1. Negotiate with Your Landlord

That means that when organising for occupation, one should talk to the owner of the house and try to arrive at a lower price of rent. Most of the landlords allow for a negotiation especially if you have been living there for quite some time or if your intention is to live there for sometime in future. Because of this, it is advisable to sample the going rental rates so that you are in a position to bargain from a point of strength. You may also try to ask for lower rent if you agree to popular terms such as a one or two – year lease – more stability for the landlords, opinions are welcome.

2. Move During the Off-Season

Rental market has its high demands and slow moving seasons or times of the year. There is normally high demand for rental houses during May to August usually due to compelled one-move cyclical movement by many people hence the high charges. On the other hand, people do not search for accommodations in winter as much as, say in summer, so the supply usually does not match the demand in the winter season. Rising fresh with our list of recommendations remain with information that shifting in the course of the off-peak months which include November through February can potentially provide you exceptional negotiating power as well as admittance to lesser fees.

3. Look for a Smaller Space or a Different Plan

Again, people may prefer having a bigger apartment or an apartment with an open floor plan, but opting for a smaller apartment or an apartment floor plan that may not be as popular may allow you to cut hundreds of dollars off of your monthly rent. Choose studios instead of one- bedroom apartments, or check whether other arrangements are more available at lower rent. Loft apartments or split level units for instance may be cheaper even if they provide the same number of square feet of space.

4. Suggest that you can take Care of maintenance or Updating the equipment.

Tenants are usually required to maintain and improve the property but if this burden is acceptable by you then you can go for it then you will be getting your rent lowered. Be willing to paint, fix small problems the tenant may have complained about, or maintain the yard for a lower rent charge. If you have some kind of do-it-yourself ability or like to do home improvement, then this will be perfectly suitable for you.

5. Find a Roommate

Living with a roommate is one of the quickest ways of reducing the cost of rent on an apartment. Sharing the cost of rent, electricity or any other utilities can reduce your expenses to half. This is especially advantageous where you live in a big house or an apartment with several rooms which for one reason or another you don’t use often. Ensure that he or she selected a compatible person in terms of personality and daily habits and set common rules that will enable both of you live comfortably.

6. Make a one time lump sum payment or else have an automatically recurring payment plan.

Some landlords may charge you less when you decide to pay for several months in advance. This is ideal if you have savings or bonus to be received or it may get you a better rate than what you’ll be expected to pay every month. Also, wonder whether paying rent through automatic debit can attract a rent reduction. Some landlords receive payments from tenants who ensure that rent is paid on time or at their convenient time, and they may give a slight deduction to portfolio holders to make this process easier.

7. Make Sure You Get ‘Referred’ Discounts

Some owners, individual apartment complexes or property management companies may give back an owner or occupant referral fee. If you have acquaintance who is hunting for a rental, then it is high time you introduce them to your landlord or leasing office. Some forms of referral might result in a discount on the following month’s rent or in some other kind of benefit. It also has a simple concept of the barter system or swapping, which may be more convenient in case you’re buddies or relatives are seeking the house to rent.

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8. Analyse various areas

They also differ much when it comes to rent costs; therefore, do not limit yourself to so called ‘hip’ locations only. Just moving a few blocks away from very popular area can mean a lot of difference in terms of price. In urban areas, suburbs have relatively lower costs of rent than business or central areas of the city. When targeting neighborhoods with cheap accommodation look for places with good transport or facilities you need in the area.

9. Sign a Longer Lease

Property owners are most comfortable with steady and more preferably, long-term occupants of their assets instead of constantly having to source for tenants. In most cases, landlords agree to teach a lower rent if you agree to pay the rent for a longer period, for instance two or three years. The only thing to worry about is that you should pay attention to the details of the agreement and think about your future plans at the time when the contract is signed if you agreed on the longer period of cooperation.

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10. Avail Rentals Control Laws & Policies

If you live in a building where rents are regulated you should know this. What has been done is that the government has laid down some standards as to when, how and by how much landlords can increase rents: this assures people affordable housing in the long run. Some areas also contain provisions to protect the tenant, or offer available funds to those who make a smaller income. Check for the local tenant laws for they will learn that these differ from one state to another and read about specific subsidies for rent allowances.

Bonus Tip: Try New Construction or New Promotions

It is common for new construction apartment complexes to be able to give discounts or what they call the “first month free”. It is also important to note that, should you be willing to move into a new building, the ‘leasing deals’ often contain lower rental fees as part of these mammoth promotional deals. Apartments in relatively new buildings may be willing to negotiate lesser months of lease or take little or no bond, saving you even more money.

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Final Thoughts: 

Largely, choose Maximise Savings and Stability because it is the best way for saving money and at the same time getting a stable business.

Though housing costs are a part of the monthly expenses, the above tips will assist in reducing the rent cost in housing without causing much of compromise on the quality or even location. Some of these tips can be used together for even further savings, for instance, moving during the off peak season while looking for a roommate. Thus, expenses on rent should be cut down in order to be capable of saving more or perhaps invest, or have a more decent standard of living.

Planning and taking a more sophisticated approach to renting means that you are able to save a lot while ensuring your ability to pay rent means less financial insecurity.

To better understand current trends, the paper examines the growing use of Financial Apps

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The financial apps have changed how people transverse with their finances. It ranges from reviewing checking account balance, making payments, buying and selling of stocks to sending cash to friends, all these are made achievable with these apps. In a report by Statista it is estimated mobile banking users will have exceeded 2.5 billion in 2024 showing how banking has shifted to application reliant.

