Prior to this article, we have discussed a lot about business on our blog. We have discussed Business ideas, steps to start a business, and ways to become wealthy. Today I am going to take you into the world of business and we are going to explore the characteristics of business, the category of business, and their differences.
What is business?
Business is commercial activity (buying selling goods or providing services) undertaken by an individual or group with the objective of earning profit & satisfying customer needs.
A Business includes only economic activities i.e. all those activities relating to the production and distribution of goods and services are called economic activities, any activity undertaken without economic consideration will not be a part of business
Businessman:-
All of us need food, clothing, and shelter. We also have many other household requirements to be satisfied in our daily lives. To satisfy this need we need to purchase goods from shopkeepers. The shopkeeper get these goods from the distributor and the distributor gets them from the manufacturers. So the shopkeeper, distributor, and manufacturer are called a businessman.
Characteristics of Business:-
Let us check out a few common characteristics of business required by business enterprises irrespective of their nature, size, and form of ownership.
Vision & Mission: – You must define what you want to do in business -vision and how you will do it – mission.
Business with ethics: – You must carry out business with ethics.
Buyer & Seller :-In any business /commercial activity buyer and seller is must.
Continuity in dealings: – Business is said as business only if you have continuity in dealings.
Exchange of goods and Services with money
Risks and Uncertainties:- Risks and Uncertainties are more in business
Legal Obligations: – You need to take care of all Legal obligations arising from business.
Customer Satisfaction: – You need to satisfy your customer to get another business.
Profit is the main objective i.e. desire to earn profit
Business Skills for Economic Success: – Skill is a must for achieving economic success in business.
Category of Business:-
Business is broadly classified into three distinct categories. Manufacturing, Trading and Services.
Manufacturing: – It is related to production/manufacturing of goods. E.g If you are running a mill for making clothes you are in the manufacturing industry.
Discrete Manufacturing: – Discrete manufacturing is the production of distinct items. Automobiles, furniture, toys, smartphones, and airplanes are examples of discrete manufacturing products.
Continues/Process Manufacturing: – Continuous manufacturing is associated with batch manufacturing or process-based manufacturing. Process industry examples are pharma, food, chemical, etc.
Trading:- Trading means buying and selling goods to earn profit. Examples of traders are retailers, wholesalers, Garment stores, Departmental stores, etc.
Services: – Services is another business category. Service industries include banks, hospitals, insurance, Transportation, IT, etc.
Key Differences between manufacturing and services:-
Hope I have clarified your doubts related to the business world.
Remember:-
Profit is the lifeblood of business……
The world we live in………………………
is the world of business………………
Do share your views on the above. Stay tuned for more business updates.
Yesterday my friend had bad car accident, his car is in bad condition. Another bad news is that his car insurance policy was expired last month and he has not renewed it. This single mistake of non-renewal of car insurance will cost him few lakh, as he has to bear cost of repair.
The lesson learned from above is one should understand importance of car insurance policy and renew it regularly. Car Insurance policy provide financial protection against damage. By paying premium of few thousands you are getting complete protection of car. Now million dollar question is that from which company we should take car insurance. To help you out we are herewith list of Top 5 Car Insurance Companies in India.
To compile this list we have considered various parameters like network of garages, claim settlement ratio, customer satisfaction, service support, discounts, payment options and other facilities. The top 5 car insurers are:-
Top 5 Car Insurance Companies in India
ICICI Lombard General Insurance Co. Ltd.
ICICI Lombard General insurance is leading the list with top position. This company stands first in terms of customer satisfaction. Key benefits offered by ICICI Lombard general insurance are:-
Cashless servicing facility at 2900+ network garages across India.
Accidental cover facility for co-passengers up-to Rs. 2 Lac.
Zero Depreciation Cover
Get road side assistance
Online purchase
Doorstep surveyor facility
Get towing assistance in case of a vehicle breakdown
Get daily allowance when your car is in the garage
Tata AIG General Insurance Co. Ltd.
Tata AIG General Insurance is on second position. Tata AIG provides insurance for car, commercial vehicle & second hand car. TATA AIG also won Best Claim Service Company in 2012. This company offer following facilities.
