Here are 10 Ways You Can Be Cyber-Secure 

Times Calls for us to be Cyber-Smart

As we grow dependent on technology with each passing day, we need to develop better online security defenses!
52,974 cyber crimes were reported in India in 2021, which has increased by 6% from the previous year. According to data from the National Crime Records Bureau (NCRB), Telangana topped the list of states, accounting for more than 19%.
Isn’t this shocking?
We are sharing more of our private information with the internet, which is accessible to anyone online, as we continue to spend a lot more time online. These threats are evolving and increasing swiftly as more people access the internet through mobile devices.
Regardless of the sort of information exchanged, many things, including your identity, may be in danger if it ends up in the wrong hands. It is crucial to safeguard this sensitive data from any kind of cyber-attacks.
Cyberattacks are becoming more prevalent than ever. A single click on a shady link can wreak havoc by stealing data and costing money. As a result, users must now be vigilant to protect their data. As opposed to hardware, software, or system vulnerabilities, individuals are becoming a more popular target for cybercriminals.
But first, we need to understand what exactly Cyber Security is.
Simply said, the phrase "cyber security" refers to any technologies, procedures, and practices used to safeguard online information from illegal access or misuse. By adhering to internet safety guidelines and best cybersecurity practices, individuals contribute to cybersecurity every day.

Also read: [TDS 101](https://nucash.money/blog/tds-101-how-can-you-claim-it-back-150)
## Why Cyber Security?
In the modern world, where information is frequently stored online and readily accessible to anybody who desires it, cyber security has become essential. Recently, news stories about Facebook and Google's data privacy practices were featured in various newspapers. Although it's critical to safeguard your data, businesses also need to know how to manage sensitive and private information supplied by consumers. Personal information is attacked in data breaches; private data is no longer private. Attackers may break into systems, networks, and accounts to steal data, including credit card numbers, bank account information, and valuable company information.

Also read: [T-Bills Investment](https://nucash.money/blog/t-bills-your-new-investment-best-friend-149)

## Here are the Top 10 Cyber safety rules to help you avoid getting into cyber attacks online.
### Keep your personal information strictly personal
Never enter your banking related information on a website that isn't secure (check the URL bar of your browser for the padlock or the "https://" prefix).
Turn off your card using your mobile banking app if you believe your credit card information is being used fraudulently online.
It's crucial to safeguard your personal information offline because it can spread quickly online once sensitive data has been taken. As you make transactions, remember to cover your PIN pad and be familiar with credit card skimmers at petrol pumps.
Another option to protect your financial information is by using a chip debit card. The chip card is said to be more secure than the conventional magnetic strip debit card for several reasons, including the more advanced chip technology.
### Always use proper Antivirus protection & Firewall
Software for AV (antivirus) protection has been the most popular method of thwarting hostile assaults. Antivirus software prevents malware and other harmful viruses from accessing your device and corrupting your data. Use antivirus programs from reputable providers, and only have one Antivirus application running on your system.
Another crucial step in protecting your data from unwanted attacks is the use of a firewall. A firewall controls what traffic is allowed to reach your device and assists in blocking hackers, malware, and other harmful Internet activities. The firewalls included with Windows and Mac OS X are called Windows Firewalls and Mac Firewalls. A firewall should also be included in your router to shield your network from threats.
### Use a very unique, strong password & store them in a password manager
An effective passphrase consists of at least two words, preferably more. Make sure the phrase has at least 10 characters. To make your passphrase more difficult, you can include capital letters, numerals, and other special characters or symbols.
You could use a password manager because there are many different passwords and passphrases to remember. It is an encrypted digital vault that may protect sensitive data, credentials, and identities and is secured by a single master password or passphrase.
### Always think before you click
This is one of the most significant cyber security recommendations you should consider if you want to protect your data. Keep an eye out for strange links that you may receive in emails, messages, or while visiting insecure websites. One of the most popular ways hackers get your personal data is through clickjacking. Just because you can click on these links doesn't mean you should since if they are malicious, you could lose a lot of money and have other negative effects on your life.
Links in emails, such as those with password recovery instructions or bank statements, are among the most common ways for hackers to deceive you and steal your personal data. These links lead to bogus websites that are far too similar to legitimate websites, which hackers use to trick you into giving them your personal information and then accessing your account.
### Have your privacy settings On
Both marketers and hackers want to know everything about you. Both can be benefited greatly from your online activity and social media use. However, you have control over your information. According to Lifehacker, you may adjust your web browser and mobile operating system to preserve your online privacy. Also available are privacy-enhancing settings on popular websites like Facebook. Because businesses need your personal information for marketing purposes, these settings might occasionally be (intentionally) difficult to find. Ensure that you have enabled and continue to enable these privacy protections.
### Try setting up Two-Factor Authentication
Enable two-factor authentication to stop hackers from gaining access to your accounts and personal data. Increase your account security by adding this extra layer of protection, even if someone knows your password.
You will be given the option to add a form of authentication in addition to the password, such as a code, fingerprint, one-time password (OTP) in your phone number or email, etc. By making it difficult for hackers to access your data by requiring you to input more than two credentials when signing in, this strategy makes your account more secure. This is just another of the most important cyber security precautions you must take.
### Secure devices and keep your software up-to-date
Always make it a policy to secure the device you use with a password or a biometric feature like fingerprint, facial recognition, or a passcode. Make sure that you always lock your device when you are not using it and set it to auto lock automatically after a minute of inactivity.
### Regularly backup your important data
Always use a password, biometric function, facial recognition, fingerprint scanning, or PIN/passcode to safeguard your device (not your date of birth or bank PINs). Make sure you lock your device when not in use or configure it to do so automatically after a certain amount of inactivity.
Install software only from reliable sources. Allow automatic updates on your systems and devices; software updates are frequently provided to address security risks and fix defects. Install them as soon as you are informed to do so, and remember to restart your device whenever necessary to make sure the update is implemented.
The only option to recover your data if you fall victim to malware or ransomware is to clean your computers and restore them from a recent backup.
### Never use public WiFi
Never connect to a public WiFi network without a Virtual Private Network (VPN). The communication between your device and the VPN server is encrypted when VPN software is used. Therefore, it will be considerably more challenging for cybercriminals to access your data on your smartphone. Use your phone network if you don't have a VPN and security is a concern.
Avoid using unknown or untrusted portable storage devices, such as USBs Portable storage devices, like USBs, are simple to lose and can be used to introduce malware into UQ systems as well as onto your device. To avoid theft, trusted portable storage devices should be password-protected.
And, folks, remember to spread the word – inform family and friends about good cyber security practices!

