There are numerous methods How To Check Bank Balance Online. It could be accomplished by email, push notification, SMS, online banking, or UPI, among other methods. The following are some of the most frequent methods for checking one’s balance effortlessly.

Things that are required to check the amount of an account

Before we get into the specifics, here are some of the items you’ll need to Online Balance check:-

• The bank account that has been registered
• The mobile phone number that is registered
• Net banking accounts are available to customers who wish to monitor their balances on the bank’s website.

Eight simple methods for determining an account’s balance

Net Banking

This approach enables individuals to check their bank balance check online quickly. To begin, one must visit the bank’s official site and provide the needed information. One may utilise the bank’s mobile application. For the majority of applications, one must seek an option such as a login. If this is your first time using the app or website, you must sign up by choosing “The first-time User.”

Balance-checking text messages

SMS is another easy way to check the balance. Suppose you selected the option for SMS notifications while funding the bank account during the account creation process. In that case, you will receive automatic balance notifications, including the amount credited or debited for each transaction. You are not required to perform any more actions, such as inputting passwords or usernames. If you haven’t ticked the option, visit a bank office, request an SMS option, and fill out a form to get updates.

You may also check your account balance by sending a message to the bank’s number using a linked mobile number. The number varies according to the bank. This page includes a list of numbers and the SMS format. When this option is selected, you will receive immediate balancing changes.

Make use of an ATM

Additionally, ATMs may be used to determine the account balance. All you have to do is visit any ATM and follow the procedures below: –

• Input your card number
• Enter your PIN (a 4 digit code)
• Check the box for balance inquiry.

The balance would then be shown. ATMs operate similarly. However, this is dependent on the ATM used by that particular bank. It is recommended that you use your bank’s ATM, as using another ATM may incur fees.

How To Check Bank Balance Without Registered Mobile Number: Make a Bank Call

For those with which you are not comfortable, the methods mentioned above can be used to ascertain the amount. However, unlike the previous alternatives, which allow you to check your balance at any time, this operation cannot be performed 24 hours a day if the bank’s system is not automated. Nowadays, it is almost entirely mechanised. You will be prompted to input specific information, such as your bank account number, and they will instantly notify you of your amount. The following is a list of phone numbers for various banks.

Configuring Alerts

If you don’t want to check your account balance regularly, you can simply ask your bank for a message delivered to you anytime your account balance falls below a certain level. Your bank will quickly notify you if you make a large withdrawal or have a low balance. When creating such alerts, you may adjust the amount and other parameters.

How To Check Account Balance via a Teller

If nothing else works, you can contact your bank and talk with a representative if your bank has a brick-and-mortar location with local branches. It differs from the fourth option because, unlike automated calls, you speak with a person when you speak with a teller.

Each bank has a unique phone number that you may call to speak with a teller. However, access to tellers is becoming increasingly restricted. Since the majority of banks have moved to electronic operations, they are less likely to recruit tellers. Additionally, they will charge you an additional fee for phoning a teller. However, tellers will provide the bank balance in return for certain information.

UPI and other financial applications

Currently, the most simple method of checking your balance would be through UPI and other financial apps. If you have several bank balances and do not wish to install multiple apps, you may install the UPI app.

To check your bank balance via UPI, follow the steps below.

For the very first time in history:-

• Download and install any UPI application.
• Verify that the mobile device running the UPI software has the registered mobile number sim installed, is active, and has sufficient balance to send an SMS.
• When you open the app, it will prompt you to select the bank with which you have an account and the registered cell number if your phone device has dual sim capability.
• The application will send a Text message to validate your phone number automatically.
• Following getting confirmation, the UPI will prompt you to establish a UPI pin (which is distinct from an ATM card pin) and provide you with a UPI id.
• Enter four digits as desired. Registration is now concluded.

Note: If you’ve already generated a UPI ID for a specific app, you should reuse that id for all other UPI applications. Additionally, some applications need you to enter an email address.

To determine the balance:- Simply launch the UPI app and select the ‘check account balance’ option. Enter your UPI pin, and the balance will be instantly shown. There is no fee associated with checking the balance using UPI.

Missed call

Banks provide balance notifications when a customer dials a missed call from their registered mobile phone numbers. However, the following are necessary to obtain miss call balance updates.

A registered mobile number is the only need for this process. The bank will only give you balance updates if you have registered your phone number with them. The number must be operational to make missed calls and receive SMS. This function should be activated with your financial institution.