Free pick-up of car
Direct settlement facility at special garages
Up to 6-month accident-repair warranty
Quality spares and materials, guaranteed
Claim settlement in 7 days
Add on coverage
Bajaj Allianz
Bajaj Allianz could be another choice for car insurance. Bajaj Allianz today serve number of customer in car insurance industry. Some unique features offer by Bajaj Allianz are:-
Free services at 1500 preferred garages across India
Additional coverage of 1 Lakh for the primary holder of vehicle in case of accidents
Towing facility in case of breakdown/accidents
SMS updates on motor claim status
Bharti AXA Insurance
Bharti AXA Insurance is one of the largest car insurance company in India. This company give many benefit to customer. Some unique selling point about Bharti AXA insurance are:
Road side assistance in case of repairs or breakdowns
Lock out or lost key assistance
Pays hospital cash, ambulance charges, and medical expenses for whole family members
Discount on online purchase of policy
Free service from Approved Garages
Repairing cost of spares like fiber glass, rubber, batteries, air bags are covered
100% repayment on the depreciated parts at the time of claim settlement
Oriental Insurance Co. Ltd.
Oriental Insurance Company is owned by government and it is one of the best company for car insurance. Some services that make it unique are listed below:
High claim settlement ratio
Fast claim settlement
Add-on coverage
What do you think about these insurance companies? Do share your experience with above Car Insurance companies.
Kaun Banega Crorepati? Who wants to be millionaire? Well today everyone wants to be millionaire. But they don’t know what it takes to become millionaire. So let us discuss about 21 Success secretes of self-made millionaires. Following these secretes will surely make you millionaire.
Research reveals that all self-made millionaires are ordinary people with average educational background. But they have found out what other successful people do and they repeated same things again and again till they achieved desire results.
Famous writer “Brain Tracy” said in his book that the way you can learn to ride a bicycle or drive a car, you can learn the success secrets of self-made millionaires and apply them in your life. And there are no limits except the limits you place by your own thinking.
As per him there are 21 success secrets of self-made millionaires. Each of these is crucial to your becoming financially independent.
First secrete of self-made millionaire is dream big. Allow yourself to dream. Allow yourself to imagine and visualize about the kind of life you would like to live. Think about the amount of money you would like to earn and have in your bank account.
Remember if you have big dreams you will work to fulfill these dreams.
2 Develop a Clear Sense of Direction
Self-made millionaire possesses very good understanding. They know what to do and in which direction to work. Remember a person with a clear purpose will make progress on even the roughest road. A person with no purpose will make no progress on even the smoothest road.
3 See Yourself as Self-Employed
Commit yourself to be self-employed. Remember you are the captain of your soul and master of your fate. When you see yourself as self-employed, you develop mentality of an entrepreneur, the mentality of highly independent, self-responsible, self-starting individuals.
4 Do What You Love to Do
Self-made millionaire always loves what they do. Self-made millionaires are those who have found a field where their natural strengths and abilities are matching and by this they achieved the desired results.
5 Commit to Excellence
As discussed in our earlier article passion of excellence is inherent quality of all successful people. In order to be self made millionaire you have to be committed to excellence. Remember The quality of your life will be determined by the depth of your commitment to excellence, no matter what your chosen field.
6 Work Longer and Harder
All self made millionaires work very hard. They start earlier, they work harder, and they stay late. They develop a reputation for being amongst the hardest working people in their fields.
7 Dedicate Yourself to Lifelong Learning
Self-made millionaires are lifelong learner. Remember continuous learning is the minimum requirement for success in any field.
8 Pay Yourself First
Save or invest at least 10% of your income throughout your working life. Develop lifelong habit of saving and investing your money.
9 Learn Every Detail of Your Business
Learn every detail of your business and apply your mind to increase your performance. The market paysexcellent rewards for excellent performance. It pays average rewards for average performance and below-average rewards, failure, and frustration for below-average performance. Your goal should be to become an expert in your chosen field by learning every single detail about how to do your work better and better.
10 Dedicate Yourself to Serving Others
Serve to other people remember your rewards in life will always be in direct proportion to your service to other people. Remember you can get everything you want in life if you just help enough other people get what they want.
11 Be Absolutely Honest with Yourself and Others
In order to become millionaire most valued and respected quality you need to develop is a reputation & absolute integrity. Be perfectly honest in everything you do and in every transaction and activity.
12 Determine Your Highest Priorities and Concentrate on Them Single-Mindedly
In order to become millionaire you need to develop the habit of setting priorities and concentrating single-mindedly, you will be able to accomplish virtually anything you want in life.
13 Develop a Reputation for Speed and Dependability
You need to develop reputation for speed and dependability. Move fast when people want or need something. Move quickly when you see something that needs to be done.