Although this transformation is highly advantageous in terms of convenience, it poses a continually emerging security problem. As for such vital information, hackers shift focus to the opportunities accessible at mobile devices and financial applications. If the devices the users employ to access these apps are insecure, they are vulnerable to get different cyber threats starting from phishing to the applications and malware.

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How Unsecured Devices Jeopardize Financial Applications

Here are some of the key ways in which unsecured devices can become a risk to financial apps:

1. Malware and Viruses

Among the biggest threats, there are malware threats for unsecured devices. Malware can be downloaded into a device through Installation of an infected application, through a click on a link, or by opening a malicious email attachment. Once it infects a device, a malware can spy on the person’s activity, obtain login details and can also alter financial transactions without his or her consent.

Example: Spyware is a type of software that can track activity on a computer and most often it records every keystroke made in the computer and this can include usernames, passwords and PINs. In the context of a straightforward financial app, this may permit hackers to steal money from users, or effect transactions of their own.

2. Phishing Attacks

Fraudulently obtained information is one of the main goals associated with malicious attacks by various types of cybercriminals. These attacks frequently comprise of message that appear to be real but the aim is to steal the login credentials and other secrets of the users. When a device is unsecured, it is much easier to fall prey to fake emails, messages or even fake anti-virus websites that seem real.

Example: A user can, for example, receive an email from their bank, replete with the actual logo of the bank, informing them that they need to update their details urgently. Hacking becomes possible if the device itself is not protected or it is not equipped with anti-phishing tools; the user then types in username and password and voila – the thief is in their financial accounts.

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3. Unsecured Wi-Fi Networks

Another big threat to financial apps is the use of Public Wi-Fi networks which are mostly open and therefore insecure. There is a college, specifically, if users open financial apps in the presence of public Wi-Fi and become victims of such a type of attack as man-in-the-middle. In such cases, the attackers simply eavesdrop the connection established between the user and the application that is involved in financial transactions, where they fetch important data such login info, transaction history, and even user data.

Example: One example is when a user wants to check their balance in their account in the bank, using a laptop connected to Wi-Fi at a coffee shop. In the absence of the security that comes with using a network that is safe, or with a Virtual Private Network (VPN), this connection might be intercepted by hackers.

4. Independent Software and Operating Syatem Versions

Most users fail to upgrade their device and the operating system hence making the devices to be vulnerable with the intention of the hackers. Hacker tend to exploit familiar insecurity on old thread and gain access to financial app and data compromise.

Example: A financial app may release a new version with more significant security features while a user does not update the app or OS of the device would be at risk of attacks of old vulnerabilities.

5. Insecure Financial Apps

This means that not all financial applications will be developed with the same level of protection needed. There might be cases where third-drive financial apps do not use the best encryption or else do not follow the current industry standards. If a user downloads such and app, they put their delicate finical information in the hands of hackers.

Example: There may be other unofficial financial apps that can be download through sources which are not yet verified. Such applications may look like genuine applications, which may help the owner to read messages of other users or send them viruses.

Threats to Such Financial Information and Individual Identity

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If the financial application is on a non-secure device its risks are not restricted to theft alone. Here are some of the broader implications:

1. Financial Losses

They can use the existing glitches to hack on the user’s financial accounts to the disadvantage of the user financially. Thus, once the hackers get Trojan into the targeted computer, they can perform unlawful operations, withdraw the money from the account, transfer the money to the distant country, or even using the gotten log-in data, get a credit card or a loan.

2. Identity Theft

An unsecured device may cause identity theft: hackers get their hands on users’ personal data (including names, addresses, social security numbers, etc.), and use them to carry out scams. Identity theft sometimes has a long-term impact in that individuals have had their credit scores badly damaged besides suffering from fraudulent loans, and at times legal consequences.

3. Reputational Costs: What it Will Cost Financial Institutions

When users encounter an incident of insecurity while dealing with a financial app the image of the financial firm that created the app is affected. One security break down means that customers are no longer confident in the organization while the organization receives legal actions, fines, and loss of consumers.

Conclusion

Banking as well as paying apps provide great conveniences but security threats when accessed using insecure devices. Being wary of the kind of programs you run on your device,тор Ronnie, banking phishing attacks and insecure networks are some of the best practices for protecting your financial information. Still, by adherence to all the norms described above, you will be able to exclude such a possibility and make the advantages of financial applications in executive job promotion tangible with no detriment to your defenselessness against cyber threats.

Scams can lead to loss of personal identity and misuse of personal information. Along with that the scammers can impact the money in your account too. Check the information about sms scams in this blog.

Read the tips and then understand how you can prevent them. This will help you in good ways. Read below and then know yourself. 

Types of sms scams

Sms scams can be of different types. In each type the goal is to misuse the information of the individual or to steal money from the bank. The types of the scams that can occur are shared here.

• Phishing via sms can be done. In this the sender may claim to be an authorised authority. The links can be sent to the user and then the information can be used for illegal things.
• Sim swapping can also occur and it is done by using the sim of the victim. The money is transferred or the otps are used for transactions. 
• Sms pumping fraud is done in which the bulk messages are sent to numbers. The scammers use it for their monetary gain.

These three are the types by which the scam can occur. It’s important to know about the types so that you can have good awareness. Some methods by which the scams can be done by scammers are mentioned in the next section. Check the section below.

The goals of sms scams

Goal of sms scams can be understood by checking the points here. The goals can tell why scammers do the scam and what are their intentions with it. The main goals of the scam sms are-

• To steal your very personal and sensitive information for using it. 
• To make transactions from your account or to steal money from your bank account.
• To use your OTps for misuse.
• To do some illegal stuff.

