Assessment year should be the one for which you want to know the refund status.

Now, fill in the Captcha Code in the space provided. Fill the Captcha code same as it is shown at the time. Putin the no and alphabets as they are appearing, like be very careful about form of letter i.e. they are capital letter and small letter. As the Captcha code is case sensitive.

Click over “Proceed”

Step 7 : Status of Income Tax Refund

Your Status of Income Tax Refund will be shown. It will mention :

1. PAN – It will show your PAN.

2. Assessment Year - Assessment Year for which Income Tax Refund status is shown.

3. MODE of payment – It will show mode of payment :

        > Direct Credit – this means direct credit to your bank account linked with PAN.

        > NECS – National Electronic Clearing Services is electronic fund transfer.      

4. Reference no -  It the refund transaction reference no.

5. Status – This shows the exact status of refund with additional comments. It mostly have following comments :

I. Refund is already credited to your bank, please contact your bank

II. Account has been closed - Electronic credit rejected by the bank of the assessee as the account number provided to the ITD has been closed. Contact your assessing officer for change in account details and fresh release of refund

III. Account has been closed - Electronic credit rejected by the bank of the assessee as the account number provided to the ITD has been closed. Contact your assessing officer for change in account details and fresh release of refund

6. Account -  It is the account to which refund is transferred. This is the bank account linked with PAN and chosen for refund purpose (if more then one).

7. Date -  It is the date on which refund is provided to you. This will be the date of transfer of refund to your bank account.

This is how you can check your income tax refund status. Don’t forget to like, subscribe my blog. Do share with friends and family the useful information. 

Do follow,subscribe and like us at facebook, Instagram and youtube to keep getting such useful informations.

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Disclaimer :

The above blog is purely for educational and  guidance purpose. It's just the reflection of the author's personal experience and judgment. The author has just provided the general information & understanding and its not at all an alternative of any legal advice or practitioner. The content stated in the blog should be used by the reader at his own discretion and sole responsibility. The content of the blog can be only used for any other document, write-up, article, blog and any written or printed material whether on paper or digitally in any form, with the prior permission of the author.  

सकारात्मक सोच और विद्यार्थी जीवन पर आसार एवम महत्व

सकारात्मक  सोच और विद्यार्थी जीवन पर आसार एवम महत्व 

हर व्यक्ति के जीवन चक्र का विद्यार्थी जीवन एक महवत्पूर्ण अंग है। विद्यार्थी जीवन में अर्जित किया होआ ज्ञान, ध्यान, चेतना और गुण एक व्यक्ति को उसके आगे के जीवन में उन्नति के पथ पर ले जाता है। विद्यार्थी जीवन हमेशा सकारात्मक सोच और विचारो से परिपूर्ण होना चाहिए। सकारात्मक सोच एक चुम्बक  की तरह है, वह सकारात्मक ऊर्जा को आपकी ओर कीचती है और अपने आभा-मंडल को और शक्तिशाली बनती है। विद्यार्थी जीवन एक व्यक्ति के जीवन काल का वह समय है जब वह अपने विचार और व्यक्तिव को बनता और सवरता है। 

 

एक सकारात्मक सोच वाला छात्र हमेशा अपने लक्ष्य की ओर बढ़ता रहता है, चाहे उसके जीवन में कितनी परेशानिया या बढाए आये। सकारात्मक सोच बुद्धि विकास और व्यक्तिव विकास में सीढ़ी के सामान भूमिका निभाती है। सकारात्मक सोच रखने वाले छात्र का बुद्धि विकास उन्नत और बलशाली होता है जो आगे चलकर उसकी वयस्क जीवन में उसे मुश्किलों को आसानी से हाल करने की कला सिखाता है। इस कोविद महामारी के समय विद्यार्थियों को अपनी सोच सकारात्मक रखनी होगी तभी वह इस परिस्थिति में भी अपना विकास कर सकेंगे। कोविद महामारी को हराना है तो विद्यार्थियों को सकारात्मक विचार और दृष्टिकोण को अपनाना होगा।

 