14 Be Prepared to Climb from Peak to Peak
In order to be successful you need to develop a long-time perspective. Take the long view in everything you do. Plan your future well and don’t allow yourself to get onto an emotional roller coaster with the short term ups and downs of daily life.
15 Practice Self-Discipline in All Things
Self discipline is the most important quality for becoming a self-made millionaire. If you can discipline yourself to do what you should do, when you should do it, whether you feel like it or not, your success is virtually guaranteed.
16 Unlock Your Inborn Creativity
You need to be innovative in order to be successful. Develop and practice new ideas. Unlock your inborn creativity. Remember Imagination is more important than facts.
17 Get around the Right People
85% of your success and happiness in life is going to be determined by the quality of the relationships that you develop in your personal and your business activities. The more people you know and who know you in a positive way, the more successful you will be and the faster you will move ahead.
18 Take Excellent Care of Your Physical Health
Health is wealth. You need to take extreme care of you physical health. Your health goal should be to live as long as possible so that you can enjoy a wonderful lifestyle with your money.
19 Be Decisive and Action Oriented
One of the qualities of self-made millionaires is that they think carefully and then make decisions quickly. They move fast and they get quick feedback from their actions. If they find they have made a mistake, they quickly self-correct and try something else.
20 Never Allow Failure to Be an Option
The fear of failure is the greatest single obstacle to success in our life. Never think about failure. It is the fear of failure or the anticipation of failure that can paralyze your thoughts and your activities and hold you back from even trying to do the things that you need to do to be a big success.
21 Pass the “Persistence Test”
Persistence is the iron quality of character. Persistence is to the character of man as carbon is to steel. It is the absolutely indispensable quality that goes hand in hand with all great success in life.
Conclusion:-
Take away message from this article is “Success is predictable”.
Success is not a matter of luck or accident or being in the right place at the right time. Success is as predictable as the sun rising in the east and setting in the west.
By practising the principles that you have just learned, you will move to the front of the line in life. You will have an incredible advantage over people who do not know or who do not practice these techniques and strategies. You will have an advantage that will give you the winning edge for the rest of your life and career.
Note: – Major portion of this article is taken from Book by “Brain Tracy” – 21 success secrets of self-made millionaire.
In today’s digital world, where everything’s just a click away, getting your Permanent Account Number (PAN) sorted out online isn’t just convenient; it’s a game-changer. Whether you’re a fresh graduate starting your first job, a busy entrepreneur juggling deals, or even someone living abroad missing the homeland vibes, knowing how to apply and verify PAN card details online can save you tons of time and headaches.
Picture this: You’re sipping your morning chai, laptop open, and bam! You’ve applied for your PAN without stepping out. And later, when you need to verify PAN to make sure everything’s shipshape, it’s as simple as checking your email. This article’s gonna dive deep into all that jazz – from the basics to pro tips – using simple words so anyone can follow along. We’ll chat about why PAN’s your financial bestie, how to get one online without fuss, and yep, we’ll hit on ways to verify PAN multiple times because, let’s face it, double-checking is key in life. By the end, you’ll be ready to tackle this like a boss. Let’s jump in!
What Exactly is a PAN Card, Anyway?
Alright, let’s start from square one. A PAN card, short for Permanent Account Number, is basically your unique ID in the Indian tax world. It’s a 10-digit alphanumeric code issued by the Income Tax Department, looking all official on a laminated card. Think of it as your financial fingerprint – no two are the same!
Issued to individuals, companies, and even trusts, this little card packs a punch. It’s not just for taxes; oh no, it’s way more versatile. Opening a bank account? You’ll need it. Buying property? Essential. Investing in stocks or mutual funds? Can’t do without it. And get this – even for high-value transactions like buying jewelry over a certain amount, the folks at the store might ask to verify PAN to keep things legit.
But here’s the cool part: In a country as vast as India, with millions buzzing around, the PAN helps track financial activities smoothly. It’s like the government’s way of saying, “Hey, we see you, and we’re keeping tabs – but in a good way!” Without it, you’d be stuck in bureaucratic limbo, missing out on opportunities. So, if you’re wondering why bother to apply and verify PAN card details online, it’s simple: It opens doors to financial freedom, keeps you compliant, and avoids those pesky penalties that could sneak up on you.
