Know all about your Credit Worthiness at Samadhan Kender

What is Credit Score and Credit Rating Agency:

Credit Score is a numerical value calculated by an approved credit rating agency to provide report about credit worthiness of any individual. CIBIL ( Credit Information Bureau India Ltd. is the best credit rating agency and all the nationalized bank and private sector banks rely upon the Credit Score rating provided by CIBIL. Other upcoming and less know rating agencies operating in India are Equifax and Experian.

What is the importance of Score based Credit Rating:

Any prospective borrower must check his or her credit score before approaching any bank for any type of loan so that his or her application does not get rejected because of poor or defective credit rating score. Samadhan Kender not only provides services to know your credit score before hand but also helps the prospective borrowers to get the score improved or rectified as sometimes the bad score computed by CIBIL is due to non reporting or wrong reporting by the banks and financial institutions.

What is Good or Bad CIBIL Score:

Normally CIBIL score is a 3 digit number ranging from 300 to 900 and score more than 750 is considered good score to approach the bank for availing loan. If you have score less than 750 then you need professional advice being provided by Panel of Experts at Samadhan Kender, who will analyse your credit rating report and suggest the ways to improve the credit score in short duration. CIBIL scores are updated on monthly/quarterly basis.

What can be the possible factors for poor Credit Score:

1. Normally people go to one bank or the other for their credit needs and the lending institutions, as a matter of abundant caution, draw the credit score in the first instance. In case the bank declines the loan applications for other reasons like non availability of adequate security, margin or owned capital then the inquiries made by the lenders get registered in your database with CIBIL. While approaching the bank either get your score based report through Samadhan Kender or yourself to show it to the bank as reports taken out privately will not downgrade you credit score whereas inquires by banks can downgrade your credit score as the computing systems will mark you as "Credit Hungry" who is in urgent need of money. If you approach one bank after another every banker's inquiry will lower your credit score with the new bank increasing the chances of your application getting rejected. So, it is prudent to obtain the credit rating score privately from Samadhan Kender or elsewhere.
2. If your credit score shows high current balances and borrowings the bankers will become alert as it will tell the bankers about your repaying capacity based on your income as per your IT returns. It is therefore, advisable to close the overdraft limits with credit balances, adjust the loans against bank deposits etc. etc.
3. Sometimes even after you repay the loan in full the banks do not close the loan accounts and such loan accounts are shown "Open Status" in your credit score. Experts at Samadhan Kender will help you at every step to get the status changed from "Open" to "Closed" as open status may mislead the lending institutions.
4. Similarly sometimes loan accounts in your credit report may be reported with status as "Written Off" or "Settled". It is always better to negotiate with the lending institutions to get the status changed to closed as the written off or settled status are likely to raise the risk perception and result in negative impression.
5. Moreover even if you clear your defaults and over dues then it is not going to improve your credit score immediately and you have to keep a clean track to have better credit score.
6. While repeated bank inquiries can lower your credit score but having a Credit Card and using it judiciously can improve your Credit Score.

What is the time limit to wipe out defaults in the Past:

• Your Credit History is preserved for at least 7 years from the date of maturity of loan and it can be stretched even beyond 7 years.
• Even if you have paid your loan in full there is default of single loan installment then it will go on reflecting in your credit score for 7 years after the repayment in full.

For further information visit Samadhan Kender, near Bikaner Mishtan Bhandar, Rajpura-Patiala Road, Rajpura 140401 Punjab.

How to check genuineness of Income Tax Return - Bankers Alert

How to check genuineness of Income Tax Return - Bankers Alert!

Online e-filing of income tax returns has been made very easy - thanks to the tools available on e-filing site of income tax India. Public at large often file their income tax returns online and generate the Income Tax Acknowledgement (ITR-V) to submit the same to banks and financial institutions for availing home loans, car loans or personal loans. As the generated ITR-V is just a computerized printed pdf copy without any Digital Signatures it is very difficult for the bankers and financing institutions to verify the genuineness of income tax acknowledgement ITR-V. As per income tax rules the online filed income tax return has to be sent to Income Tax Department-CPC, Post Box No. 1, Electronic City Post Office, Bangalore-5600200, Karnataka. It must not be sent by courier or other means. However if you forget to dispatch ITR-V to CPC Bangalore within 120 days of e-filing then it will be considered as if you have not filed your income tax return and the IT department will not process your ITR-V.