The goal is to have benefit and to harm the victim by using its identity. It’s important to check the scams and to detect them.

Methods in which fake scams occur

Fake sms scams can occur with the help of some methods. The methods or steps that are followed for scams to occur are shared here. Check them below.

• First contact takes place in which the scammer will ask you for your personal information. In this upi related information can be taken. First contact is done by pretending to be someone familiar.
• The false text messages are then sent to the individual. The message can tell that money is deposited in your account and it can lead to the scam then by asking some otp or pin.
• In this method the refund is asked. Scammers may ask you to give a refund as they sent you excess money by chance.

Fake sms scams can occur by following any of the methods. It can be confusing and one needs to stay aware to stay protected from scams. 

Why to know about tips for prevention

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It’s good to know about tips to prevent yourself from fraud as it can help you in staying safe from different types of frauds. Check the importance of tips for prevention.

• The tips can save you from frauds. 
• They can help you from being the victim.
• Your personal information can be protected by knowing the tips for prevention.
• You can securely use the digital modes of payment.
• Awareness can be generated by knowing about tips.
• Overall benefits can be taken if you are aware.

These are the reasons that tell why you need to know about the tips of prevention. Some helpful tips can save you from frauds. You can check the tips that we are going to share with you in the next section which can be very useful for you.  Check them out now.

Helpful tips for preventing fake sms scams

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Preventing the fake sms scams is necessary and it can be done by paying attention to some tips.  Consider the tips that are shared here and then stay safe.

• Check the urgency calls and confirm the urgencies. Scammers can send sms or can make calls by telling you that they need money due to some urgent reasons. They can pretend to be your known. Always double check the sms of fake urgency situations. 
• A scammer can create a story to take money. Stories are created so that you feel pressured to transact money. Don’t believe in fake stories and ensure the reality of stories.
• Check the details of the messages. You need to check the initials of the message that is sent to you. By confirming the authenticity of the sender you can take further action.
• Always use a trusted site for transactions. If you use an authorised site then you can be a victim of scams.
• The messages or calls that ask you to share your OTP pin are to be taken care of. Pay attention to what they are saying but do not be very eager to share your information.

Just by staying aware about frauds and scams you can save yourself. Always double check the information of the message. Remember these tips and then proceed towards the next step.

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Conclusion

Fake sms frauds can be harmful for the victim. It’s best to stay safe from these frauds by knowing about some tips for prevention. This blog will tell you about the things that are related to fake sms scams. Read this blog and easily understand how you can use your information safely. This digital world has many good benefits but its drawbacks like frauds also occur. Read the sender’s details and other additional things before making any transaction. Detecting fake sms and fake calls is important too. Use this digital world by taking all the precautions. You can get the best help from this blog. Read it for detailed insights.

Virtual credit cards are another great benefit of this digital era. One can get access to virtual cards for having its perks. Knowing about the virtual card is good as then you can get its benefits.

Read the blog and know why this card can be helpful for you. The sections here will help you in knowing all about virtual credit cards. Let us start discussing things about virtual cards in detail below.

Steps that can lead to getting access to virtual cards

Virtual cards can be accessed by following some steps. If you want to get your virtual card started then you need to follow these steps.

• Visit the site of the respected site of your bank.
• Look at the credit card options that are available and finalise the one.
• Get the approval after successful submission of the details. 
• OTP will be generated and you can get access to it.
• The document verification and other KYC verification is needed now. This helps in making you one step closer to a virtual card.
• Now you can visit the internet banking site and then you can log into your virtual card details. 
• Shop and use your virtual card whenever you like.

Follow the steps that are mentioned here and then get the Manage Multiple Bank Cards. The verification of documents is necessary for activation. Keep your documents ready.

Perks of virtual credit cards

Virtual credit cards have many good perks. You can check the perks of virtual credit card and then you can know why it’s good to use it. The perks of virtual credit cards are shared here.

• On shopping or getting new things you can get rewards on virtual credit cards. It helps in getting more benefits.
• Staying updated becomes easier with the help of virtual credit cards. You can stay updated just by checking your phone.
• You can monitor your expenses too by using a virtual credit card. Track the expenses and manage them.
• Transactions are made easier with the help of virtual cards. You can transact the amount anytime without any worry.
• Cashbacks are also available at the usage of virtual credit cards. Shop for various stuff and get good outcomes.

These perks make it easy for all to access virtual credit cards. You can also avail best benefits of credit card by using virtual credit card. 

Reasons that tell why you need to apply for a virtual credit card

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Applying for a virtual credit card can be helpful. You can apply for a virtual credit card due to many reasons. The top reasons that tell why you should apply for a virtual credit card are shared as follows.

• You can apply for this card at zero cost. This makes it good for all.
• Transactions of all types are possible with its help. You can make transactions on a national and international level.
• CVV number remains all the same. It doesn’t change. 
• The application for this can be submitted instantly. It’s easy to do so.
• Availability of this card is good too.

You can see why it’s good to get a virtual credit card.  Apply for a virtual card and then get the best benefits yourself. Keep the steps in mind during application for a virtual credit card.

Some limitations of virtual credit cards

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The limitations of virtual credit cards exist too. You can check the limitations here so that you can get a detailed analysis of virtual credit cards. The limitations are shared here.

• The validity period of the card matters. Long term usage can be difficult sometimes.
• In a few cases the refunds can not be processed in virtual credit cards.
• Only online transactions can be made with the help of virtual credit cards.
• During making reservations the virtual credit card can be hard to use.
• Cash can not be withdrawn with the help of a virtual credit card.