The Evolution of PAN
Back in the day, getting a PAN meant endless queues at offices, forms piled high, and waiting weeks on end. Yikes! But fast-forward to now, and it’s all online. Thanks to portals like Protean (that’s the new name for NSDL) and UTIITSL, plus the Income Tax Department’s e-filing site, applying online is a breeze. And verifying? Even easier. This shift isn’t just techy; it’s about making life simpler for folks like you and me.
Why Bother Applying for a PAN Card Online?
Okay, so you’re convinced PAN’s important, but why go the online route? Well, for starters, it’s quick – no more hunting for post offices or agents. You can apply from your couch at midnight if that’s your vibe. Plus, it’s secure; with Aadhaar-linked e-verification, fraud’s kept at bay.
Imagine this scenario: Raj, a young software engineer in Bangalore, needs a PAN for his new job’s salary account. Instead of taking a day off, he hops online, fills a form, pays via net banking, and voila! His application’s in. A week later, he uses the same site to verify PAN status and sees it’s active. No sweat!
And hey, for NRIs or folks abroad, online application means no mailing headaches. Fees are reasonable too – around Rs. 91 for Indian addresses. If you’re thinking, “But what if I mess up?” Don’t worry; corrections are online too. Applying online also lets you track everything in real-time, dodging those “Where’s my card?” frustrations.
The Perks of Going Digital for PAN
Speed Demon: Get your e-PAN in minutes if you opt for the instant version.
Eco-Friendly: Less paper, more trees – Mother Nature thanks you!
Cost-Effective: Skip agent fees; do it yourself.
Accessibility: Available 24/7, perfect for night owls or busy bees.
In short, applying online isn’t just smart; it’s the way forward. And once you have it, remembering to verify PAN regularly keeps you ahead of any glitches.
Step-by-Step: How to Apply for Your PAN Card Online
Ready to roll up your sleeves? Applying online is straightforward, but let’s break it down so you don’t miss a beat. There are a few paths: The standard way via Protean or UTIITSL, or the super-fast instant e-PAN through the Income Tax portal. Pick what suits you!
Choosing Your Portal: Protean vs. UTIITSL
Both are government-authorized, so no wrong choice. Protean’s site (proteantech.in) is user-friendly with clear guides. UTIITSL (utiitsl.com) is similar, great for corrections too. Whichever you pick, start by selecting “New PAN” for fresh applications.
First off, head to the site. For Indian citizens, it’s Form 49A; for foreigners, 49AA. Fill in basics like name, DOB, contact details. It’s like filling a bio on social media, but more official!
Filling the Form and Uploading Docs
Once you’re in, enter your details accurately – no typos, please! You’ll need proof of identity (like Aadhaar or passport), address (utility bill or bank statement), and DOB (birth certificate or school leaving cert). For businesses, it’s different, like incorporation papers.
After filling, pay up. Use credit card, debit, or net banking. For Indian addresses, it’s Rs. 91 plus GST; abroad, around Rs. 862. Payment done? You’ll get an acknowledgment number – guard it like treasure!
Now, the fun part: E-verify with Aadhaar OTP if linked, or send physical docs via courier. Walking into this blindly, many forget the OTP step, but it’s a lifesaver for speed.
Instant E-PAN: The Quick Fix for Urgent Needs
If you’re in a hurry, try the Income Tax portal’s instant e-PAN. Go to incometax.gov.in, click “Instant e-PAN,” enter Aadhaar, confirm details, and get OTP. Boom – e-PAN PDF in minutes! It’s free, but only for those without existing PAN and with Aadhaar linked to mobile.
Pro tip: If your Aadhaar details match what you want on PAN, this is golden. Otherwise, stick to standard application.
Documents You’ll Need
Applying without docs? That’s like baking without flour – disaster! Here’s a quick list:
Address Proof: Bank statement, rent agreement, or even post office passbook.
DOB Proof: Matriculation certificate or passport.
Photos: Two recent passport-sized ones if physical submission.
For HUFs or companies, add extras like partnership deed. And remember, if opting for office address, submit both office and residential proofs. Scanning these clearly avoids rejections.
Fees, Payments, and What Happens Next
We’ve touched on fees, but let’s clarify. Standard online app: Rs. 91 (Indian) or Rs. 862 (foreign), excluding GST. Instant e-PAN? Zero bucks!
Payment’s seamless – cards, UPI, you name it. Post-payment, track status using your acknowledgment. It usually takes 15-20 days for dispatch. If delayed, nudge via email or helpline.
Oh, and if applying as a minor? Parent’s details suffice. Simple, right?