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TDS 101: How Can You Claim It Back

With various languages involved with the taxation process, TDS is an added one!
TDS stands for tax deduction at source. As per the Income Tax Act, any organization or person making a payment is needed to abate tax at the source if the payment exceeds certain threshold limits.
TDS must be subtracted at the rates that the tax department specifies. The business or individual making the payment after subtracting TDS is referred to as the deductor, and the business or individual receiving the payment is referred to as the deductee.
Before making the payment, the deductor must deduct TDS and deposit it with the government. TDS is taken out regardless of the payment method—cash, check, or credit—and is connected to both the deductor's and the deductee's PAN.
TDS deduction is applicable to various types of incomes, including –
- Salary
- Commission earned
- Rent
- Interest payment by banks
- Professional or consultant fees

Also read: [T-Bills investment](https://nucash.money/blog/t-bills-your-new-investment-best-friend-149)

## When is TDS Deducted?
TDS deduction regulations require tax payment when a taxpayer receives real payment or gets a notice of payment due (whichever is earlier). Let's look at a situation where TDS will be deducted.
Assume Mr. Ram is a self-employed professional who received an advance payment of Rs. 40,000 and a follow-up payment of Rs. 20,000. In this case, the payee will take TDS from the advance (4%, 10% of Rs. 40,000) and the remainder (2%, 10% of Rs. 20,000) before paying the remainder. The total taxable amount that must be paid is Rs. 6,000.

Also read: [Is great recession back?](https://nucash.money/blog/the-great-recession-is-back-maybe-148)

## The Procedure and Knowhow of Tax Refund
When the taxes paid through TDS are higher than the actual tax due determined for the Financial Year, a TDS Refund results automatically and is determined after combining income from all possible sources, we all, as taxpayers, are bifurcated under various tax slabs.
For example, if you have an FD and earn an interest income, your bank will charge a basic 10% of TDS on the interest accumulated. However, if you fall under the 5% tax bracket, you have the full authority to claim a TDS refund for the additional amount deducted.
Similarly, you can request a TDS refund for any excess TDS deducted from your pay because your employer did not receive your 80C investment evidence or rent receipts for your housing rent allowance.
You would total up all of your income from various sources at the time of ITR filing, determine your tax burden, and deduct any TDS applied to your income. A refund from the government is owed if the TDS is larger than your overall tax liability for the fiscal year.
For example:
Ram works in an MNC in Gurugram. But he submitted his IDFC premium documentation—which is exempt under section 80C—late. Consequently, an additional Rs. 10,000 was deducted as TDS.
Ram has to pay a total of INR 40,000 in taxes for the years 2021–2022.
Ram's pay had a tax withholding of INR 50,000.
Ram is entitled to a tax refund of INR 50,000 – INR 40,000 = INR 10,000.
It is evident from the example mentioned above that Ram was required to pay a total tax of INR 40,000. He has to pay INR 50,000 because he neglected to give his company the insurance premium payment receipt on time, costing him additional taxes.
As a result, this is a common circumstance that salaried people encounter every year, prompting the start of the TDS refund process. The sooner you file your income tax return, the sooner your TDS will be repaid.

## How To Claim Your TDS Refund
You can compute your taxable income and taxes, file an income tax return (ITR), and claim a refund where the tax deducted does not match the actual tax owed.
You will be required to enter your bank's name and IFSC code when filing an ITR. This makes it simpler for the IT division to reimburse you for any additional taxes you paid.
- If your employer withholds more income tax than is due:
By requesting a reduced or Nil TDS certificate from your jurisdictional Income Tax Officer in Form 13 in accordance with Section 197, you can prevent a TDS deduction from your salary if your taxable income is below the basic exemption amount.
You can give the TDS deductor the Nil deduction order issued under Section 197. Click here for more information on how to complete Form 13 and apply for a lower tax deduction under Section 197.
- TDS on Fixed Deposit TDS: 
To inform your bank that you have no taxable income when your taxable income is below the basic exemption limit, file a declaration in Form 15G at the beginning of the fiscal year. Therefore, no tax (TDS) would be deducted from your interest income.
You can request a refund by filing an ITR if the bank withholds tax (TDS) from your interest income, even though you submitted a Form 15G declaration.
- Senior Citizen holding a FD:
Seniors with FD accounts are free from tax deductions (TDS) on interest received from bank deposits if they are 60 years of age or more. However, the exemption applies if the interest on deposits from each bank totals up to Rs 50,000 per year.
Suppose your interest income exceeds the threshold limit, but your overall income is less than the basic exemption level (after section 80 deductions). In that case, you can notify your bank that you do not have taxable income by submitting Form 15H at the beginning of the fiscal year.
You can request a refund by filing your ITR if the bank continues deducting tax from your FD's interest income.
One thing to remember is that the lump-sum amount must be disclosed when declaring fixed deposit income at the time of maturity to avoid paying heavy and higher tax rates (Since it attracts high income for that period). As a result, disclosing income annually is preferable to declaring it when an asset reaches maturity.

Also read: [Should common man worry about tax revisions?](https://nucash.money/blog/should-common-man-panic-about-tax-revisions-146)

## What is the TDS Refund Time Period?
Several variables influence the TDS refund period. For example, receiving your refund might take three to six months if you submitted your ITR information on time. The conclusion of the e-verification will also impact the refund window.
You can check with your employer to confirm Form 16, contact your income tax office, or get in touch with the Ombudsman - Income Tax Department if you don't receive your refund by the deadline.

## How to File an Income Tax Return or Request a TDS Refund (ITR)
The process for filing income taxes is easy. 
Visit or click on [https://www.incometax.gov.in/iec/foportal/](https://www.incometax.gov.in/iec/foportal/) to get started.
To download the appropriate form for an income tax refund, log in or register, fill it out with the necessary information, and submit it. The Income Tax Return forms exist in various categories, and you must select the one that corresponds with your income category.

### Interest on TDS Refund
If the income tax department is late in giving you the tax refund that applies to you, Section 200A of the Income Tax Act states that you are entitled to simple interest at the rate of 6% per year on the amount of your refund. This interest begins to build up in April, the first month of any fiscal year. However, interest is not paid if the tax refund is less than 10% of the total tax due for the year.
Due to the fact that it is categorized as "income from other sources," interest received on tax refunds is likewise taxable.
Now that you are aware of the 101’s pf TDS refund, claim yours if you fall under the bracket! 