The prospective fraudulent borrowers submit the unauthorized pdf copy of ITR-V to unsuspecting lenders who believe that the return is genuine only because it is generated by the government of India site. But it is not so as it has to be either physically submitted or e-verified online. The bankers and lending institution must insist for proper acknowledgement with CPC reference number which gets generated only after physical submission of ITR-V to CPC Bengaluru with in 120 days of efiling. Alternatively tax payers can digitally sign or even e-verify the ITR-V to get rid of physical posting of ITR-V form to CPC, Bangalore.

If you still forget to e-verify your ITR or fail to dispatch ITR-V to CPC Bangalore then it will be considered as if you have not filed your income tax return and the IT department will not process your ITR.  E-verification facility is available for IT returns up to Rs.5 lac only.

But the banks and lending institutions will still like to verify the genuineness of e-filed income tax returns themselves which can be done in two ways:

Option one - Download Online on Bank's Computers: 

The best option of verification of ITR-V is to ask the tax payer to login income tax efiling website and download the ITR-V is to ask the taxpayer to login income tax e-filing website and download the ITR-V in front of the bankers who can check the genuineness themselves. But most of the taxpayers do not remember the password or they do not have the password as in most of the cases returns are filed by tax professionals and it is practically not feasible to have access to ITR-V in such cases.

Option two - Verify the ITR-V status online: 

Easiest way to check the genuineness of ITR-V is to verify the acknowledgement online through this genuine link of GOI  which will take you to webpage below:

Now the banker has to provide the following inputs:

• PAN / e-Filing Acknowledgement number
• Assessment year
• Add Captcha Code
•  When you give the PAN and other Details you will get the ITR-V status in following ways:

1. When return is not filed, you will get the status as “No return has been filed for this PAN and assessment year or e-filing acknowledgement number”
2. When return filed and it is digitally signed then you will get the status as -“E-return for this assessment year or acknowledgement number is digitally signed”
3. When return filed and it is NOT digitally signed then there are  two possibilities
4. ITR filed online but signed acknowledgment is NOT received by Income Tax Department – CPC, Bangalore – You will get the status as ITR-V not received
5. ITR filed online but signed acknowledgment is received by Income Tax Department – CPC, Bangalore –  You will get the status as ITR-V received
6. It is also advisable to the bankers to verify status of ITR–V on PAN as well as e-filing acknowledgement number basis. As return many be filed but acknowledgement many be fabricated.

However Bankers can verify only PAN and acknowledgement number but no data (like gross total income, taxes paid, etc,). If PAN and acknowledgement number is correct, but other data of the ITR-V is fabricated, then it is not possible to track such fabrication in this verification method.

In addition to above investigation it will be prudent for the bankers and lending institutions to minutely check the ITR-V to ensure that it is genuine and not fabricated. Observe the ITR-V below by following the procedure given here under:

1. Confirm that last six digits of acknowledgement number is date of filing return, as mentioned on the acknowledgement.
2. Check bar code carefully, the first 10 characters is the PAN, also check bar code also contain 15 digits acknowledgement number.
3. Banker can also cross verify the contents of ITR-V with tax challans and TDS certificate, Form 26 AS and other financial statements.

Samadhan Kender helps you to file your income tax returns online

Have you filed your online Income Tax Return:

Due dates for e-filing your income tax returns has already lapsed. However you can file your income tax returns for the assessment years 2015-16 (FY 2014-15) and 2014-15 (FY 2013-14) without incurring any penalty:

• In case there is either refund or no demand of income tax.
• In case of any Tax Demand the return can be filed by paying interest on the Tax Due for the period of delay of payment of Tax.
• Income Tax Returns can be filed online for the last financial year 2014-15 (A.Y. 2015-16) and previous financial year 2013-14 (A.Y.2014-15)

We, at Samadhan Kender, file income tax returns on behalf of individuals and businesses entities. Special rebates are allowed to Salaried Class. We also get your IT return e-verified online to save your precious time and speed post cost for dispatching the IT return to CPC Bangalore. 