These are the limitations of virtual credit cards and you can note them. These limitations may not be beneficial for some people and in that case they can avoid using a virtual credit card.

Use virtual credit cards with these steps

The steps that you need to check for using the virtual credit card are shared here. Check the steps and then use the card accordingly.

• Use the card by visiting the seller’s site.
• Click the option of virtual credit card.
• Add the details like card number, validity, cvv, etc.
• Now you have  to enter the otp that will come to the registered phone number.
• Check the details and then proceed.
• Make the payment and buy the thing.

You can see that the use of virtual credit cards can be done easily. It’s good to use the cards whenever you like to make successful transactions. Check details carefully and then have good results by doing  successful transactions.

People use virtual cards for ease and convenience. By visiting the site of your bank you can look for some details regarding virtual credit cards. Virtual credit cards come with some good benefits and some limitations too. It’s good to check both. Get access to a virtual credit card instantly so that you can use it for making transactions.

Conclusion

Virtual credit cards are now being used. People use virtual credit cards because they come with lots of benefits. Get the virtual credit card by visiting your bank. The use of virtual credit cards can be done in various places without any worry. Both national and international payments can be made. Read the blog and know how you can use the virtual credit card. You will get the steps here too which will help you in making the transactions. Check some limitations of the card too. Application for virtual credit card can be done in a few steps.

Keep Track of Terms

It is important to learn more about your multiple bank card so that as you make your payment; you know the terms of each card. Offers may have different interest rate, payment due dates, credit limit and reward programs attached to each card hence one needs to be very alert. By tracking these terms, you’re able to remember important aspects to avoid scenarios such as making late payments, going over your credit limit, or miss out on benefits.

Tips for Keeping Track of Terms

Create a Spreadsheet or Use a Financial App: A spreadsheet could prove helpful in keeping the record of all the cards, including interest rates associated with them, due dates and rewards programs offered. There are also other applications which can track the cards on your behalf and even remind you of the payments to be made.

Set Payment Reminders: One way you can avoid missing a payment is to set reminders on your phone or calendar of the payment due dates.

Review Statements Regularly: Regularly monitoring your monthly statements will assist you identify cases of errors or unauthorized transactions. It’s also a good time to verify if there are any changes of the terms of the said card.

In addition to preventing later charges, the credit card terms also may tell you how to maximize the benefits of holding various cards and using them properly.

Pay on Time and in Full

This in fact involves managing several credit cards correctly, of which timely payment of the bills is among the most important. This one is tied to your credit score and eliminates the possibility of getting charged unnecessarily high interest rates. Ideally the full balance should be paid each month in order not to be charged interest on the amount and to ensure the credit score is good.

Why Paying on Time Matters

Avoid Late Fees: If you wait until the payment due date to pay, you are charged hefty fees that accumulate in the long run. Generally most credit card firms have penalties for failure in paying their bills on time, and failure to pay consistently results to high rates being charged.

Protect Your Credit Score: Part and parcel of credit information is payment history, which contributes up to 35% of the credit score. Delays usually have a negative impact when it comes to your credit rating and this makes people to be declined credit facilities when they apply for them later.

Reduce Interest Costs: This is an advantage because it shows you avoid attracting interest charges which if compounded, are particularly steep especially on lower interest credit cards.

Tips for Paying on Time and in Full

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Enable Auto-Pay: A credit card must have automatic payments that should be set to clear at least the minimum amount required before the due date. You can pay the balance by hand as and when you are able to and save the remainder of the amount too.

Use the Snowball or Avalanche Method for Debt: If you still hold balances on several cards, there are two powerful approaches you can use to help organize your payments The snowball method involves paying off the smallest balance first.

They ensure that you do not incur so much debt that you cannot meet and they enable one to keep, a good credit score that can enable one access more favorable financial terms in the future.

Know When to Use Each Card

Using multiple bank cards is beneficial as one can be exploiting the other by accessing special rewards, cashback and different perks. However, decision need to be made as to which credit card should be used for which purchase to take advantage of the benefits available. For example, one may find that his/her cards to bear a higher cash rebate on spending in supermarkets or gas stations than on other categories like air travels or restaurants.

How to Know When to Use Each Card:

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Match Cards to Spending Categories: Determine the several kinds of spending such as food consumptions, transportation, travelling and etc. and used the cards in the respective category to get the most out of the rewards. For instance, one should be using a card that has a cash back feature where one is rewarded 5% when they are buying foods.

Leverage Introductory Offers: The attractive features include those that include free introductory interest rates in the first 12 months or sign-up incentives after some purchase within the first months of card ownership. As for these offers, it is better to use them at the same time, however, considering the possible overpayment.

Consider Foreign Transaction Fees: If you are a frequent traveler, then it has no foreign transaction fee that will cut down the amount you are charged whenever you use your card in a foreign country.

Use Store Credit Cards Wisely: What you find with some store credit cards is that they do offer fantastic low prices, but the interest rates which are normally attached to such stores are normally high. Make use of them only when you are in a position to clear your balance in full; otherwise, the accrued interest will swallow your money.

If you know how to balance and select which card to use when, you will improve your odds or receiving the highest rewards, the lowest fee possible, and overall, the best possible experience with credit cards.