Conclusion

The era of physical and mortar banking has passed us by. Digitisation has arrived, as seen by this. Not only is the ability to monitor your bank balance without physically visiting a branch handy and time-saving, but it is also a benefit in light of the present epidemic. We hope this post clarified how to perform an online bank balance check.

FAQs

• What is the difference between the account balance and the available balance?

The bank balance refers to the entire sum of money in an account. It covers all transactional details, such as those made with a debit card but not yet processed. On the other side, the account balance is the entire amount in the account that may be used for purchases and withdrawals.

• How To Check My Bank Account Balance Online via online apps?

Every bank will have its banking app; none are superior to the others since you should use the app that is specifically designed for your bank account. Additionally, you can utilise the UPI App.

• How can I obtain access to my financial statements online?

You may see your financial records and account balances online using your bank’s net banking service. To access your net banking account, simply while using your login and password.

The post How to Check Bank Balance Online Without Going to the Bank? appeared first on FlexiLoans Finance, Business Loan Blogs, Tips & Guide.

Let’s get going. Few of you might have a background in finance education and it will be a cakewalk for you to manage funds in an effective way. But others should know these details before marching forward.

One more last cent, we are not going to talk about the usual stuff like pay bills on-time, plan ROI, make savings, etc. We are sure that everyone will know these basic tips. Hence we have decided to make this a guide to help you know about micromanaging finance.

In order to manage finance, you must master a few financial terms and we will begin with that.

BUSINESS FINANCE ORGANIZATION

To organize your finances, you need to understand the terms. Yes, awareness about the most commonly discussed terms in finance like cash flow, expense, revenue, profit, etc must be well differentiated for you to manage funds.

All the terms might look similar but they aren’t.

• Cash flow – Cash flow is the amount that you have in hand after profits that will help you grow your business.
• Expenses – The expense is nothing but the amount you use to spend including paying bills, buying materials, loan disbursement, and tax payment.
• Profit – The amount you have in hand after paying all bills from the revenue generated is called the net profit.
• Revenue – Money you have in hand collected from the customer, or a loan. The amount which is yet to be used for spending for business is called the revenue.

To manage funds you must not only know these terms but should understand the basic documentation work to place these above terms in the appropriate places.

• Cash flow statement – The document which records details that include the revenue and the expense to know how much will be left at the end for reinvesting in the business.
• Balance Sheet – It is this sheet that provides details about the asset, liability, and equity the company has at a given point to estimate the business net worth.
• Income statement – It is also referred to as the profit and loss statement (P&L) which will contain the business revenue, expenses, profit, etc since the inception of the business.
• Revenue estimation – Here you can find the details about the revenue position of your company which will let you do effective budgeting.

With these basics, we would like to suggest you the essential tips to manage your finances for a successful business growth

TOP 5 TIPS TO MANAGE FINANCES EFFECTIVELY

• HIRE BUSINESS ACCOUNTANT

You might not want to spend on employees as your business is small. We agree with you, but you need a few key people who will help you grow your money. One such person will be your business accountant. Yes, accounting skills are required to manage finance. You need to understand the terminology given above to start your business. But in the long run, to effectively manage the funding you need a finance person to help you. Do not choose a very senior or high-end profile. Just hire a person with basic skills but smart enough and committed to travel with you. This one right decision will help you sail through all glitches as you can plan your finances in the right way.

• USE THE RIGHT ACCOUNTING SOFTWARE

Hiring the right resource will certainly guide you in the right path. Still, you need to have some understanding of accounting software. The best software will help the business maintain bookkeeping work in a cost-effective manner. When you hire an accountant, check if that person is aware of using the software. Our suggestions about a few bookkeeping software that will support you in managing the accounts include QuickBooks, FreshBooks, or Xero which offer basic package to start with.

• PAY YOUR TAX

Don’t think you are too small to pay tax. Make sure you file tax every year. This will provide you with clear records and thus you can apply for a business loan. Tax papers are one of the primary documents verified by lenders before offering a loan. You must apply for a PAN number for your business as a first step. We suggest you have a current account and manage finances separately between your personal and business expenses. Fearing GST, do not compromise as it may be good at the beginning but that will affect your business status when your business grows. Managing finance does not mean not following rules. Legal compliance will help you get a loan to expand your business in the future.

MANAGE CREDIT SCORE

Credit records are another key factor to manage finance. Again you will have a better chance to get a business loan when you have a clear credit record. Higher the credit score, the greater is the chance for getting a loan. When your loan application gets approved, then you will have more finances to invest and make a profit. Make sure to pay loan bills on time to have a clean credit score.