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T-Bills: Your New Investment Best Friend

Have a short-term goal that you need to have sufficient savings? Maybe a holiday three months down the road or making plans to present your mother and father with something big?
Many short-term funding alternatives in India help you cope with your near-time financial goals. Among those are Treasury Bills, which the government backs.
The Central government issues numerous monetary instruments to raise funds for their obligations. The general public can purchase those monetary instruments, which include debt securities, bonds, money marketplace instruments, and more. For example, a treasury bill is one of those money market instruments used to elevate the budget for the government's short-term requirements.

Also read: [Is great recession back?](https://nucash.money/blog/the-great-recession-is-back-maybe-148)

## What is Treasure Bill?
T-bills are issued as promissory notes that are guaranteed to be repaid later. They are used to meet short-term needs, thus helping the government to reduce the country's fiscal deficit. In addition, Treasury bill holders do not receive interest as these financial instruments have a zero-coupon rate.
These money market instruments are issued at a discounted price from par. In addition, upon maturity, Treasury Bills may be redeemed at face value. This allows holders of these accounts to profit from the amount they originally invested.

Also read: [Should common man worry about tax revisions?](https://nucash.money/blog/should-common-man-panic-about-tax-revisions-146)

## How do T-bills work?
T-bills are issued to meet obligations over the government's annual revenues. The idea is to reduce the overall budget deficit and regulate the money flow. Short-term government bonds are issued by the Reserve Bank of India (RBI) as part of its open market operations.
When inflation is high, especially when the economy is booming, the issuance of treasury bills reduces the money supply to the economy. This lowers the demand rate and thus lowers the high price.
During a recession, both T-Bills circulation and discounts are likely to decrease. In this way, investors choose to invest in other securities, such as stocks, instead, making most firms more productive, thereby increasing GDP and demand. Treasury discount bills can be purchased at a discounted price and redeemed at the nominal price to earn the difference.
As previously mentioned, treasury bills are zero-coupon securities, and holders of such bills do not earn interest on their deposits. Instead, profits after redemption are treated as capital gains.
The minimum investment amount for T-bill is Rs 25,000 as per RBI guidelines. All other investments can be made in multiples of Rs 25,000. These invoices are issued electronically and deposited in the owner's sub-ledger account (SGL) or physical form. On behalf of the Center, the RBI auctions securities such as T-bills each week based on the total bids made on the exchange.
Custody participants, commercial banks, primary dealers, or mutual funds can offer these exchanges to their investors. It takes T+1 day to complete the treasury bill transfer process. Short-term 91-day bonds are auctioned in a single auction, while 364-day bonds are auctioned in multiple auctions.
There are various types of T-bills
T-bills in India can be one of four types depending on the tenor they are issued.
**14-day T-bill**
These T-Bills are due 14 days from the date of issue. They are auctioned every Wednesday and issued in multiples of Rupees. 10,000 rupees.
**91-day T-bill**
These T-Bills have a maturity of 91 days. These securities are also auctioned weekly and issued in multiples of Rs. 25,000.
**182-day T-bills**
These bonds mature 182 days from the date of issue. They are auctioned every two weeks and sold at multiples of Rs. 25,000.
**364-day T-bills**
364-day government bonds mature 364 days after issuance and are auctioned every two weeks. The issue amount is in multiples of Rs. 25,000.

**Yield**
The annual yield percentage from a treasury bill is calculated using this formula-
Y= (100-P)/Px[(365/D)x100].
Y is the yield or return % 
P is the discounted price of the bill
D is the tenure of the bill.

Also read: [Seven financial goals for promising 2023](https://nucash.money/blog/seven-financial-goals-for-a-promising-2023-145)

### Are these T-bills a safe investment instrument?
Treasury Bills are advantageous over other market instruments due to the associated zero-risk weighting. As a result, the secondary market for T-Bills is very active and highly tradable.
Treasury bills are one of the most popular short-term government programs issued by the RBI and supported by the central government. However, such tools are a liability to the Government of India as they must be repaid within stipulated deadlines. Individuals enjoy comprehensive security for the total amount invested, as it must be protected by the country's highest authority and paid even during the economic crisis.
As mentioned above, government bonds are issued as a short-term funding tool for governments and have a maximum maturity of 364 days. Therefore, individuals who want short-term gains from safe investments can deposit their funds in such securities. Also, such G-sec can be resold on the secondary market, allowing individuals to convert their holdings into cash in an emergency.
Treasury bills are auctioned weekly by the RBI by non competitive bidding, allowing individual and individual investors to bid without disclosing yields or prices. This will increase amateur investors' exposure to the government bond market and cash flow to the capital markets.
Limitations of Treasury Bill
The main drawback of government T-bills is that they are known to have relatively low yields compared to standard stock market investment vehicles. Treasury bills are zero coupon securities issued to investors at a discounted price. Therefore, the total return generated by such securities remains constant throughout the bond's life, regardless of economic conditions or business cycle fluctuations.
This is in contrast to the stock market, where market fluctuations significantly impact the returns produced by both equity and debt instruments. As a result, if the stock market rises, the returns on related tools will be significantly higher than the capital gains generated by investing in G-Sec.
### Taxation
Short Term Capital Gains (STCG) realized on these bills are subject to STCG tax at the applicable rate according to the investor's income tax records. However, the main advantage of such G-Sec programs is that retail investors do not have to pay withholding tax (TDS) on the repayment of these bonds. Taxable income category
### Who should consider investing in T-bills?
Treasury bills are an ideal investment vehicle for individuals who wish to secure their surplus funds in a secure investment tool for greater returns. RBI facilitates the non-competitive bidding process for such bonds, allowing retail investors to participate by bidding at the respective primary dealers of ordinary commercial banks. In addition, retail investors enjoy complete transparency in the investment process as discount rates, and denomination details are publicly disclosed in advance.
Treasury bills are, therefore, one of the safest forms of investment in the country. Ideal for risk-averse individuals who are tired of stock market commodities but also among experienced investors who invest part of their funds in government securities, diluting the overall risk to their bodies. It is also popular for portfolio diversification. Moreover, these government bonds play an important role in regulating the overall money supply in the economy and influence the money pooled in the capital markets


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The Great Recession Is Back, Maybe?

It looks like the world is facing another economic turmoil!

Signals from the world’s largest economies, the US and Europe point to this potential problem. The problem of the Recession.

As the world recovers from post-pandemic stress, factors such as ongoing wars, inflation, and slowing economic growth make it more likely that a global financial crisis is imminent. Many industry insiders predict an economic slowdown for the world leader, the United States, next year, but others have stressed that the United States could barely avoid it.

US GDP contracted -1.6% year-on-year in January-March 2022 but will contract -0.6% in the next quarter, i.e., April-June 2022. Technically, if the economy contracts two quarters or six months in a row, the economy is in recession.

