Latest news with #VibhavangalAnukulakaraPrivateLimited
India Today
03-08-2025
- Business
- India Today
Personal loan for wedding? Why borrowing for the big day needs rethinking
A wedding is meant to be a once-in-a-lifetime celebration, but should it cost you your peace of mind for years to come? With the growing trend of personal loans funding grand ceremonies, many young couples are unknowingly stepping into long-term financial the dream of a picture-perfect day sounds alluring, financial experts urge caution before taking on debt for a single TRUTH ABOUT 'WEDDING LOANS'Siddharth Maurya, Founder and Managing Director of Vibhavangal Anukulakara Private Limited, explains that so-called 'wedding loans' are just personal loans in disguise. 'People often don't want to touch their long-term savings, so they take a loan instead. But this only makes sense if it's done responsibly, with a clear repayment plan. Otherwise, it can lead to serious post-wedding financial trouble,' he points out some major risks of using loans to pay for a wedding. You might end up stretching your budget beyond comfort, paying high interest rates, and getting stuck with EMIs that become hard to manage.'EMIs limit your ability to invest and reduce your freedom to spend on important goals like buying a home, starting a family, or planning for retirement,' Maurya adds. Missed payments can damage your credit score, and the resulting financial strain can delay other key life Jasoria, Founder of FINTELS Financial Planning Advisory, agrees. 'Weddings are over in a day, but the debt can last for years,' he says. Personal loans in India usually carry interest rates between 10% to 24% per annum, Jasoria added. That's much lower than credit cards, but still higher than secured loans like those against gold or property.'If you miss payments, it can hurt your credit score and make future borrowing harder,' Jasoria explains. 'Financial strain can also lead to early tension in marriage, and delay long-term goals like owning a home or building a safety net.'INSTAGRAM PRESSURE MEETS EMI REALITYBoth experts agree that the younger generation, especially millennials and Gen Z, are more vulnerable to this trap. 'They want to fund their own weddings and create standout moments, but they also feel a huge pressure to look good online,' says calls this a worrying shift. 'Many young people don't fully understand the long-term cost of borrowing for non-essential spending. A wedding should not come at the cost of your future.'SMARTER ALTERNATIVES TO WEDDING LOANSWeddings may be magical, but the financial aftermath doesn't have to be daunting. With thoughtful planning, couples can avoid the debt spiral. 'Set a realistic budget, and stick to it,' says Jasoria. Smaller, meaningful ceremonies help keep the focus where it belongs, on the people, not the price agrees, pointing out that couples should 'prioritise budgets by cutting guest lists or costs that aren't totally necessary.'Instead of borrowing, both recommend building up savings in advance. 'Start saving early, consider opening a wedding-focused SIP,' Jasoria suggests. Maurya adds that 'using personal savings, accepting contributions from family, or picking up a side hustle in the months before the wedding' are all great alternatives to modern-minded couples, crowdfunding is also gaining popularity. 'Let loved ones contribute to specific elements like photography or the honeymoon,' says Jasoria, while Maurya adds that cash registries are becoming smarter and more off-season dates can also lead to significant savings, as can negotiating staggered payment plans with vendors. 'Spend on what's important and don't shy away from negotiating,' Jasoria insists. Add a personal touch with DIY dcor or invites, and you've got a celebration that's rich in meaning, not just money.'The goal should be to have a meaningful, affordable wedding,' says Jasoria. 'You don't need to impress the world. Your financial future is far more important than one day of glamour.'advertisementDON'T LET SOCIAL PRESSURE DERAIL YOUR FUTUREIn a world full of Instagram-worthy weddings and Pinterest-fuelled dreams, it's easy to feel the urge to overspend. But experts urge couples to pause and reflect. 'Do not allow social pressures or social media trends to lead you into debt over a wedding,' warns Maurya. He emphasises that financial security and peace of mind far outweigh a single day of opulence. 'Pick economical activities and fight the urge to overspend,' he echoes this sentiment, reminding couples that, 'Don't let a one-day celebration compromise your 30-year financial future.' He advises couples to align on financial values early on and focus on what really matters. 'Instead of chasing status-symbol weddings, focus on building a meaningful, debt-free beginning with your partner,' he says. 'You can always celebrate in style when you can truly afford it.' While societal expectations can be overwhelming, he believes that long-term financial regret is much harder to live at the end of the day, the best weddings are not the ones that make the biggest splash online, they're the ones that leave you smiling not just on the day, but for years after.- Ends advertisement