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Conclusion

It’s not always so complicated to handle several bank cards. Here are four specific ways to use the four-card system effectively, tracking terms, paying on time and in full, understanding when to use which card, and reevaluating annual fees, all of which will enable one to maximize the advantages of using multiple credit cards while at the same time minimizing their disadvantages. Being disciplined, familiar with the terms, and using each card wisely results in achieving good financial status and credit rating together with great rewards.

When done properly, having more than one credit card is not only beneficial from the money point of view, but also enables you to attain your financial objectives quicker. If it is about getting the reward, establishing credit, or getting the perks, having a good plan makes lot of difference.

In this blog we will discuss topics related to tax to GDP ratio for India, what it means and the contribution of states to taxes in India. We will also discuss about indirect taxes and their effects on the tax to GDP ratio in India.

Tax to GDP Ratio in India

India always had a relatively low tax to GDP ratio as compared to number of other large economies of the world. In the backdrop of India as a developing country, the structure of tax collection assumes importance because it can provide resources for spending on, social sector innovations, infrastructure development and administration.

India has been maintaining a tax to GDP ratio between 10-12 per cent as against a world average of 15 per cent for developing countries and 30 per cent for developed countries. The current tax to GDP ratio in India is still very low and this may be due to tax avoidance, a huge number of people operating in the informal economy and an ineffective tax base collection. But with additional changes, such as the introduction of the GST and other steps to enhance the tax base, India’s performance in the area is on the rise.

Elements Affecting the Tax to GDP Ratio Case Study: India

Several factors affect the tax to GDP ratio in India, including:

• Size of the Informal Economy: Large parts of the population are contributing through wages in the informal economy where access to the formal tax system remains restricted.
• Tax Evasion: However, challenges still persist, and tax evasion continues to be part of the experience with high-net-worth individuals, as well as traders.
• Tax Administration: The tax collection authorities normally have weak structures that make the process of collecting revenues very slow due to many encumbrances.
• Economic Growth: This means that as a country’s economic growth slows down the measures of tax to GDP change since the overall GDP will reduce.

Tax Contribution of India on the State Basis

Indian constitution provides for both central and state taxation though in the case of India, the former is dominant. Explaining state-wise taxes enables us to capture which states generate the most of the India tax income.

Analyzing the tax contributions of states

• Maharashtra: The maximum number of tax revenues of central income tax originates from Maharashtra thereby making it closest to an industrial and a financial capital as personified by Mumbai city. Till date, Maharashtra has been contributing over 15% of the total tax revenues of India.
• Karnataka: Karnataka being IT hub and having strong manufacturing industries has been contributing high amount towards the Indian central tax revenues. The tech city of Bengaluru is major source for both the Direct and Indirect taxes for the state.
• Delhi: Delhi through his buoyant service sector contributes sizeably to the tax revenues and contributes around 7-8% of total tax revenues in the country.
• Tamil Nadu: Besides being positioned high on the statewise tax return, Tamil Nadu enjoys robust manufacturing, textile, automotive sectors.
• Gujarat: Chemicals, petrochemical and textile industry is well developed in Gujarat and therefore the state has a major share in the tax collections of the country.

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Other Considered Parties

Other leading states for the collection of national tax revenue are Uttar Pradesh, West Bengal, Rajasthan, Andhra Pradesh, etc. But the difference between the more developed states such as Maharashtra and Karnataka and other less developed states is still huge, depicting the states revenue disparity.

The nature of the relationship between Tax to GDP Ratio and Indian States

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Standard measures such as the tax to GDP ratio are normally estimated from the national accounts view, however, state level tax to GDP ratios give a useful profile of the state of the different states. It is observed that more developed states like Maharashtra and Karnataka with comparatively larger per capita income and industrial structure will show higher tax to GDP ratio than comparatively less developed states like Bihar or Uttar Pradesh.

For instance:

It is worth to point out that Maharashtra is one of the most-earning states in tax to GDP terms, primarily due to sizeable GST, excise duties and corporate taxes.

The tax to GDP ratios are low in case of large states like Bihar and Uttar Pradesh where tax collection efficiency is relatively bad and there is lesser economic activity.

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Conclusion

Therefore, the ratio of tax to GDP in India indicates how well the country is in a position to collect taxes also government’s efficiency in providing basic services. Even though India has a relatively low T:GDP ratio compared to the world average, new shocks like GST have been useful in improving the rating for tax revenue. The major contributes of state tax arise from states such as Maharashtra, Karnataka, and Delhi indicating regional disparities in the development of the states.

The second wave of taxation reforms since the early 1990s emerged from the explicit costs of containing fiscal deficit and indirect taxes, particularly the GST have contributed a great deal in raising the tax to GDP ratio and provide structural stability in the Indian economy. With India’s economic development still progressing, effective measures in achieving the tax to GDP ratio for the improvement of tax base, systematic decrease in evasion, and most importantly the upgrade of tax administration will be central to economical development throughout the country.

What is Wrong UPI Transaction?

Wrong UPI transaction means it will be the situation where money has been mistakenly sent to the wrong person or wrong account. This usually happens because of:

• Entering the wrong UPI ID: Forgetting the correct account number, which is an easy way to go wrong and end up with an incorrect UPI ID.
• Choosing the wrong contact: Sending a message to a wrong person just by choosing the wrong contact from your contact list.
• Incorrect transaction: Transferring the wrong amount of cash.

The good news, however, is that most UPI platforms currently include options to report and redress such cases.

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Wrong Transactions Happening with UPI: Follow these Steps After Suing the Loss

Check the Transaction Status

The validity of the transaction to confirm whether it has gone through or not is essential before taking any step. Occasionally, transactions do not go through or are in a transactional state, and the funds will likely be returned to your account. Google pay, phone pay, and paytm are few UPI apps which have made it very easy for the user to check the status of those transactions.

