If the words “cancelled” has been written on the cheque then, it is known as a cancelled cheque. Usually, the word cancelled is written across the cheque leaf in a big font, so that it is clear to anyone seeing the cheque, that it is a cancelled cheque. The purpose of giving anyone a cancelled cheque is to let someone, for example, your employer, know your bank account details such as:
For illustration purposes only
Public utility services are facilities provided by the Government, which are essential to a citizen’s needs. For instance, these services include, the supply of water to homes, supply of electricity, the postal system, the banking system, railways, etc. The consumer protection law enables consumers to file complaints about these public utility services.
Some examples of public utility services include(( Section 22A(b), Legal Services Authorities Act, 1987.)):
The law recognizes public utility services as “establishments” under the law. This means that the local branch offices of a public utility service which are establishments, can be held liable in the same way as its main central authority. For example, if one has a complaint against the local water department, one can file a complaint against the local/district department itself, and not against the Central Water Commission. Other than the mainstream consumer protection laws in India, Permanent Lok Adalats can also be approached to request for good standards of public utility services at a district level(( Section 22B, Legal Services Authorities Act, 1987.)).
If someone is obstructing, stopping or not providing you with a public utility service, you can file a complaint with the National Government Services Portal. The Portal, though not exclusively dedicated to consumer services, has a wide range of public services against which consumers can file grievances. Issues such as commodity rates (prices of gold, silver etc.), monitoring ration cards, etc. can easily be done by visiting the National Government Services Portal. Among other things, the portal provides a user with information on the consumer complaint forum, state- wise break up on details of the Public Distribution System etc. Even complaints about the Bureau of Indian Standards can be filed here. This means that consumers can file a complaint about the quality of a BIS-certified product, Hallmarked products, misleading advertisements about the BIS standard, etc.(( Consumer Protection, Bureau of Indian Standards, accessed at https://bis.gov.in/other/consumer_affairs.htm#:~:text=%2D%20Through%20Online%20Complaint%20Registration%20on,Head%20(Consumer%20Affairs%20Department).))
The Department of Administrative Reforms and Public Grievances’ (CPGRAMS) portal is very useful to file complaints about postal services, telecommunication, banking services, insurance services, school and education, road transport, natural gas, etc.
Some states such as Karnataka, Tamil Nadu and Andhra Pradesh have implemented electricity call services for making complaints about electricity service. For complaints related to water services, customers can lodge grievances at the Ministry of Drinking Water and Sanitation grievance portal.
The issues listed above are only indications of the kinds of complaints that can be made, and it is not an exhaustive list.
Property insurance, in general, is of various kinds, depending on the property in question and the specifics of the insurance policy. Since it is a very vast category of General Insurance, the type of cover that you need depends upon the type of property you are seeking to cover. You should get a home insurance policy to protect yourself from future losses caused by any damage to the property. Different kinds of policies are available in the market such as fire insurance, burglary insurance etc((
Consumer Education Website Insurance Regulatory and Development Authority of India. Accessed at: https://www.policyholder.gov.in/Why_Buy_Property_Insurance.aspx )).
It is important to thoroughly check the specific terms of the insurance policy and inquire about the same in the market, before finalizing it(( List of IRDA approved Non-Life Insurers can be found here: https://www.policyholder.gov.in/registered_insurers_non_life.aspx )).
Goods include anything other than money, that is manufactured or produced for consumption by people(( Section 2(7), Sale of Goods Act, 1930)). As per the consumer protection law, goods refer to all movable property, including food.(( Section 2(21), Consumer Protection Act, 2019.)) Based on how a good is used, there are two types of goods:
Consumer protection laws apply to consumer goods and not capital goods(( Section 2(7)(i), Consumer Protection Act, 2019; Section 2(d)(i), Consumer Protection Act, 1986.)). An airplane may be a capital good when used by an airline company to provide the service of transportation, and it could be a consumer good when flown for personal pleasure. The Government controls the production and sale of capital goods in the public’s interest, for which it may even regulate or prohibit production of goods as needed. For example, petroleum production, sale and pricing(( Essential Commodities Act, 1955; Prevention of Black marketing And Maintenance of Supplies of Essential Commodities Act, 1980)).