CHOOSE BUSINESS LOAN WISELY

Among all the above-mentioned tips, this one is the most important. Don’t be in a hurry and get trapped while applying for a business loan. Financial management not only lies in understanding your bills, revenue, cash flow, expenses, etc. But know which business loan will suit your business and who the right lender is.

Check the market and RBI guidelines before you apply for a business loan. Financial institutions are the best option for seeking loans as they are rigid as banks; at the same time not scam you as independent lenders do. Collect information including the maximum loan amount, loan interest, fees, and other charges collected by these institutions. Do comparative studies before you apply for a loan. Understand their terms; whether they demand collaterals, their loan processing time, and documentation work. Knowing these details you can decide to choose the right player from the market.

In summary, managing finances does not strictly mean paying bills and handling expenses. But it also depends on how sensibly you work on all areas as mentioned above to keep your business in motion. Follow the tips given above to have a smooth business beginning and move up the ladder at ease.

The post FINANCIAL MANAGEMENT TIPS FOR EVERY SMALL BUSINESS OWNER appeared first on FlexiLoans Finance, Business Loan Blogs, Tips & Guide.

The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. This form needs to be filled by business enterprises only if their turnover is below Rs. 2 crores. If the taxpayer’s business turnover exceeds Rs. 2 crores then the taxpayer has to file ITR Form 3. So before you start filing your income tax return forms it is always wise to check which bracket of turnover you fall under and ensure you fill in the correct form.

Who all are required to fill in the ITR Form 4?

ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total income of AY 2018-19 includes :

• Business income under section 44AD or 44AE
• Income from profession calculated under section 44ADA
• Salary/pension
• Income from One House Property (excluding the brought forward loss or loss to be carried forward cases under this head);
• Income from Other Sources (Excluding winning from lottery and income from horse races).

Freelancers engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed Rs 50 lakhs.

How to file the ITR Form 4?

While the main format for filing the form is online through the progress of technology, users have the option of filling the form offline also if they wish to do so. To fill the form online, taxpayers have to follow the following method

• By furnishing the return electronically under digital signature;
• By transmitting the data in the return electronically under electronic verification code;
• By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR – V

That is the process to file the ITR online, taxpayers can also file their returns offline through the following modes

• By furnishing a return in a physical paper form
• By furnishing a bar-coded return

The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return. Please note that only those individuals who are above the age of 80 or if their income is less than Rs. 5 lakhs and do not have a claim to the refund can fill their returns offline.

The entire ITR Form 4 is an annexure less form i.e. you do not have to attach any supporting documents while filing this form.

Who can’t user Form ITR – 4 (SUGAM)

The Income tax department explains that the form cannot be used by an individual/HUF:

• Whose total income for the year includes income from more than one house property.
• Income from winnings from lottery or income from race horses.
• Income is chargeable to tax under the head “Capital Gains”.
• Income tax under section 115BBDA.
• Income of nature referred to in section 115BBE.
• Any resident having income from any source outside India.
• Agricultural income of more than Rs 5,000.
• Income from speculative business and other special incomes.
• Income from agency business or income in the nature of commission or brokerage.
• Who claims relief under section 90, 90A and/or section 91
• Who is a resident and ordinarily resident and has any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.

What is the Eligibility Criteria for this Scheme?

• Your gross receipts or turnover of the business for which you want to avail this scheme should be less than Rs 2 crore.
• You must be a Resident in India.
• This scheme is allowed to an individual, a HUF or a partnership firm. It is not available to a Company.
• The scheme cannot be adopted by the taxpayer, if he has claimed deduction under section 10, 10A, 10B, Section 10BA, or Section 80HH to 80RRB in the relevant year.

What are the Eligible Businesses that can avail this scheme?

The taxpayer may be in any business – retail trading or wholesale trading or civil construction or any other business to avail this scheme. But this method of income computation is NOT applicable to:

• Income from commission or brokerage
• Agency business
• The business of plying, hiring or leasing goods carriage (see section 44AE)
• Professionals – who are carrying on a profession of legal, medical, engineering, architectural, accountancy, technical consultancy, an interior decoration, an authorized representative, film artist, company secretary, and information technology.

How to Fill ITR 4?

The form should be filled up as per the sequence mentioned below:

• Part A
• Schedules
• Part B
• Verification
• Details relating to TRP and countersignature of TRP if the return is prepared by him.

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