Contact the Recipient

The best thing to do when you have sent money to the wrong person is to talk to the other person. I got explicit and told them the circumstances that led to the loss and asked for the money to be returned. When the recipient is uncooperative or indifferent to the complaint you will need to go through formal grievance procedure.

Raise a Complaint via UPI App

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In case, the contact with the recipient doesn’t work then the second method is to register your complaint through the UPI app being used. Here’s how to do it:

Google Pay:

• Select Google Pay, go to “Transaction History.”
• They should select the wrong transaction and click on a button that says, “Raise A Dispute”.
• Select the category like ‘Transferred money to the wrong person’.
• Make an interaction and complete the investigation process by filling the form.

PhonePe:

• In PhonePe, first click on the “History” tab.
• Right click over the transaction and it gives an option “Contact Support.”
• Enter the mandatory fields and file a complaint.

Paytm:

• Open Paytm application and go to the passbook tab available at the bottom of the homepage.
• Swipe right the specific transaction and tap “Raise an Issue.”
• Select the right subcategory, provide the details and wait for the response.

Contact Your Bank

In case you service provider, which is the UPI app cannot help you with the problem, then the next place to log to is the bank. Customers can either contact the helpline Centre of the bank or personally visit the branch. Banks have a responsibility to help with the problems regarding UPI. When calling the bank, one must make sure to offer the transaction reference number and as many details as possible.

How to file a Formal Complaint

If all your audible complaints have borne no fruits as everyone turns blind to your plight, shame, you can take the matter legal. Here’s how you can do it:

1. National Payments Corporation of India (NPCI)

NPCI takes care of all UPI operations that happen in India. The NPCI also listens to users who have failed to solve their issues with the bank or the UPI service providers.

The next step is to go to the UPI section of the app and click on the option of ‘Dispute Redressal’.

In the complaint form, please enter all the related transaction information and relevant proofs.

Your complaint will be forwarded to NPCI and due to the appropriate communication, your bank will address the problem.

2. Most significant progress has been made where consumers can approach an RBI Ombudsman.

In case if NPCI or your bank does not solve the problem within the time period of 30 days, then you can complain the RBI Ombudsman. Through this case, the Ombudsman serves as a middle person to address customer complaints against their finance related companies.

To lodge a complaint with the Ombudsman, first go to the RBI site and clicking on the Ombudsman Scheme, the option of the Complaints Management System will appear.

Ensure you properly complete the online form through the following fields: Transaction details and other supporting documents.

The Ombudsman will consider your case and try to achieve its resolution as soon as possible.

Important Things to Remember

Always Crosscheck The UPI ID

Always compare the name and the UPI id/phone number preceding any kind of a UPI transaction to avoid falling prey to fraudulent activities. The best way to ensure that you do not make any mistakes is to cross reference the details.

Act Quickly

The earlier you find out that there is an error and report it, the better the odds of getting your money back. Time however is of the essence since UPI transactions take place instantly.

Note the Transaction ID

Make sure to/always document the ID of the transaction. This is useful for raising disputes or to monitoring status of your complaint against the UPI app, bank or NPCI.

Recovery Isn’t Guaranteed

However, if the recipient is being uncooperative or has refused to return the money, then the probabilities of retrieving the entire sum shall probably be limited. Nevertheless, if you follow the steps aforementioned, your odds will rise.

Conclusion

It is not rare to have wrong transactions from UPI, but it can help if you understand how to report it so it is not a hassle. Act fast, inform the recipient if you can, and report through UPI app or your bank, if required. In this case, if managed well, the effective steps on how to get back the money for the bad venture and how to close the deal can be achieved.

 1. Get an Idea about the Demat Account 

A Demat account in a form of an account in data, which holds shares and other securities in an electronic format. As a result, buying, selling, holding investments become easier as it does not involve physical certificates. 

Demat account doesn’t require literacy and even an illiterate person can also open a Demat account. This is followed by another kind of identification and authorization that must rely on other media, which will be described in detail. 

 2. Picking a Depository Participant (DP) 

A depository participant (DP) is a financial intermediary such as a bank or stock broker who is registered with the depository and offers Dematerialised services. Because of this, one should hire a qualified DP that sensitivity the problems that are faced by the illiterate persons. They should be patient and should have the ability to give individual attention. Prominent DPs in India include banking institutions such as HDFC, ICICI & SBI and stock brokers such as Zerodha, Angel One and Upstox. 

It is preferable to go for an auditor DP that has a branch or agents on the ground to facilitate in the paperwork

 3. Documents Required in order to Open a Demat Account 

Hitherto, illiteracy is not a bar to open the Demat account but they are required to produce some documents. The basic documentation includes: 

• Proof of Identity: This is may be Aadhar card, PAN card, Voter ID, or passport. 
• Proof of Address: It can be electricity bill, water bill or gas bill or bank statements or ration card etc. 
• PAN Card: For entering into a Demat account the Permanent Account Number (PAN) card is compulsory. 
• Photographs: Passport size photographs are necessary and they should be recent ones for the account opening form. 

If the individual does not have the PAN card he can apply one since it is essential for any financial transaction in the country. 

4. Assistance for Signing Documents 

Another which illiterate persons encounter is the fact that they cannot sign any documents. However, there are several alternatives: 

Thumb Impression: An illiterate person while filling the application form can offer his thumb impression instead of the signature. Someone like notary or the bank official will countersign this and also the thumb impression. 