Thus, the US economy has already fought a recession. However, it recovered in the third quarter (July-August 2022), recording 2.6% year-on-year growth. The US economy is said to suffer further in 2023 as it faces high inflationary pressures that will inevitably lead to higher interest rates. Of course, as funding costs rise, there is a direct impact on economic growth.

The world went through tremendous economic pain not long ago, thanks to Covid-19. As a result, the 2020 global GDP shrank by 3.2%. After that, though, it rebounded, registering a 5.8% rebound in 2021. But even before the world had barely recovered from the shock of the coronavirus attack, another threat to its growth and stability emerged as a Russian – Ukraine war, causing a heavy blow to the global economy. Moreover, an unexpected war has brought an energy crisis to the continent, as Europe depends heavily on Russia for gas. As a result, both inflation and energy prices soared to record levels.

For the world to go through two enormous financial woes in such a short three-year period is a very difficult task, unprecedented in recent human history. Moreover, it is possible that the so-called cryptocurrency market, currently priced at over $855 billion, will collapse at some point. If that happens, the global economy will suffer even more.

As central banks worldwide simultaneously raise interest rates in response to inflation, the world is headed for a global recession in 2023, sparking a series of financial crises in emerging and developing economies that will lead to permanent economic downturns.

Central banks worldwide have raised their interest rates this year to the extent of synchronicity not seen in the last 50 years. The trend is likely to continue next year. However, currently expected rate hikes and other policy actions may not be enough to bring global inflation back to pre-pandemic levels. As a result, investors expect the central bank to raise global monetary policy rates near 4% by 2023. That’s more than 2% of the 2021 average.

Also read: [Should common man panic about tax revisions?](https://nucash.money/blog/should-common-man-panic-about-tax-revisions-146)

## But the question now is whether the coming global recession will hit India.
Although an economy demonstrates various signs of warning months before a recession, determining whether a country is genuinely in a recession often takes time. 

A recession can be short, yet its impact can be long-lasting.

One of the major consequences of recession is unemployment, which tends to increase at a higher speed once the economy takes a blow from recession. These occurrences especially happen amongst low-skilled workers, and private companies and government organizations start laying off their employees to curtail expenses.

Also read:[ Seven financial goals for a promising 2023](https://nucash.money/blog/seven-financial-goals-for-a-promising-2023-145)

## The possible impact of the Global Recession on India
Recently, we have seen many start-ups laying their employees off to cut down their expenses and prepare them for the probable recession. This could be seen as a sign of an approaching recession in India, but its severity relative to the global recession is yet to be judged.

Another effect of the recession is reduced production and factory closures. Declines in production typically continue until relatively vulnerable firms are forced out of the market, after which production picks up again among the surviving firms. As more people lose their jobs and families struggle to make ends meet, demand for an expanded government-funded welfare system will grow. However, as government revenues decline during recessions, it becomes very difficult to meet the increased demands on the social sector.

Global exports are slowing, and central banks are tightening fiscal policy as geopolitical developments continue around the world. And in these ongoing scenarios, India is widely expected to experience an economic decline in the middle term.

A recent report shows that India’s economic growth in 2022 has fallen to 8.8% from its previous forecast of 9.1% due to high inflation.

Therefore, India’s economic fundamentals are much stronger than those of other countries, so short-term turmoil will have minimal impact on the long-term outlook. The good news is that fears of an impending recession drive commodity prices down. As a result, the prices of most commodities are falling, from crude oil to metals to edible oils. This could be an opportunity for India, one of the major importers of these commodities.

Similarly, the price of edible oil across the retail market has also started to fall with falling international prices. India imports more than 60% of edible oil demand from abroad, so it will benefit greatly from this trend.

Since April this year, the price of base metals has plummeted worldwide. This phenomenon is expected to boost consumption in India as user industries such as home appliances and automobiles can reduce input costs and pass on profits to consumers.

Crude oil, also known as black gold, has traded below $100 for the first time since May 11 this year, and recession fears largely drive the drop-in prices. It is expected to hit $65 and could even fall to $45 by the end of 2023 if a recession hits. While this may have a negative impact on developed countries, it will help India, the world’s third-largest oil consumer and importer. India, whose economy has never been fully integrated with the global economy, is not immune to US and global recessions. Domestic growth has slowed by 1.5-2.5% even in a normal Fed-led recession.

A declining Rupee is facing renewed pressure as the Dollar continues to strengthen. Surging crude oil prices, expectations of continuing Fed rate hikes, and the widening current account deficit are pushing the Rupee to new lows. 

Also read: [Finances, Academics, or personal goals, where to focus on?](https://nucash.money/blog/finances-academics-or-personal-goals-what-to-focus-on-144)

### What can be done?
Central banks should continue their efforts to keep inflation in check, and this can be done without triggering a global recession. But it will require concerted action by various policymakers.

Central banks must communicate their policy decisions while maintaining their independence. This could help anchor inflation expectations and reduce the degree of tightening needed. In addition, central banks should pay attention to cross-border spillovers from monetary tightening in advanced economies.

Emerging and developing economies should strengthen macroprudential regulation and build foreign exchange reserves.

Tax authorities must carefully coordinate the withdrawal of financial support while ensuring alignment with monetary policy objectives. Next year, the proportion of countries tightening fiscal policy is expected to reach its highest level since the early 1990s.

This could amplify the impact of monetary policy on growth. Policymakers must also set credible medium-term budget plans and provide targeted relief to vulnerable budgets.

Other policymakers also need to join the fight against inflation. In particular, we need to take bold steps to boost global supply. These include:

- Easing labor-market constraint
 Policies should help boost labor force participation and ease price pressures. In addition, labor market policies can facilitate the redistribution of surplus workers.
- Increased global supply of raw materials
Global coordination can make a significant contribution to increasing food and energy supplies. For energy commodities, policymakers need to accelerate the transition to low-carbon energy sources and implement measures to reduce energy consumption.
- Strengthening the global trade network
Politicians must work together to ease global supply bottlenecks. In addition, they need to support a rules-based international economic order that guards against threats of protectionism and fragmentation that could further disrupt trade networks.

Most economists believe that the global recession will not seriously impact India’s economy. Not all companies and industries experience the same pain during recessions. There are few bright spots as some companies have benefited from the recession. The reason is that consumers are abandoning alternative products. Strong companies can take advantage of this opportunity to thrive when labor and capital become economical.

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Seven Financial Goals for a Promising 2023

The year-end is looming. The festive season is upon us. Which also means a time to look at the year in retrospect, and turn a new leaf or two.

