These tax brackets don’t exist in the old tax regime.Īlso read: Moneycontrol's income tax return-filing guide Under the new tax regime, a lower tax rate of 10 percent (Rs 5-7.5 lakh annual income) and 15 percent (Rs 7.5-10 lakh annual income) is levied. Alternatively, you can ask a chartered accountant to examine your income, savings and spending pattern to help you select the correct regime. But those who run businesses or are self-employed can switch only once during their lifetime.Ī calculator is available on the income tax portal to weigh your options. If you are a salaried individual, you can alter the tax regime while filing returns. To learn more about these options, please reach out to our customer success team using the app's Contact Us form.Picture this: You are filing your tax returns and you realise that you can pay less tax if you choose the old tax regime instead of the new regime, or vice versa. If you are a Washington State resident, we may have alternative options for repayment. Please reach out to our customer success team as soon as possible in order to opt-in to the financial relief plan. We are here to support you in times of hardship and to benefit your financial resilience and well-being. There are no silver linings to these events, but we know that your budget should be the last thing on your mind. In any of these cases, Possible will assist you by deferring loan payments for one month past the 29-day grace period in our loan contracts without a negative impact on credit. A mass casualty incident in your community.Incurred expenses in connection with critical medical care, including abortion care.A natural disaster in your community as declared by the Federal Emergency Management Agency (”FEMA”) or state government authority, including tornado, earthquake, fire, or flood.Serious illness, hospitalization, or disability.We’ve updated our plan to a new plan to an expanded Relief Plan, which helps us deliver on our promise by covering all of the following: We encourage you to make payments as soon as possible to avoid further damage to your credit score.Īt Possible, our promise is to be your financial partner for all of life’s ups and downs.īack in April 2020, we introduced our COVID Relief Plan. There isn't any way to avoid damaging your credit with this payment plan. Your score will be increasingly impacted the longer the payments remain unpaid. This will most likely put you right on the edge of the 29-day grace period and make it possible to avoid damaging your credit score.Ĭontact our customer success team using the app's Contact Us form and we will work with you to update your payment dates.īeginning next month, you'll be responsible for making 1 payment each month until the loan is paid off. We can push your remaining payments out by 4 weeks. We encourage you to make payments as soon as possible to avoid further damage to your credit score. Your score will be increasingly impacted the longer the payments remain unpaid.However, if the payment(s) are 30 days or more past the originally scheduled date(s) there will be negative effects on your credit score.Rest assured, we never charge late fees or additional interest. We always honor the amount you agreed to repay when the loan was accepted.Things to consider before converting to a payment plan: If you need to convert to a payment plan please reach out to our customer success team. We understand life happens and we'll work with you to the best of our ability. We currently have two payment plan options to help alleviate stress.
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