Personal Loans do not attract income tax as they are not your income rather they are your liability. You do receive credit if you avail a Personal Loan but that is something which you have to pay back to the lender in due course of time. Therefore, it is not your earning. However, if you invest it in non-speculative investments such as FD then you may have to pay taxes.
If you are availing a Personal Loan then don't be afraid as it does not attract Income Tax at all. However, you must be careful when you avail a Personal Loan. You must avail it from a reputed lender such as Bajaj Finserv. The reason for that is, it is more likely to get an attractive deal from a leading business body rather than less popular one. NBFCs are slightly more flexible as compared to a Banks. Suppose you have a poor CIBIL score then Banks will right away reject your application but NBFCs will offer you a loan at a higher interest rate as there is risk involved.
If you are not delinquent with your student loan, your federal income tax refund will not be garnished.
A personal tax is a direct tax levied on a taxpayer. One example of a personal tax is the tax imposed on the income of a person.
The proceeds of a loan are not income, so no tax.
If it is used to produce income from farming/ranching (Schedule F) or your business income (Schedule C) you can deduct it on on the related schedule, otherwise it is personal interest and not deductible. Beware, that the source of the income cannot be classified as a hobby.
Yes. Interest from Fed Home Loan Bonds ARE federally taxable and generally are not taxed by states (I live in FL which does not have a state income tax).
It simply depends on your own personal tax situation.
The federal personal income tax is an example of progressive tax.
no
That would be an income tax.
If you are not delinquent with your student loan, your federal income tax refund will not be garnished.
A personal tax is a direct tax levied on a taxpayer. One example of a personal tax is the tax imposed on the income of a person.
There is no personal income tax in Nevada.
The proceeds of a loan are not income, so no tax.
Nevada did not and does not have a personal income tax
The Bahamas has absolutely no personal income tax, no corporate income tax, no capital gains tax, and no inheritance tax.
Yes the state that I live in does have a personal state income tax and does collect the states personal income taxes from the taxpayers.
There is no Service Tax applicable on Personal Loan EMI