June 2019 - TaxOnline24

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Friday, 28 June 2019

Get a Loan with Poor Credit Scores

Friday, June 28, 2019 0
get a loan with poor credit scores

A credit score is a numerical representation of your credit history. It contains every single detail of all the credit you have acquired over the years. A credit score represents your creditworthiness and banks look to your credit score before granting loans and credit cards. A good credit score not only ensures that you get approved credit cards and Loans but it also gives you the opportunity to avail the best rates and a bad credit score will send your application to the rejection pile.

What affects your credit score?

Let us look into some of the major factors that affect your credit score:

Payment History: Making a late payment might not seem like a serious offence but it can definitely harm your credit score. Making late payments or missing payments on your loans and credit cards can bring down your credit score dramatically. Every missed/late payment is recorded in your credit report and remains there for a period of up to 7 years.

Current Debts: Carrying a lot of debt can also decrease your credit score.

Types of Current Credit: It is important to have the right mix of credit products in order to keep your credit scores up. Having the right balance between credit cards and loans will ensure that your credit score is not affected.

Consequences of a poor credit score

Listed below are some of the major consequences of a poor credit score:

High interest rates on loans
Banks consider applicants with low credit score riskier than applicants who have a good credit score. They compensate for the risk by making you pay a higher rate of interest on loans and credit cards if you have a low credit score.

Rejection of loan applications
While some banks compensate for the risk factor with high interest rates, other banks will reject your application for a loan or credit card if you have a bad credit score.

High insurance premiums
Insurance companies check credit scores too. They connect a low credit score to high claims which in turn leads them to charging a higher premium.

Is it possible to get a loan with poor credit score?
Banks and financial institutions are cautious while granting loans to an applicant with a low credit score owing to the risk factor. But despite what many think, it is not impossible to avail loans with a low credit score. An applicant with a low credit score can still get approved for a loan. Read on to know how:

Secured Loans
Under the secured loan option, a loan is granted to the individual against a collateral security. The value of the collateral security should match the principal loan amount to an extent. Banks are less reluctant to offer secured loans to applicants with a bad credit score as they have something to fall back on in case the applicant fails to repay the loan. Secured loans are usually offered at a regular rate of interest regardless of whether the applicant has a high or low credit score.

Unsecured loans
Unsecured loans are best suited for individuals who are incapable of offering security to the lender. Banks and financial institutions offer unsecured loans to customers with a low credit score without requiring any security. These loans come at a higher rate of interest to make up for the risk factor. These kinds of loans will end up being very expensive owing to the high rate of interest.

Getting loans with poor credit score is definitely tough, but not impossible. It is important to read the fine print of the documents before signing a loan agreement. While these options might help you get a loan, it is best to improve your credit score so that you can get approved for regular loans without any hassle the next time you apply for it.

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Thursday, 20 June 2019

Top Countries Having the Highest Tax Rates

Thursday, June 20, 2019 1

Top Countries Having the Highest Tax Rates 

Top Countries Having the Highest Tax Rates

Where ever you choose to live in the world, you would surely like to know about the tax rates. Taxes in different counties vary and there are different tax rates for which you can always take the guidance and assistance from the best VATconsultants. There are countries with low tax rates and then there are countries with high tax countries. Every government levy taxes differently and the taxes vary. Below, we will throw some light on the top 10 countries with the highest tax rate globally. All the countries are well developed and the governments are helping in transforming the countries even more for the best of the citizens. But before that, we should see a variety of taxes which are applicable universally.

Type of Taxes:



Before discussing the highest tax rated countries, let us first know a little about the type of taxes:

    Income Tax
    VAT (Value Added Tax)
    Service Tax
    Corporate Tax
    Security Transaction Tax
    Capital Gains Tax
    Custom Duty

Above mentioned are just a few taxes which are commonly charged in countries globally. The list is quite long and few taxes are charged according to the laws of a particular country. Also, the tax rates applicable in different countries are also different. For example, in accordance with the latest tax laws in the UAE, the VAT consultants disclose that the VAT to be paid by business is 5 percent.

In this context, VAT is an indirect tax that is levied on any addition made in the business cycle starting from procurement of raw material to the final sales of the finished good.
Countries with the highest tax rates globally: Starting with the one on the 10th number, we will see the taxes increasing:

1.    Belgium:

Top Countries Having the Highest Tax Rates

A beautiful country which is being shared between Dutch-speaking Flemish and French-speaking Walloons, is a European country. The highest tax rate being charged in Western Europe is 53.7 percent. The tax collected in this country is utilized towards the welfare of the country as a whole.
2.    Austria:

Top Countries Having the Highest Tax Rates  


It is also amongst the highly developed countries in the world charging 55 percent tax from the residents here. Along with this high rate of tax, the government of Austria has a social security rate of 18 percent, payments being charged at a rate of 6 percent and lastly, capital gains tax rate is 25 percent.




3.    Denmark:

Top Countries Having the Highest Tax Rates  


In terms of GDP per capita, Denmark holds the 18th rank in the world. The tax rate hers is 55.8 percent per capita income which is used towards creating equality to give access to all the citizens to use a number of services being served through this tax income.