Visit Samadhan Kender to e-file your income tax returns for the last two financial years.

How to deal with various Death Claim Cases in India

It was, in 1985 when the nomination facility was introduced in the banking industry in India. Accounts opened prior to 1985 had no "Nomination Facility" in built in the account opening forms. The legal heirs of account holders who either died before or after 1985 without making nominations are facing difficulties with the banks to get back the money which belonged to their forefathers.

Samadhan Kender provides consultancy services to all those legal heirs, whose forefathers made no nominations, about the latest procedures being followed by different banks. Samadhan Kender also provides their expert services for preparation of error free death claims under single window concept.

Normal banks requires the following steps to be followed while claiming the deceased account holder's money if the deceased made no nomination and/or will:

• Photocopy of Death Certificate (Original to be produced for verification)
• Letter of undertaking from the remaining claimants other than those who signed the disclaimer
• Letter of Disclaimer
• Indemnity-cum-Surety by the claimants
• Other documents are bank specific.

We will enlighten the visitors at Samadhan Kender about the various forms, procedures and rules to get the different type of claims.

1. Claim Procedures in accounts with or without nomination in Punjab National Bank.
2. 
   

How to get Birth Certificate translated in English

If you have a birth certificate, marriage certificate or any other document that is not originally in English, and you need to submit that document for immigration purposes, anyone who is fluent both in English and the language of the certificate can translate and provide the original translation along with the translated document alongwith copy of the original document. However, please note that the petitioner or the beneficiary can not translate on the documents itself. It must be translated word for word and to be certified by way of affidavit for the translated document in the format below:

Affidavit of Translation

STATE OF ____________________________

COUNTY OF ___________________________

I, (Name of the Translator), am fluent in English and ( Language of the Document). I hereby certify that I have translated/verified the following document(s) which is/are attached to this Affidavit:

________________________________________________________________________

________________________________________________________________________

I further certify that, to the best of my knowledge, the attached document(s) in English is/are true and accurate translation of the attached document(s) in (Language of the Document).

_______________________________________

(Signature of Translator/Verifier)

_______________________________________

( Name of the Translator/Verifier)

Subscribed to and sworn before me this _____th Day of Month, Year, by (Name of the Translator/Verifier).

_______________________________________

(Signature of Notary Public - State of __________)

_______________________________________

(Print, type or stamp commissioned name of Notary Public)       

Tips For any documents not in English:

• You must provide an English translation. 
• Exception : You do not need to translate your passport if the passport is primarily written in a language other than English. 
• The document must be translated entirely and directly, including signatures, dashes, seals, stamps etc. If something is not clear, the English translation should say "not legible". 
• The translation must match the visual format of the document. e.g., the translation of an official seal must appear in the same place on the page as where the seal appears on the actual document. 
• Even though you can't translate the document yourself, please make sure that the translation is accurate. 
• There have been instances where the official government or notary translators do not know basic English and there are numerous mistakes in the translation. You don't necessarily have to use to professional translator. 
• However, the translation must be accurate. If there appears to be errors in translation (e.g., because there are so many English misspellings, sentences do not make sense), you may be required to send your documents to a translation service. 
• If the document is being submitted in the U.S. (for example, to USCIS), the translation does not have to be notarized. If the document is being submitted outside the U.S. (for example, to the Embassy or Consulate) , it must be notarized.

In India Birth Certificates, Death Certificates and/or Marriage Certificates are issued in the regional languages like Punjabi in Punjab, Hindi in Haryana, Tamil in Tamil Nadu. But the Registrars issue the English Version of the certificates on demand as while applying for VISA to European countries or US, it is compulsory that your certificates and documents must be in English, the accepted international language. What should one do immediately:

1. Get the English Version of Certificates immediately as it may become difficult to obtain such certificates at later date when one is away from the place of his or her birth.
2. Keep the translated or English Version of Birth Certificates and other Certificates in DigiLocker so that the same can be accessed anytime anywhere in the world without tracing the originals.