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ITR filing: How to File a Revised Income Tax Return and Avoid Penalties or Rejection

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As per the Income Tax Act, 1961 individuals are allowed to file a revised income tax return. Usually, it can be done by those who had previously omitted some information or had provided inaccurate details. Typically, one can revise this through the online tax filing portal. Steps to file revised ITR By following these steps, one can complete the process of filing of income tax returns. 1.       Log in to the official e-filing income tax portal with your PAN and password. 2.       Click on e-file menu. 3.       Next, click on ‘ Income Tax Return ’. 4.       Entering your PAN details will direct you to its income tax page. 5.       Select your ITR form number and its assessment year. 6.       Select ‘Revised Return’ as your ‘Filing Type’. 7.       Click on the ‘Submission’ option. 8.       Navigate to the ‘General Information’ tab. 9.       Choose ‘Revised’ as your ‘Return Filing Section’. 10.   Enter acknowledgement the number and previous date of filing your ori
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Eligibility Criteria to make the PMAY Beneficiary List

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The Pradhan Mantri Awas Yojana was introduced in 2015 with an aim to build 20 million houses by the end of March 2022. This central housing scheme primary facilitates individuals belonging to the Economically Weaker Section, Lower Income Group, and Middle Income Group of the society by offering home loans with subsidized interest rates. As a borrower, if you want to avail a home loan under this government scheme , you need to meet the demands of the eligibility criteria to make it to the PMAY beneficiary list. Eligibility criteria of PMAY Homebuyers can make the PM Awas Yojana list if they meet these conditions – Applicants who already own a pucca house in any part of India are not eligible for this housing scheme, even if their family member owns such a property instead of the PMAY applicants themselves. Applicants who have already availed a subsidy scheme initiated by the Central or State Government of India are not eligible for PMAY. Existing applicants of PMAY are
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Benefits of Availing a Top Up Loan

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A top up loan is an additional credit borrowers can avail over and above an existing home loan . Individuals wondering what is a home loan top up should know that such a credit is offered over and above the existing home loan of the borrower. Here is a list of a few top up loan benefits – Nominal interest A top up loan is like a personal loan, but the interest charged is much lower. A low interest rate makes it a viable choice for any financial requirements . Zero documentation As you are already providing the necessary paperwork for the home loan,no documentation is required to avail a top up loan. This allows for a hassle-free and faster loan processing period. No additional mortgage A top up loan on a home loan requires no other mortgage. The borrower can use it for any purpose, as it is considered as a personal loan. Income tax exemption If the top up loan is used for home repairs, renovation or construction, homeowners can avail tax exemptions unde
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Location: New Delhi, Delhi, India
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Top 4 government Housing Schemes to Help One Buy a Home in India

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The Government of India has come up with different schemes to provide affordable housing to Indian citizens. It is aiming to build approximately 2 crore houses through such schemes. Among the government housing schemes, you can directly benefit from the following – Pradhan Mantri Awas Yojana Pradhan Mantri Awas Yojana or PMAY intends to provide housing for every citizen by the year 2022. According to one’s income, they can apply as beneficiaries under LIG, EWS, MIG 1, and MIG 2 categories. Individuals who want to purchase a house should apply for a home loan and easily avail interest subsidy through this central government housing scheme . Maharashtra Housing and Area Development Authority scheme Among the government housing schemes for housing, the Maharashtra Housing and Area Development Authority Scheme or MHADA operates via a lottery system to provide affordable houses. This scheme aims to provide affordable houses to citizens belonging to different income group by
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Location: New Delhi, Delhi, India
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Consequences of a Repo Rate Cut

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The rate at which financial institutions borrow funds from the RBI in exchange for RBI-recognised security deposits is known as the repo rate. A repo rate cut enables financial lenders to lower their lending rates, thereby offering loans at much cheaper rates. The aspect of the market most affected by the RBI repo rate cut is mortgage loans like home loans. How repo rate revisions affect home loans? As a drop in the repo rate reduces the cost of borrowing for financial institutions, they can cut down on home loan interests. With reduced repo rate, lenders can offer home loans at a lower rate of interest. It is an additional benefit financial lenders can pass onto their customers. How repo rate affects economy? The repo rate determines the interest rate at which financial organisations lend money to borrowers. It affects the economy in the following ways – Inflation control-  A high repo rate increases the borrowing cost for financial organisations. This makes it d
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Location: New Delhi, Delhi, India
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Loan NOC letter – Know why NOC is Needed and How to Get One

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Most borrowers do not know what is NOC – a No Objection Certificate is a legal document provided by a financial service provider stating that there is no outstanding amount remaining and the loan is completely repaid. Why is an NOC needed? The No Objection Certificate is essential after loan closure due to the following reasons – If an individual applies for a new loan without an NOC , there is no legal proof whether the applicant has already set off their dues or not. An NOC increases chances of future loan eligibility. It provides a statement from the financial institutions, which keeps the borrower legally protected and reduces ambiguity during the sale of the property. The certificate removes the lien from the property. An applicant should keep in mind the what, why and how of an NOC to know everything about such a document. How to avail an NOC? To avail an NOC letter , an individual needs to request the financial institution for the same after the home loan
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Know the essential features of Home Renovation Loan

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A home renovation loan, also known as a home improvement loan, is one of the major financial products that help individuals to deal with financial liabilities arising from old residential structures, extension of an existing building, damages caused by degraded plumbing, as well as corrosion of walls and ceiling due to age, or any other structural issue of the property. Individuals who want to fund their home renovation loan should also be aware of the important features of such loans to reap the maximum benefits. What are the features of home improvement loans?   The significant features of home renovation or improvement loans are as follows –  End-use – Individuals can use this loan to meet the financial burdens emerging from renovation, repairs, and extension of their residence. Individuals who have availed home loans can also seek top up loans from their lenders to avail finances necessary for home décor items, construction of a garage, repainting of interio
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