News18
02-06-2025
- Business
- News18
ITR Filing 2025: How To Handle Income Tax Notices, Avoid Penalties
Last Updated: Even if you've filed your tax returns on time, receiving a notice or intimation from the Income Tax Department can feel unsettling ITR Filing 2025: Even if you've filed your tax returns on time, receiving a notice or intimation from the Income Tax Department can feel unsettling. It's crucial to address these notices quickly and accurately. Start by carefully reading the notice to understand its purpose — common triggers include income discrepancies, TDS mismatches, or missing information. Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited, advises: 'To handle an income tax notice, log into the e-filing portal and head to the 'e-Proceedings' section. This is where you can view and respond electronically. Make sure to gather all key documents, including Form 16, bank statements, and investment proofs." Manikandan S, Tax Expert at Cleartax, emphasizes: 'Differentiate between an intimation and a notice. An intimation shares processing details and may not need a response, but a notice requires your attention. Verify the notice's authenticity on the e-filing portal before acting, especially with the Centralized Communication Scheme (CCS) now ensuring all notices are sent electronically." Most notices are routine and manageable — the key is understanding them and responding correctly to avoid penalties and unnecessary stress. Here are some practical tips: Don't Ignore: Every notice has a deadline — missing it can lead to penalties. Be Accurate: Mismatches can trigger further scrutiny. Usually sent to highlight TDS mismatches, calculation errors, or late filing. Section 245 Adjustment against past dues If a refund is due but you have past tax arrears, the department may adjust the refund. Action: Check under 'e-Proceedings' in your portal. Agree/disagree with the reasons within 15 days. No response means automatic adjustment. Section 142(1) Sent if you haven't filed your return or if additional details are needed. Action: File your pending return, if any. Submit requested documents by the deadline to avoid penalties. Section 139(9) Defective return Sent for errors or missing details in your return. Correct and re-file within 15 days via 'e-Proceedings'. Ignoring this may invalidate your return. Seeks clarification on high-value transactions like large cash deposits or property purchases. HRA and TDS Mismatch Notices Sent when your HRA claim or TDS details don't align with department data. Action: Verify tenant TDS compliance if rent exceeds ₹50,000/month. Keep rent receipts and landlord PAN details handy. If there's a genuine mismatch, file an updated return and keep proof. Section 143(2) Scrutiny notice Indicates your return is selected for detailed examination. Action: Submit all relevant proofs (income, deductions, expenses). Attend hearings or respond through the portal. Non-response can lead to estimated tax assessments. Section 148 Issued if undisclosed income is suspected in earlier returns. Action: File a revised return or provide explanations as required. Share proof of income sources. Ignoring this can reopen past assessments and attract penalties. Section 271AAC(1) Penalty for unexplained income Issued if unexplained income, like sudden deposits, is found during scrutiny. Action: top videos View all Provide clear documentation of the income's source. Note that penalties can be as high as 60% for unexplained income. Most of these notices can be handled smoothly with prompt action and accurate information. If you're unsure, always consult a tax expert to avoid bigger issues later. About the Author Aparna Deb Aparna Deb is a Subeditor and writes for the business vertical of She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : itr Location : New Delhi, India, India First Published: June 02, 2025, 14:50 IST News business » tax ITR Filing 2025: How To Handle Income Tax Notices, Avoid Penalties