एक उच्च इस्तर के विद्यार्थी जीवन का परिणाम, एक उज्वल भविष्य होता है। सकारात्मक सोच छात्र को अपने लक्ष्य से भटकने नहीं देती, बल्कि असफलता और कठिनाईयो में उन्हें दूगनी क्षमता से आगे बढ़ने को तत्पर बनती है। जब एक व्यक्ति अपने विद्यार्थी जीवन में ही अपनी क्षमताओं को कम आंकने लगता है तो ये उसके व्यक्तित्वा के विकास में बाधा डालती है, वह जीवन में आगे बढ़ कर हमेशा हर मुश्किल से हर मन्ना सिख जाता है। इस प्रकार के मनुष्य कभी सफलता नहीं पाते और समाज में अपनी एक बड़ी और शाषत पहचान नहीं बना पते है। ऐसी सोच का मूल कारण है सकारात्मक सोच की अनुपस्थिति। इसलिए सकारात्मक  सोच विद्यार्थी जीवन के मूल में इस्थापित होनी चाहिए। एक सकारात्मक सोच का विद्यार्थीअपने आगे के जीवन में नई चीजे, परिस्थितियों और प्रौद्योगिकीयों को जल्दी अपनाता, सिखाता और उनके साथ समायोजन बना लेता है। जीवन एक सदैव सीखने और जानने की प्रक्रिया है जो एक उन्नत विद्यार्थी ही जी सकता है। ये उन्नतवा आता है सकारात्मक सोच से।

 

भगवत गीता के अध्याय 6 श्लोक 5 में भगवान श्री कृष्ण ने अर्जुन को उपदेश दिया है;

 

"उद्धरेदात्मनाऽऽत्मानं नात्मानमवसादयेत्।
आत्मैव ह्यात्मनो बन्धुरात्मैव रिपुरात्मनः।"

 

अर्थात अपने दवरा अपना उद्धार करे अपना पतन न करे क्योंकी आप ही अपने मित्र है और आप ही अपने शत्रु है। खुद का उद्धार और पतन एक व्यक्ति अपनी सोच से ही करता है इसलिए अपनी सोच को जीवन के प्रथम चरण अर्थात, विद्यार्थी जीवन से ही सकारात्मक बनना चाहिए। 

जिस प्रकार सूर्य अपने प्रकाश से अंधेर को दूर कर देता है उसी प्रकार सकारात्मक  सोच विद्यार्थी जीवन से मायूसी और डर को दूर कर देती है। ये सकारात्मक सोच ही थी जिसने रामेश्वरम जैसे छोटे शेहेर के एक लड़के को भारत का ग्यारवाँ (११) राष्ट्रपति बनाया, ये छात्र और कोई नहीं स्वा. डॉ. ऐ.पि.जे अब्दुल कलाम आजाद थे। स्वा. डॉ. ऐ.पि.जे अब्दुल कलाम आजाद बड़े ही निम्न स्तर के परिवार में जन्मे थे पर ये उनकी विद्यार्थी जीवन-काल में बनी सकारात्मक  सोच जिसने उन्हें एक महान व्यक्ति बनाया।  

मेरी और भी कहानिया पढ़ने के लिए निचे दिये लिंक पर क्लिक कर :

https://taxolawgywithpriyankatiwari.blogspot.com/2019/10/blog-post.html

https://taxolawgywithpriyankatiwari.blogspot.com/2020/05/blog-post_16.html

https://taxolawgywithpriyankatiwari.blogspot.com/2020/07/blog-post.html

                          

Do follow,subscribe and like us at facebook, Instagram and youtube to keep getting such useful informations.

Visit our youtube page : www.youtube.com/c/TaxolawgyWithPriyankaTiwari

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Visit our Facebook page : https://www.facebook.com/taxolawgywithpriyankatiwari/

Disclaimer :

The above blog is purely for educational and  guidance purpose. It's just the reflection of the author's personal experience and judgment. The author has just provided the general information & understanding and its not at all an alternative of any legal advice or practitioner. The content stated in the blog should be used by the reader at his own discretion and sole responsibility. The content of the blog can be only used for any other document, write-up, article, blog and any written or printed material whether on paper or digitally in any form, with the prior permission of the author.  

How to Safe Tax over Arrears or Advance of Salary Received

 

"Every Penny saved is Every Penny Earned". Salary is the sole source of income for many people. Many of the time salary increment is made due and afterwards paid as arrear salary in the next financial year or subsequent financial year. There might be other reasons as well for this arrear salary receipt. In this Covid 19 pandemic it is most likely to expect that many employees are going to receive their salary in the form of arrears in upcoming financial year. These arrears of salary attracts Extra Tax burden. And many of the people unknowingly pay this extra tax. With this blog I ‘am going to share the tax saving tool with the help of which you can save this extra tax.

YES, this EXTRA TAX payout over arrears of salary can be SAVED by claiming relief. Right now your mind must be full of curiosity, like what, how, when etc. Let’s understand everything in simple and easy manner without wasting any more time.  Lets discuss the whole concept.