With all kinds of goals coming into play, one common goal found across all planners and resolutions is finance. 

As a student, or a young professional, getting swayed by the desires of today is natural. However, as a responsible adult, you need to know where to draw a line.

Also read: [Finances, Academic, Personal Goals? What to focus on?](https://nucash.money/blog/finances-academics-or-personal-goals-what-to-focus-on-144)

Seven Financial Goals to include in your planner 2023
-----------------------------------------------------

1.  **Making a budget… and sticking to it!**  
    The first step in getting finances right is knowing where you are.  
    Make a list of all your expenses. Lay out a percentage of your income for various expenses – bills, EMIs, lifestyle, indulgence, etc. This is keeping in mind how much you need to save first. It will throw light on the areas you need to cut your spending in.  
    Sticking to a budget is paramount for working towards all other financial goals. Keep an excel sheet or use an app to track your expenses. Doing this diligently will bring down your excessive expenses drastically.
2.  **Short-term debt repayment**  
    Review your assets and liabilities. List your liabilities and take note of the debts to be repaid in the coming year.  
    An understanding of a debt repayment structure is a fabulous tool to plan your expenses beforehand and arrange resources if needed.  
    Let’s say a loan repayment is due in September 2023. Planning this payout well in advance with little savings every month will avoid a major shift in your finances in that month.
3.  **Creating an emergency fund.**  
    We cannot stress enough on this.  
    Now that you know your monthly expenses, you should primarily focus on creating an emergency fund.  
    From a long-term perspective, you need a contingency large enough to support you for three years. But to start with, you can first prep for 3 months, then 6 months, and keep adding to the pool gradually.  
    An emergency fund aims to save your wallet from any major disturbance and to sustain your lifestyle even in an economic crisis.
4.  **Credit score management**  
    The health of our wallets is initially indicated by our investments, and then by our credit score.  
    The #1 way to peacefully manage a strong credit score is knowing the pulse of your credits – long-term and short-term.   
    Relieve debts earlier than due. That will not only reduce the interest cost but also reflect positively on your credit score.  
    A high credit score means easy credit at a cheaper cost of borrowing. 
5.  **Plan for retirement**  
    They say well-planned is half-done for a reason.  
    Envision the retirement you desire. Now, calculate the money you need to sustain that lifestyle without working for a day.  
    Now, calculate the amount you need to start investing now so that decades later, that sum gives you the returns summing up to the amount needed to sustain your retirement.   
    The earlier you start planning and working towards it, the more time and resources you have. So even a slow yet steady speed can yield a sufficient return without a high risk.
6.  **Plan your investments**  
    Make a list of all your long-term and short-term life goals. Eg. Higher education, wedding, business, asset purchase, etc.  
    Plan your investments parallel to these goals. Set timelines for them and time your investments accordingly. The first chunk of your income should be invested, and then used for other expenses.  
    This way, you can strike a balance between enjoying today, and saving for tomorrow.
7.  **Invest in learning finance**  
    Whether you belong to the field of finance or not, understanding finance is paramount for survival today.  
    Financial literacy is an underrated yet useful life skill. It is a survival kit.  
    It may not be the easiest reading but keep at it. Find a trustworthy advisor for yourself, whose approach aligns with yours.  
    The thing with finance is, one size does not fit all. Each one floats their own boat. Figure out what works for you and stick to it.

Also read: [Thinking invest in insurance? Read before locking your money](https://nucash.money/blog/investing-in-insurance-read-this-before-you-lock-your-money-143)

### The last word:

Now that we have spilled the goals, the question to address is: How to work on them?

Give each goal a timeline.

Keep it specific and measurable. Start small. Achieving small goals can boost your confidence for planning bigger ones.

Create accountability. Write your goals and make yourself responsible for them.

Tweak these goals as you wish. Financial goals are personal and that’s precisely their beauty. You can take what you want and leave the rest!

Now, get scribbling!

Also read: [India to become largest economy by 2030](https://nucash.money/blog/india-to-be-the-third-largest-economy-by-2030-142)

8-financial-goals-you-should-set-for-2023-01-scaled.jpg

Financial literacy plays a pivotal role in college students' life as it teaches them how to spend, save and manage money. 

Finance 101 for Students

**Why is Financial Literacy Important for Students?**
-----------------------------------------------------

The financial knowledge enable students to take stock of the finances. It helps them to list down the financial requirements, get down to budgeting, and then find ways to fulfill the needs. Learning about finance makes students understand the basics of banking, credit, saving accounts. Thus, early learning prepares us for life, helping us steer clear of any financial chaos in the future.

**What is Financial Literacy?**
-------------------------------

Understanding finance empowers us to understand how we earn, spend and manage money. It is about getting acquainted with how the economy and taxes work. It tells us how the banking system functions, the common terminology used, and how they affect our lives. All this allows us to take control of our personal finance better and prepare for a safer financial future.

The learning need not be time-consuming or complicated. Some of the resources can be newspapers, magazines, podcasts, social media platforms. You can also visit various personal finance websites like NUCash.in.  
  
These neo bank sites explain finance in a simple and easy-to-understand language. It also offers students savings account, credit cards and instant personal loan for students.  
  
Also Read: [**What Is Credit Score And How To Check It**](https://blog.nucash.money/wp-admin/post.php?post=212&action=edit)

**How can Students Improve Finance Knowledge?**
-----------------------------------------------

College students should work on certain concepts to become better at managing money. This can help them in making informed financial decisions not just today but for the rest of the life. Students can embrace some of the good habits listed below for a secure future.

### 1\. Budgeting: Know the Basics

Budgeting is the best way of keeping a track of our finances. It helps to know from where the money is flowing and where all it is going. It is a way to understand the earning and spending. This can be easily done today through different apps meant for the purpose. A college student could note down the total money s/he gets each month. They can map the various heads under which their expenses go. These expense heads may include like accommodation, food, clothing, and miscellaneous requirements.

A keen analysis could help the student to understand how much is being spent in what section, and amendments could be made in the spending pattern. The habit of financial planning as per the budget can play a big role in tracking financial goals.  
  
Also Read: [**A Guide to PAN Card for Students**](https://blog.nucash.money/education/a-guide-to-pan-card-for-students/)

### 2\. Saving and Investment: A Closer Look

Students should understand that we earn for both a secure present and a secure future. And we should know how to save money and invest money to make our money grow.

From the beginning, students should read a lot about various ways for saving and investment. Knowledge about topics like life and health insurance, mutual funds, fixed deposits, and retirement plans is a must to avoid any financial stress. It is imperative to learn about various smart investment options like equities and mutual funds in order to know how to make our money grow.