Exemptions are those incomes which are exempt from tax. In other words, they do not form a part of the total income calculated for taxation purposes.
Given below are some examples of income that are exempted from tax:
Further, apart from the ones listed above, there are multiple exemptions under income tax law. To read more click here.
Some institutions are also exempt from giving tax such as India Wildlife Conservation Trust, charitable organizations etc. Read here to see more on exempted institutions.
Security deposit is taken by the landlord/licensor since during the rent period as a tenant/licensee you are going to be in possession of his property. It is only returned when you are handing over the keys to the landlord/licensor while vacating the flat. The landlord/licensor would usually inspect the house for any damage.
There is no specific law or regulation that determines the amount of the deposit a landlord/licensor can take. The amount is usually negotiated when the agreement is being made. The security deposit is taken by the landlord/licensor for the following purposes :
In some cities, like Delhi and Mumbai, it is a practice to take 1 to 2 months of rent amount as a security deposit, and in some others, like Bangalore, the amount taken as security is almost 10 months of rent.
Some landlords/licensors even increase the security amount when the rent increases at the end of an 11 months agreement.
Since there is no law regulating security deposit, it is all based on your capacity to negotiate and a sense of good faith between you and your landlord/licensor.
There are certain precautions to be taken by customers when dealing with cheques.
Land and housing are valuable assets, and as an owner, you can choose to seek a bank loan by using the property as a collateral. A ‘collateral’ is a valuable asset that a borrower offers as an assurance against which they can secure a loan. If you are unable to repay the money, you may lose ownership over the asset which you have offered as a collateral to the lender. For the lender, the collateral acts as a safety net.
When seeking a bank loan (business, education etc), especially when it is for a higher amount, banks require individuals to offer some asset as collateral for security. For this purpose, you can offer either self-occupied residential or commercial property. You will be required to provide proof of ownership in the form of title deeds at the time of registering for a loan. The banks decide the credibility and the value of the land / house being offered as a collateral against the requested amount for the loan. Generally, the chances of approval are high when using a land or housing property as collateral.
The government levies income tax on the annual income of an individual. Income tax is calculated from a period starting from 1st April and ending on 31st March of a calendar year.
The income tax law classifies the calendar year as:
For example, income earned during the period of 1st April, 2020 to 31st March, 2021 by an individual is income of the previous year 2020-21. The income of the previous year 2020-21 is taxable in the next year, i.e., in the assessment year 2021-22.
However, for businesses or professions, the “previous year” is the period beginning with
and ending with the said financial year.
While renting out their property, landlords/licensors are required by law to get police verification of their tenants/licensees done. This is not optional.
This process is done mainly for security reasons, so as to verify your background and check the details of past residence/family/criminal record (if any) etc.
If they do not comply with this process while making the rent/lease agreement, the owner can be punished jail time and/or fine. However, no action will be taken against the tenant.
There are two ways, you can get the police verification done. You can either approach the nearest police station and acquire a tenant verification form from them or hire a professional to do it for you for a fee. Some brokers also provide this service.
For police verification the following documents will be taken from the prospective tenants/licensees:
The police verification form can be obtained either directly from the police station, the broker or even online.
As soon as the owner receives these documents, they must sign the form and submit it along with the documents provided by the tenant and a copy of the lease/leave license to the police.
The police will then verify your background based on the form submitted by the landlord/licensor. At this stage, an acknowledgment receipt will be issued to the landlord/licensor. This process can be done online for some states.
After the process is completed, the police will then hand over a signed and attested copy of the form notifying the landlord of the result of the background check or criminal records, if any.
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