Witness Signature: A literate person within the attainable reach of the applicant for instance a family member, a friend or even a bank personnel can witness the document by putting his signature at the same place where the thumb impression of the applicant has been made. 

Biometric Authentication: A few of the DPs incorporate biometric authentication for the Aadhaar linked account openings and thus no signatures or even thumb impressions are required. This makes it easy especially to the illiterate people due to the development that has been made on the technology. 

 5. Nomination Facility 

In case of an illiterate person, it is preferable that the person named the nominee of their Demat account. A nominee is a person who will become the owner of the securities in case if the account holder dies. This affords them an extra measure of protection, and guarantees that their investments are transferred to the next of kin without much legal complications. 

The nominee can be a family member or any other person of the patient’s trust. In order to open the account, they have to submit their identity proof, photographs and proof of relationship with the account holder. 

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 6. Explaining Investment Basics 

Since an illiterate person may have limited knowledge of financial terms and concepts, it’s crucial to provide them with basic education on: 

• What a Demat Account Is: Simplifying it further for the layman to understand, it says that it actually has shares and securities electronically and as a wallet has money. 
• Stock Market Risks: Stating also that buying stocks can be risky and may even lead to loss of money put in the shares. 
• Long-Term Investments: Emphasizing the need to treat stocks as long term investment instead of making decision on market swings in case of short term loses. 

It is hoped that other family members, or qualified people responsible for managing the financial situation should get involve just for the purpose of making it easier to explain these concepts. 

 7. Digital Assistance and Accessibility 

There is always this saying that technology has a way of evening the playing ground. In spite of this, many financial institutions have presented multilingual support to a large extent in their apps and website in form of audio or voice control even if the person is illiterate. 

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Here are some options that might help:

• Telephonic Support: DPs offer a telephonic support where the representative offers to take the person through the account opening process in their language of choice. 
• Video KYC (Know Your Customer): Certain DPs provide a video KYC process where the applicant goes through a video call for him or her to be verified. In doing so, the DP representative can also share how the procedure works in layman’s terms. 

 8. Last but not the least, the Power of Attorney (PoA) Option. 

For the people who may not effectively manage their accounts on their own, it is advisable to give Power of Attorney (PoA), that is, a legal authority to someone trustworthy. A PoA holder can also exercise trade on your behalf, purchase or sell securities to enhance the account’s operation. 

 9. Periodic Monitoring and Communication 

Due to this it is recommended that an illiterate person sits down every now and then to go through his or her account and also follow the movements in the market. To avoid keeping the accountant in the dark the DP or an assistant should offer brief on the account, any dividend or any action taken. This makes sure that the particular person is updated about his or her investments. 

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Conclusion 

To open a Demat account especially for an illiterate, it is very much possible providing the illiterate person will be getting the right direction. Equipped with these documents, thumb impression and a relative or friend’s support they can venture into the stock market and build their investments. Through proper selection of a competent DP and using technology on easy processes, people with illiteracy challenges can be allowed to invest in these markets hence having a brighter and more secure financial hope in the future. 

At the end the tale is inclusive one of helping all, the illiterate as well as the literate utilize investment opportunities. 

If you have ever been in such a situation, which of course most of you reading this article without a doubt have been, do not fret. There are some of the methods that can be used when one is trying to get back the money sent to the wrong UPI address. The following points in this guide will also explain to you the procedure and precautions which must be taken for not facing such problems in future. 

Step1: The first step that one needs to take is to remain calm and have to look at the transaction details. 

If, for instance, you have made a mistake of sending money to the wrong UPI address, you have to look for the following aspects. At times, because of small typing mistakes or some problems in writing the beneficiary’s name or UPI ID. 

 It is also good to confirm if the money has indeed gone to the wrong person. Take the UPI app that you used for transaction and see whether the transaction status is complete. If the status is “pending” or is “processing,” then there could be a possibility to cancel the transfer. 

Step 2: Contact the Beneficiary It is recommend that you contact the beneficiary to allow him or her prepare for the offer as explained below. 

In the process of making this transaction, if it has completed the other close step is to talk to the person who received the money by mistake. This is most effective if the person on the receiving end is a friend or willing to obend an ear. There is certainly a lot of trust in people and those who see that this is some kind of mistake would return the money. 

Transaction confirmation message or the UPI app will help to find the contact details of the beneficiary. Politely recount the episode and ask them to refund the money. 

Step 3: Contact Your Bank or The UPI Service Provider 

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In case the recipient does not respond or you cannot reach him/her or her account, next step is inform your bank or the UPI service provider. Each UPI transaction is corresponding to the bank account and your bank will have the record of the transaction. 

You should inform your bank’s customer care through a phone call or personally go to the branch and report it. Provide them with the following details: 

Details of time and date of the transaction 

UPI reference number 

The amount transferred 

UPI ID of the person to whom the money was sent by mistake 

It contains many details such as the UPI ID number, and bank account details. 

Every bank has its own procedure of complaints handling in terms of grievance redressal mechanism and they will advise you on how to do this. You also might be required to complete a formal dispute form in order to start an investigation. The bank on the recipient’s end will endeavor to reverse the money via the sender’s bank, having been advised of the fraud. 

Step 4: File a complaints with NPCI 

Read more – Which is better fixed pay or variable pay?

There is also the National Payments Corporation of India (NPCI) which runs the UPI and it also has the ability to settle disputes regarding transactions made through UPI. In case your bank fails to address the concern the matter can be taken further to NPCI through a complaint. 