4.    Japan:

Top Countries Having the Highest Tax Rates  

The 3rd largest national economy in the world is Japan. A number of millionaires are residing in Japan than in any other country all across the globe. Japan has less population but despite the fact of less population the tax rate of the country is 55.95 percent. The taxes paid by you are utilized towards advancement in technological developments and automobiles.





5.    Portugal:

Top Countries Having the Highest Tax Rates  

It is a well-developed and a high-income country which is on the 45th position to hold as the largest economy. The tax that you will have to pay as a resident here is as much as 56.5 percent. The taxes that you pay are utilized towards bringing equality between high- income groups and low- income groups.

6. Sweden:

Top Countries Having the Highest Tax Rates  

It is the seventh richest country in the whole world. Sweden has shown tremendous growth with the help of the highest tax rate policy amongst all the countries in the world. The maximum income tax being charged by the Sweden government is as much as 57.1 percent.

Going on a vacation in the above-mentioned countries is so much fun but if you are in the mood of being a resident then you must think twice. The tax rates will surely make you think twice before you choose any of the above for immigration or migration purpose.




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Name :                    Heena Khan
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Location:                Sharjah, United Arab Emirates
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DISCLAIMER ******** This Post is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this post or for any conclusion of the information. Prior to acting upon this post, you're suggested to seek the advice of your financial, legal, tax or professional advisers as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.


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Thursday, 13 June 2019

LLP Annual Filing in 2019: A Short Guide

Thursday, June 13, 2019 0

LLP Annual Filing in 2019: A Short Guide


Introduction
If you are running a Limited Liability partnership firm then it is important to know that every LLP Registration before 31st March 2019 shall have to comply with the compliances under the Registrar of Companies. All compliance for Private Limited Company and Limited Liability Partnership are done with the Registrar of Company (ROC). An LLP is required to submit their annual return, financial return to the ROC within the prescribed time period. This article talks about the LLP annual filing so after reading this you will get an idea about it.

Compliances of LLP
There are various types of compliances which need to be filed within the time period, in case failure of filing compliances, you may have to pay a huge fine for this or maybe your LLP shutdown by the Ministry of Corporate Affairs. After the incorporation of an LLP first compliance required to file is an LLP agreement which is important to file within 30 days of its incorporation. There are some annual compliances which need to be filed every financial year for e.g. Annual Return of LLP, financial reports, Filing of Income Tax Return to the Income tax departmentof India, etc. Here is the list of some important compliances which needs to file within time.


Annual Return – (Form no.11)
Annual Return is a statement of LLP which includes details of Partners, a contribution received by an LLP, the total number of Partners, a summary of Partners, etc. Every LLP is required to file their annual return within the prescribed time, it is annual compliance which needs to be file under ROC. You can file your Annual Return by filing form no. 11. Filing of form no. 11 is very easy, you can file this through online procedure for which you have to visit the official website of Ministry of corporate affairs and during filing of form you have to fill the all required details like name of LLP, LLP identification number, partners details and other things which are required then you have to attach the required documents. Last for filing an annual return of an LLP is 30th May 2019 so should file your annual return within time period because in case failure of filing an annual return, you have to pay fine so be careful.

Annual Accounts – (Form no.8)
Form no. 8 is an important form which needs to be filed within the prescribed time period. It needs to file in every financial year. All LLPs are required to maintain the accounts of their LLP as per double entry system and close their accounts until the 31st March of 2019 on this year for filing their annual account this year. Annual accounts include Profit and loss accounts and Balance sheet of an LLP. In case if your LLP’s annual turnover exceeds Rs.40 lakhs or if your LLP’s contribution exceeds Rs. 25 lakhs then you have to get done your accounts audited by a CA. The last date of filing annual accounts is 30th October of this year. You can file your form no.8 through the online procedure for which you have to visit the official website of Ministryof corporate affairs.

Filing of Income Tax Return–As per the rules and regulation of the Income-tax department of India, every LLP is required to file their incometax return every financial year. The last date of filing income tax return for an LLP is 31st July 2019, if the account of LLP not required to be audited. If an audit is required for an LLP then those LLP need to be file their income tax return before 30th September 2019. It is important to know whether your accounts need to be audited, an LLP is required to audit their account before filing an income tax return if their turnover is more than Rs. 100 lakhs.


LLP agreement – (it is one time filing, you don’t have to file this every year)
An Agreement of LLP signed by all the partners is required to be filed within 30 days of incorporation of LLP. It is one-time compliance which needs to be filed within 30 days of incorporation of LLP. This Agreement is a written agreement in which all partners mention their terms and condition and then signed it which means them consenting to start an LLP. It is one-time filing so don’t confuse.

Conclusion
As you can see in the above given article that most important annual compliances are filing of annual return, filing of accounts and Annual Income tax filing. Filing of above given forms needs to be filed within above given period otherwise you may have to pay fine for late fee charges. So if you are running an LLP then you should consider the above given points.

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