Students could start with making little savings each week or month. This practice would help to develop a habit of saving along with learning about rainy day funds.  
  
Also Read: [**How Savings Account Helps In Financial Education**](https://nucash.money/blog/how-savings-account-helps-in-financial-education-60)

### 3\. Expenditure and Debt: Understand Well

It is crucial for students to learn about various lending products like loans and credit cards and the interest rates levied. Students should learn to use these tools responsibly. In case they don't do so, they might get entangled in debt traps which can entail serious implications. So, a lot of planning and analysis should go into making any kind of big expenditure that might need a big loan amount. Regular repayment in the form of EMIs or equated monthly installments for any loan, be it credit card or personal loan, is a good financial habit that should be embraced from an early age. This is a good way of increasing our credit value.

To start with, students could learn all about education loans, their related aspects, and how they function. They could also opt for online instant personal loans for students offered by NuCash to fulfill various lifestyle needs.  
  
At NuCash, while availing instant personal loans, a small monthly fee is all that is needed to enjoy the benefits, and no hidden fees or escalating interest rates are involved. Visit [NuCash](http://NuCash.money), a simple and user-friendly online platform offering instant personal loans for students, student savings account, and credit cards that would bring flexibility in your budgeting.

Also Read: [**What are the benefits of a student bank account?**](https://blog.nucash.money/banking/what-are-the-benefits-of-student-bank-account/)  
\---------------------------------------------------------------------------

**FAQs**
--------

### Q. What is credit?

Credit refers to the amount of money you can borrow.

### Q. What is insurance?

Insurance is a financial product that provides financial protection to the policyholder or his/her family against unexpected financial losses in lieu of the premium paid to the insurance company by the policyholder.

### Q. What is net banking?

The digital method of banking is called net banking. In such a case banking services are available through the internet. Simply put, you can use a connected device to transact

### Q. What is interest?

Interest is the amount paid to the bank by the consumer for being allowed to borrow money as a loan.

### Q. Are there tax benefits on education loans?

Under Section 80E of the Income-tax Act, you can claim tax benefits on the interest paid on the education loan availed for higher education. Such benefit is available either for 8 years or until the interest is paid, whichever is earlier.

### Q. Who can claim the deduction for an education loan?

You can claim the deduction if you have taken the education loan for your spouse, children, or for a student for whom you are a legal guardian.

Also Read: **[All about Privatization of Banks in India](https://blog.nucash.money/banking/all-about-privatization-of-banks-in-india/)**

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Considering the rising health care costs, there is a possibility of medical emergencies draining your savings. Thus, to protect your savings from such unforeseen situations, having an adequate health insurance policy is a must today. 

Impact of Personal Health Insurance on Your Finance

Why is Personal Health Insurance Important?
-------------------------------------------

Sudden illness or injury requiring medical attention can happen anytime and anywhere. Considering the rising health care costs, there is a possibility of medical emergencies draining your savings. Thus, to protect your savings from such unforeseen situations, having an adequate health insurance policy is a must today. To manage such medical emergencies, many organizations offer corporate or group health insurance to their employees. However, in spite of having a group health plan, you should consider getting personal health insurance because of the various benefits associated with it.

What is Health Insurance?
-------------------------

Let us first understand what is health insurance in order to understand the topic better. On buying a health insurance policy, the insurance company or insurer gives financial coverage to the policyholder. This means that the insurer pays most of the hospital and medical expenses incurred, as per the type of the health plan chosen. It is also useful for meeting costly treatment expenses related to critical illness like heart attack and cancer. In lieu of this protection, you have to pay a certain amount of money or premium to the company on a monthly or yearly basis.

When a health plan is taken for the entire family also called a family floater plan, dependent children - up to the age of 25 years or unmarried - are included in the policy. However, once you start earning, you need to look at a new plan for yourself. Let us take a look at some points that make a personal health insurance a must.  
  
Also Read: [Neobanks for students: The benefits](https://blog.nucash.money/banking/neobanks-for-students-the-benefits/)

Group Insurance Coverage Might Not be Adequate
----------------------------------------------

Health insurance is a safety net wherein, the insurance company assures you to pay your hospitalisation and other medical expenses for which you pay the premium to the company.

In case of group health insurance, your employer or office pays the premium amount to the insurance company for the coverage offered on behalf of you. However, there is a possibility that the coverage provided is not adequate for you and your family, considering that the office would not be aware of everyone's medical needs. So, analyse your requirement and the group health plan in terms of the coverage offered for you and your family; and compare it to other health insurance plans available in the market to take an informed decision. Opt for an affordable plan with good coverage so that premium payment does not get difficult later. And if needed, opt for a personal health insurance plan that suits everyone's needs in your family.  
  
Also Read: [Neobanks for students: The benefits](https://blog.nucash.money/banking/neobanks-for-students-the-benefits/)

Change in Job could Affect Group Health Plan
--------------------------------------------

A job change would mean losing the health plan benefits provided by that particular organization. With every change in job, there would be a change in the group health insurance plan. And it's not necessary that your new plan would offer coverage to fit your family's health requirements.

Another point to be noted is the loss of a job. Lately, the Covid-19 pandemic has triggered many job losses in India. In such a scenario, you might end up not having any health insurance plan, if you do not possess personal health insurance. In case any health emergency arises during this phase, you might be burdened with treatment expenses that can cause a dent in your savings. And you can't ignore the fear and anxiety associated with such situations. This is when a personal health insurance plan makes a difference by providing the requisite coverage and peace of mind.  
  
Also Read: [Finance 101 for Students](https://blog.nucash.money/education/teaching-money/)

Group Health Insurance might End with Retirement
------------------------------------------------

Retirement from office is another phase of life for salaried people that also brings an end to any group health plan offered by the employers. In the absence of a personal health insurance plan, any medical emergency might invite a financial burden. To avoid such conditions, an early health insurance plan, be it an individual or a family floater, is a must because health plans for senior citizens are quite expensive. In certain situations, there is also a possibility for the older people being denied any fresh medical plans because of their increased health risks.

Thus, getting the right health insurance policy is a big financial decision to protect yourself and your family. Make sure to get an affordable plan with adequate coverage by understanding your requirement well and comparing the health insurance plans available in the market.  
  
Also Read: [All about Privatisation of Banks in India](https://blog.nucash.money/banking/all-about-privatization-of-banks-in-india/)

\------------------------------------------------------------------------------------------------------------------

FAQs
----

### Q. Does the health insurance cover pre-existing illnesses?

For every insurer, the coverage for a pre-existing illness starts after a certain period from the start of the policy, also called the waiting period. Check when the coverage for the illness starts or is it eliminated altogether. Group health plans usually do not have waiting periods.