Tracking Your PAN Application
Applied? Great! Now, don’t just wait; track it. On Protean or UTIITSL sites, enter acknowledgment and DOB. You’ll see stages like “Under process” or “Dispatched.”
Via Income Tax portal, use “Know Your PAN” for details. It’s reassuring, especially if you’re anxious. And once received, immediately verify PAN to ensure no errors.
All About Verifying PAN
Now, onto the star of the show – verifying PAN! This isn’t just a one-time thing; it’s crucial for ongoing compliance. Verify PAN to check if it’s active, matches your details, or isn’t duplicated. Scammers love fake PANs, so verifying keeps you safe.
Steps to Verify PAN Online
Head to the Income Tax e-filing portal (incometax.gov.in). Under “Quick Links,” click “Verify Your PAN.” Enter PAN, full name, DOB, and mobile. Hit “Continue,” get OTP, validate – and there! Status pops up: Active, Inactive, or whatever.
It’s free, quick, and no login needed. Wow, talk about user-friendly! If inactive, reactivate via correction form. Verify PAN before big transactions; banks often do it automatically, but better safe than sorry.
Common Hiccups When You Verify PAN
Sometimes, details don’t match – maybe a spelling error. Fix it by applying for correction online, similar to new app but select “Changes.” Fees are lower, around Rs. 50.
If OTP doesn’t come, check mobile registration. Or if PAN’s linked to wrong Aadhaar, update that first. Verifying PAN early catches these snags.
Advanced Verification
Running a company? Use NSDL’s bulk verification for multiple PANs – screen-based for up to five, or file-based for thousands. It’s for authorized entities, ensuring compliance in hiring or deals.
But for individuals, the basic verify PAN tool suffices. Do it yearly; changes happen!
Updating or Correcting Your PAN
Life’s full of twists – marriage changes name, move alters address. Don’t let outdated PAN trip you up! Apply for updates online via same portals.
Steps mirror application: Select “Correction,” fill changes, pay Rs. 91, submit proofs. E-verify or post docs. Once done, verify PAN to confirm updates.
Dangling a bit here, forgetting to update can lead to tax mismatches – nightmare!
Benefits of Handling PAN Online
Beyond convenience, online processes reduce errors with auto-fills. It’s secure with encryptions, and eco-conscious. Plus, instant feedback – if something’s wrong, know immediately.
For NRIs, it’s a godsend; no consulate visits. And with Aadhaar integration, it’s seamless. Verify PAN anytime, anywhere – empowerment at its best!
Tips and Tricks
Backup Details: Save acknowledgment PDFs.
Link Aadhaar: For faster e-verification.
Double-Check Forms: Typos are sneaky!
Use Official Sites Only: Avoid scams.
Verify PAN Post-Receipt: Ensure accuracy.
Hey, you know that feeling when everything clicks? That’s online PAN handling.
Moreover, if stuck, helplines are helpful – call 020-27218080 for Protean.
FAQs
Q: How long does it take to get a PAN after applying online?
A: Usually 15-20 days for physical card, but instant e-PAN is minutes if eligible.
Q: Can I apply for PAN without Aadhaar?
A: Yes, but e-verification’s easier with it. Otherwise, send physical docs.
Q: What if my PAN is inactive when I verify PAN?
A: It might be due to non-linking with Aadhaar or duplicates. Apply for reactivation via correction.
Q: Is there a fee to verify PAN online?
A: Nope, it’s free on the official portal!
Q: Can minors apply for PAN online?
A: Absolutely, with parent’s details and proofs.
Q: How often should I verify PAN?
A: At least once a year, or before major financial moves.
Q: What documents for NRI PAN application?
A: Passport for ID/DOB, bank statement for address abroad.
Q: Can I track without acknowledgment?
A: Tricky; better keep it handy. Use name and DOB on some sites.
Conclusion
Whew, we’ve covered a lot, haven’t we? From understanding what a PAN card is to mastering how to apply and verify PAN card details online, you’re now equipped to handle this like a pro. Remember, in this fast-paced world, staying on top of your financial docs isn’t just smart – it’s essential. So, go ahead, apply if you need one, and don’t forget to verify PAN regularly to keep things smooth.
Whether it’s for that dream job, investment plunge, or just peace of mind, online tools make it effortless. If you’ve been putting it off, today’s the day! And hey, if questions pop up, official sites are your go-to. Here’s to hassle-free finances – cheers!