You can raise a complaint through the NPCI website by providing the following details:You can raise a complaint through the NPCI website by providing the following details: 

Transaction ID 

Billing identification number of the sender and the receiver 

Time of the transaction and date 

Amount of money transferred 

NPCI will look into the matter or the transaction and if they found it to be wrong then they will tell the bank in charge of the transaction to issue a refund. 

Things to do to Avoid Sending Money to Wrong server UPI Address 

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While mistakes can happen, there are ways to minimize the risk of sending money to the wrong UPI address: 

• Double-Check UPI Details: It is advisable that before finally confirming the transaction,just cross check the UPI ID or the beneficiary details to confirm their authenticity. Sending money to the right person is not guaranteed since small mistakes may send the amount to a different person. 
• Use QR Codes: Using the QR code to get to a new page does not allow for typing mistakes to be made either. Some of the UPI apps provide the consumer the choice of utilizing QR codes for a more precise payment. 
• Save Beneficiaries: To avoid making the wrong entries, especially when making the frequent payments, it is advisable, to begin with, to save the recipient’s UPI ID in the contact list. 
• Send a Small Amount First: If you are sending money to a new recipient send a small sum first to ensure all the details match. 

Conclusion

Transferring money to the wrong UPI id is quite a nightmare, but the good news is that you can get your money back if you act fast enough. The best course of action is to move fast, get in touch with the receiver and then negotiate with your bank or the NPCI. However, if the error is real, then most of the cases are cleared in the favor of the sender to some extent taking a considerable amount of time. You should always be very careful when doing any business involving UPI transaction, especially when entering the details, to prevent such experiences in future. 

Fixed pay is given to employees once every month and variable pay depends on the performance. You can check out the features of fixed pay or variable pay in next sections. 

Let us share the insights upon fixed pay and variable pay. The best explanation will help you in deciding that which is better for you.

Fixed pay and its features

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The features of fixed pay are shared here and you can learn about them. The features are written below-

• This amount is given to employees in a month. A particular date is set and then the payment is transferred.
• In this form of pay the amount is given irrespective of the performance of the employee.
• If the employee has broken the rules and regulations of the company then the amount may be affected by it.
• It is good as employees have a fixed amount of earnings at the end of every month and it makes it easy for them to manage their expenses. 
• It provides security to the employees.
• In this mode the employees who put more effort are hard to notice and then it impacts their efforts. 

The fixed pay method helps employees to plan their expenses in the required amount of money. It is a very traditional method of paying employees. 

The features of variable pay

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Features of variable pay are also to be known. You can check out the features that are mentioned here. Know about them by checking them below.

• In this the employees are paid according to the performance. 
• Targets are given to employees and they have to meet them. It’s important for the employees to meet the targets. 
• In this mode the employees are motivated and it leads to better performance.
• This can impact the environment of the work. In this everyone may try to compete with each other. Friendly work environment is not maintained.
• Employees in this company don’t have any security. If the company is getting impacted in terms of losses then it directly impacts the employee too.

The unpredictable nature of variable pay impacts the employee and their income. In this the main emphasis is given to the performance.

Merits and demerits of fixed pay

Fixed pay comes with merits and demerits. The merits and demerits of fixed pay are shared here and you can check it out.

• One can get compensation if the work done is good.
• A secure payment is obtained in fixed pay.
• A good work environment is achieved.
• One can manage the expenses in a specific amount of money.

Demerits of fixed pay.

• It’s difficult to figure out who is putting in more effort than others.
• Inflation is impacted due to this.
• If performance bonuses are not considered then it can impact the employee.

After checking the merits and demerits of this you can know whether it’s good for you or not!

Merits and demerits of variable pay

Variable pay is also known for its merits and demerits. You can check out the merits and demerits by reading the points.

Merits of variable pay.

• If the performance of the employee is good then it can be very beneficial for the employee as it leads to a good increase in pay. 
• The best performer is easily identified and it’s appreciated for hard work too.
• The employees remain motivated. 

Demerits of variable pay that you need to know.

• In this a very unfriendly work environment is created as everyone tries to compete with each other.
• If the company goes through loss then the employees are affected.
• It is not a secure mode as the amount varies.

These are the merits and demerits of variable pay. It gives some advantages and some disadvantages to the employee. 

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Which pay is best for employees?

Variable pay and fixed pay both have their own merits and demerits. One needs to choose one according to one’s own interests. If you are someone who wants to be appreciated according to performance and are not bothered by variability then variable pay is the best option for you. 

Moreover if you like to have a fixed amount of pay and you want the same amount every month then fixed pay is good. It helps give security to the employee. Decide the one that suits you and then proceed with your work. 

Role of pay in the performance of employees

Be it fixed pay or variable pay, both play an important role in the performance of employees. Employees and their performance can be enhanced with help of the incentives given. If they are awarded with help of good pay then they might perform better as it will motivate them.

Companies that reward their employees are considered more productive than the others where the awards are not given. It’s best to work on all these areas so that better results can be obtained. If the employees are happy then it will definitely give good results. Fixed pay or variable pay can be decided accordingly. After considering the merits or demerits of the fixed or variable pay one can decide which one is better. Choose the one that is good for all of your needs. 

Conclusion

Fixed pay is the amount of money that is given at the end of a month to the employee. Variable pay is the performance based amount that is offered to employees. These both have different merits and demerits. One can know everything about fixed pay or variable pay in this blog. Features, merits and demerits all are included in this blog. Read this blog and then know which method of payment is more beneficial for you. You will get all the insights by reading this blog. Explore the best option and then carry on with the right one.