### Q. What are network hospitals?

Network hospitals are those that are on the panel of your insurance company. The patient can get admitted to a network hospital to avail cashless treatment. In such a case, the insurance company pays for the hospitalisation or surgery expenses.

### Q. What are the 5 health insurance companies on the basis of market share?

The top 5 health insurers on the basis of market share are Star Health, HDFC Ergo, ICICI Lombard, Care Health and Bajaj Allianz.

### Q. Do we get any tax benefit on the premium paid for health insurance?

Yes, according to Section 80D of the Income Tax Act, the policyholder can avail tax benefits on the health insurance premium.

### Q. What is no-claim bonus?

No-Claim bonus is a benefit given to the insurer for not making any claims during a financial year. The discount ranges from 5% to 50%.

### Q. Should I get health insurance early?

Once college students graduate and get a job, it is advisable to avail a health plan at an early age because premium amount increases with age.

Health-insurance.jpg

Permanent Account Number or PAN is an important document in India required by individuals for income tax return filing and conducting other financial transactions. However, it is interesting to know that the PAN card containing the 10-digit unique alpha-n

A Guide to PAN Card for Students

What are the Benefits of PAN Card for Students? 
------------------------------------------------

A PAN card is an important identification and age proof document issued by the Income Tax Department of India. Because of its benefits and usage, it is possessed mostly by adults. However, it can also be possessed by minors or students too. 

In the case of college students, possessing a PAN card can help them avail of various benefits.  
  
Let us take a look at some of the benefits and uses of PAN cards for students. 

*   The PAN card is an important official document. As it is considered a valid document by both government and private institutions - the card can also used as proof of identification  
    
*   While applying for higher education in India or abroad,   
    some students might have to apply for education loan. The facility of student loans in India helps students pursue their dream education without having to worry about the higher education costs. PAN card details are a must for applying for any kind of [education loan](https://blog.nucash.money/loan/types-of-loans-available-for-students/).   
    
*   Once a student gets a PAN card, the document is valid throughout their life. PAN Card is a mandatory document that students need to furnish when applying for instant loans, savings bank account (NuCash student account), or credit card at NUCash.money.     
      
    Also Read: **[What are the benefits of a student bank account?](https://blog.nucash.money/banking/benefits-of-student-bank-account-saving/)**

**How to Apply Online for Student PAN Card**  
----------------------------------------------

A PAN card is an important document that all students must possess because of its numerous advantages. To apply online   
for a PAN card, students can visit UTIITSL or NSDL website.   
Here are the steps to submit an online PAN card application. 

*   Visit the website [NSDL](https://tin.tin.nsdl.com/pan/index.html) or [Myutiitsl](http://www.myutiitsl.com/PANONLINE) 
*   In the case of a new applicant, select the correct application type - Form 49A - from the drop-down menu. Also, select the option - Individual - under the category section. 
*   Fill in the required details in the form.  
*   Pay the processing fees for the PAN card. You can pay online through a debit card/credit card or through a demand draft.  
*   Applicants with India address need to pay ₹110, while those residing outside India need to pay ₹1020.  
*   On successfully completion of the application, the applicant gets a slip. This slip contains a 15-digit acknowledgment number. You can use the number for tracking the PAN card status online. 
*   Next, take a printout of the page and paste two recent passport-sized photos in the space provided. Also, put your signatures on the acknowledgment form.  
*   Send the form, along with other documents like address proof, ID proof, proof of date of birth, and proof of payment, to the Income Tax Department office. 
*   Make sure the post reaches the office within 15 days of submitting the form. 
*   On successful verification, the department will post the PAN card on your postal address mentioned in the form.   
      
    Also Read: [**Link PAN Card with Aadhaar Card?**](https://blog.nucash.money/education/link-pan-card-with-aadhaar-card/)

**How to Apply Offline for Student PAN Card** 
----------------------------------------------

Students also have the option to apply offline for the PAN card. Let us take a look at the steps. 

*   Download a copy of Form 49A from the NSDL or UTIITSL   
    website or collect a copy from a TIN-Facilitation center. 
*   Tick the correct option as per your age. 
*   Fill in the form, put your signature on it and submit it at a TIN-Facilitation center along with a copy of self-attested documents mentioned in the form. 
*   Also, pay the required fees at the center after which you will receive an acknowledgment copy.  
*   On successful verification, the Income Tax Department will post the PAN card on the postal address mentioned in the form.   
      
    Also Read: [**Finance 101 for Students**](https://blog.nucash.money/education/teaching-money/)

D**ocuments R**equired **to Apply for PAN Card for Students** 
--------------------------------------------------------------

To apply for a PAN Card, be it offline or online, students need to submit a self-attested copy of the following   
documents: 

*   Two passport-sized photographs 
*   For Proof of Identity 

#### **A copy of any one of the following documents can be submitted:** 

*   Aadhaar card  
*   Passport  
*   Voter ID  
*   Ration card  
*   Driving license  
*   Bank certificate duly signed by branch manager 
*   Original identity certificate attested by a Gazetted Officer or MLA  

#### **Proof of Address:** 

Either of the following documents can be used as a proof of address for the application

*   Aadhaar card  
*   Passport  
*   Driving license  
*   Voter ID card  
*   Ration card 
*   Post office passbook containing the applicant’s address  
*   Bank account statement (not older than 3 months) 
*   Electricity Bill/gas connection Bill/telephone bill (not older than 3 months) 
*   Credit card statement (not older than 3 months) 
*   Original certificate of address attested by a Gazetted Officer or MLA   
      
    Also Read: **[Impact of Personal Health Insurance on Your Finance](https://nucash.money/blog/impact-of-personal-health-insurance-on-your-finance-52)**

\------------------------------------------------------------------------------------------------------------------

FAQs 
-----

### Q. Can a PAN card be used as an identity card for students? 

Yes, a student can use a PAN card as valid identity proof in place of a student identification card. 

### Q. Is address mentioned on the PAN card? 

Your address is not mentioned on the PAN card, but it is available in the records of the Income Tax Department of India. Your name, father's/mother's name, date of birth, and PAN are mentioned on the card. 

### Q. Do we need to pay a fee for PAN card correction? 

You have to pay ₹96 to make corrections to the details on your PAN card. The fee can be paid by cheque, demand draft, or credit card/debit card.  

### Q. What is e-PAN? 

The Income Tax Department now also issues a digitally signed PAN card in electronic or digital format that is called electronic PAN or e-PAN. It has a QR code that contains the PAN card holders' details like name, date of birth, and photograph. The details can be accessed through a QR code reader. Applicants can use a valid Aadhaar number and a mobile number registered with Aadhaar to use this facility which does not cost extra.  