Arrear Salary

Arrear Salary is the salary for any past previous financial year, which is received in the current financial year. For example, as central government has paid their employees the 7^th grade pay salary in the current financial year (2019-2020) in the form of arrear salary.

How does Arrear Salary Troubles Employees ?

It is a very clear concept that you have to pay tax on your current year earnings and every person does that as a normal routine in very financial year. But when it comes to receiving arrears the income of the financial year in which it is received turns to increase, which results in increase in salary of the respective financial year. Due to this increase in salary the tax liability increase after receiving Arrears :-

—  As it is an EXTRA SALARY over your usual SALARY, its increases the taxable income of the employee and conclusively ATTRACTS more tax.

—  It might take your income from exempt income level i.e. non-taxable income to taxable income level.

—  It might disown/disallow you from the tax rebate of Sec. 87A, which is a kind of tax discount provided to assessee. Tax Rebate for F.Y. 2020-21 is Ruoees 12500. 

Usually the employer deducts tax on employee’s salary in the form of TDS (Tax Deducted at Source). And this usual routine happens in the year of receipt of arrear salary as well. The employer deducts TDS in the year of receipt of arrear salary which is a higher tax amount as is deducted over arrear salary too.

Why High Tax Burden ?

In case of receiving arrear salary the irony is that in one hand you are receiving extra salary but on the hand you are also receiving extra tax burden. The actual fact is that arrear salary belongs to a previous financial year but is received in the current financial year. The employer deducts the TDS on the basis of current year salary receipt.

Now the big question is how we can save this extra tax liability. In the normal course of business if this arrear salary would have been received by the employee in the previous year to which it belong the tax burden might had been mitigated or lessen. If it was received in the previous year of its belonging the tax might be less as the respective year income was less, but it is paid as an add-on the current year income it results in higher tax liability.  

How to save this Extra Income Tax  ?

The answer is “Claim Relief under Section 89 (1) of the Income Tax Act”. Its says that if an assessee receive salary in arrear or advance in a financial year or receive more than 12 month salary in a financial year may be given relief for the same under the section by the Assessing Officer. The Assessing officer provide relief on the basis of Form 10E Filed and Income Tax return submitted. It provide relief from the tax which is excess as compared to the actual tax liability. For this it has the below explained calculation.

How to Claim Relief under Section 89 ?

File “Form 10 E” online to avail the benefit under Section 89. After filing “Form 10 E” file your income tax return for the respective financial year and claim relief under Section 89 in the respective income tax return.

How the calculation is done for the relief ?

The calculation can be understood in the following steps :

Step  1 : The Excess Tax paid/deducted in the current financial year :

• First calculate the Tax Liability of the current year including the arrears of salary and excluding arrears of salary. 
  
• Then take the difference between the tax which is paid on total income including the arrear salary, and Tax Which is to be paid on total income excluding the arrear salary. 
• This gives the Excess Tax paid/deducted in the current financial year. 

Step  2 : Calculate tax which is to be paid over the arrears Salary,  considering it as the Income of the year to which it belongs :

• Now calculate Tax Liability of the financial year to which arrear salary belong, considering it is received in that year. 
• This will give actual tax to be paid in that year including arrear salary in total taxable income.

Step  3 : Then it calculate the Tax dues of the respective year to which arrear salary belong :

• As you had already paid tax or reported your income in the previous financial year to which arrear belongs by filing Income Tax Return. 
• The arrear salary will result in certain tax due which has to be paid in the current financial year.

Step 4 : Tax Relief :

• Calculate excess Tax paid/deducted in the current financial year (as per Step 1) Less Tax dues of the respective year to which arrear salary belong (as per Step 3) 
• (Step 1) less (Step 3).
•  This will give you Tax Relief

Benefit

The tax relief will be provided to you in the form of refund. As your will file your income tax return after filing Form 10 E and then claim Section 89 Relief. You will be provide a INCOME TAX REFUND.

If wish to see practical example with explanation in simple way then go to the link and see the real life example with values and refund amount : https://youtu.be/vN1gqT-yXpE

This is how one can save tax over his arrears of salary and advance. I hope you all liked the blog. Please don't forget to like and subscribe.

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The above blog is purely for educational and  guidance purpose. It's just the reflection of the author's personal experience and judgment. The author has just provided the general information & understanding and its not at all an alternative of any legal advice or practitioner. The content stated in the blog should be used by the reader at his own discretion and sole responsibility. The content of the blog can be only used for any other document, write-up, article, blog and any written or printed material whether on paper or digitally in any form, with the prior permission of the author.