### Q. Is e-PAN valid? 

Yes, e-PAN is considered a valid of PAN. 

### Q. Can a PAN card be used as a valid proof of identity for minors? 

No, a PAN card cannot be used as a valid proof of identity for minors because of the fact that the card does have the minor's photograph or signature.

PAN-Card.jpg

PAN to Aadhar card linkage is not just an option but a requirement. Highly recommend for you to follow the guidelines.

Link PAN Card with Aadhaar Card?

The Government of India has made it mandatory to link your Permanent Account Number (PAN) with your Aadhaar card under Section 234H, introduced in March 2021 as part of the Finance Bill 2021. The last date for linking PAN with Aadhaar has been extended to 30 June 2021 from the earlier deadline of 31 March 2021.  

What happens if PAN and Aadhaar are not linked?  
-------------------------------------------------

In case the PAN and Aadhar card are not linked by the due date, the PAN will become 'inoperative' from 1 July 2021 and you would have to shell out a late fee of up to ₹1,000 to make it operative.  

Let us understand the meaning and consequences of having an inoperative PAN or an invalid PAN. This simply means that you do not have a PAN. In such a scenario, you will not be able to file income tax with an invalid PAN. You will also not be able to carry out other financial transactions for which you require your PAN, such as opening a bank account or receiving government benefits like scholarships.   
  
PAN Card is a mandatory document that college students need to produce when applying for savings bank account (NuCash student account), instant loans, or credit card at [NUCash.money](https://nucash.money?utm_source=nc_blog).     
  
Also Read: [**Neobanks for students: The benefits**](https://blog.nucash.money/banking/neobanks-for-students-the-benefits/)

How to check if Aadhaar and PAN are linked 
-------------------------------------------

In case you want to make sure that your Aadhaar card and PAN are linked, you can put your doubts to rest by checking the status online.  
  
For this, visit the income tax department page [HERE](https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/AadhaarPreloginStatus.html) .  

*   Next, enter your Aadhaar number and PAN and click on the option 'View Link Aadhaar Status'.  
*   Your PAN-Aadhaar link status will be displayed on the screen. 

How to Link PAN with Aadhaar Card Online 
-----------------------------------------

If you have not linked your PAN with your Aadhaar card till now, you can do it online on the Income Tax website. Here are the steps to do so. 

*   Visit the Income Tax e-Filing website and click on the 'Link Aadhaar' tab under the Quick Links panel. 
*   On the next page, enter the required details. After entering the captcha code, click on the 'Link Aadhaar' button.  
*   A message will appear on the screen informing you about the successful linking.   
      
    Also Read: [**What Is Credit Score And How To Check It**](https://blog.nucash.money/wp-admin/post.php?post=212&action=edit)

How to Link PAN with Aadhaar Card through SMS 
----------------------------------------------

For the convenience of the people, the government has made available various methods to link 10-digit PAN and Aadhaar which is a 12-digit unique identification number given to the residents of India. So, another method is through SMS on your mobile device. Here are the steps to do so. 

*   Type your message in the following pattern:    
    UIDPAN(space)12 Digit Aadhaar(space) 10 Digit PAN 
*   From your registered mobile number, SMS the message to either 567678 or 56161.  

Are you Unable to Link Aadhaar with PAN? 
-----------------------------------------

In spite of following the correct procedure to link PAN and Aadhaar, it might happen that you are unable to do so. This might be happening because of a spelling mismatch in your name in the two documents. In such a scenario, you need to make sure the spelling of your name is the same in both places.   

*   To correct the spelling of your name in the Aadhaar card online, visit an Aadhaar Enrolment Centre with a self-attested copy of your proof of identity.    
    \-Fill in the enrolment form and submit it along with the document.    
    \-The acknowledgment receipt you receive will help you find the status of the update. Once it is done, you can link Aadhar with PAN.   
    
*   To correct the spelling of your name in PAN online, visit the National Securities Depository Limited website www.tin-nsdl.com.    
    \-Under the Services tab, click on 'PAN'. On the new page, click on Apply under the option 'Correction in Existing PAN'.    
    \-Next, choose category type. Upload the documents with the correct name and right spelling to be attached.    
    \-Click on 'Submit' and pay the requisite fee.    
    \-An updated PAN card will be delivered to the registered address in 45 days from the day of submitting the application. 

Also Read: **[What are the benefits of a student bank account?](https://blog.nucash.money/banking/benefits-of-student-bank-account-saving/)**

What are the Benefits of Linking PAN with Aadhaar? 
---------------------------------------------------

The linking of PAN card with Aadhaar card will be a big win for the government and the people. Let us take a look at some of the benefits. 

*   It will check the problem of multiple PAN cards of the same name which will help the government to track tax evasion. 
*   You can open your bank account digitally without having to visit the branch. 
*   While opening a trading account, e-KYC can be managed online. 
*   Your tax returns filing can be easily authenticated, as the physical or digital signature will not be needed.  

\-------------------------------------------------------------------------------------------------------------------

### FAQs 

### Q. Is the linking of PAN with Aadhaar compulsory for everyone?  

No, certain groups are exempt from linking PAN and Aadhaar. They are: 

*   Non-residents as per the Income-Tax Act, 1961 
*   Those residing in Assam, Jammu and Kashmir and Meghalaya. 
*   Those who are 80 years of age or more at any time during the previous year. 
*   Those living in India but are not citizens of India. 

### Q. Is it compulsory to link PAN and Aadhaar card for non-taxpayers? 

Yes, linking of PAN with Aadhaar is compulsory even for non-taxpayers. This will help in doing away with multiple PANs and Aadhaar cards of the same name. 

### Q. Should college students also link their PAN card with Aadhaar card? 

Yes, it is compulsory for everyone, even for college students, else the PAN will become invalid.  

### Q. Can PAN-Aadhaar link be done offline? 

Yes, PAN-Aadhaar link can be done offline by visiting the PAN Service Provider and filling the form to link the two documents. You need to submit the necessary documents along with the form.  

### Q. What details should I check during the PAN-Aadhaar link? 

Your name, date of birth, and gender appearing on the income tax website should match with the details on your Aadhaar card.  

### Q. When linking PAN with Aadhaar online, will I need the option Request OTP as well?  

When linking PAN with Aadhaar online, the Request OTP option can be used for visually challenged users, it is not for everyone. 

Also Read: **[All about Privatization of Banks in India](https://blog.nucash.money/banking/all-about-privatization-of-banks-in-india/)**