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Employees’ Provident Fund Organisation or EPFO is likely to soon credit interest into accounts of its 6 crore subscribers for 2018-19. Labour Minister Santosh Gangwar today said that over 6 crore EPFO members will get 8.65% interest for 2018-19, according to Press Trust of India. Last month, the labour minister had said that the labour…
A government-appointed task force earlier this month submitted its report to the Finance Ministry on new Direct Tax Code, which seeks to replace the existing Income Tax Act. Though its details are yet to be made public, news agency IANS, citing sources, has reported that the task force has proposed many changes to the Income…
The Labour & Employment Ministry has suggested a reduction in worker’s contribution to the Employees’ Provident Fund (EPF), to improve in-hand salaries, the Business Standard reported. The worker’s eligibility would depend on their age, gender or pay grade while the employer’s share will remain unchanged, the report added. Presently, the mandated EPF contribution is 24 percent…
The National Pension System (NPS) is considered to be one of the best investment tools for retirement planning in India. The Pension Fund Regulatory and Development Authority (PFRDA) has undertaken various measures to make NPS more subscriber-friendly, ever since its rollout in 2008-09. While investing in NPS, investors can spread their investments across 4 asset…
One is required to file income tax return (ITR) if one’s income during a financial year exceeds the basic exemption limit set by the government. You also have to file an ITR if you have to claim the extra tax deducted at source (TDS), if any, or in case of deposit of excess tax. While…
Investors who wish to earn higher rates of return than traditional fixed-income instruments can also opt for a Peer-to-peer (P2P) lending platform as an alternative option. After the Reserve Bank of India (RBI) came out with guidelines on NBFCs and P2P lending last year, these platforms have gained impetus as an investment option. They act…
EPF or Employees’ Provident Fund requires a mandatory contribution from the salary of an individual. It is mandatory for organisations with more than 20 employees to make the contributions. EPFO (Employees’ Provident Fund Organisation) is the nodal agency to monitor EPF contributions, which is shared equally between employees and employer. An EPFO subscriber can check…
A major change has been brought in by the Interim Budget by granting full tax rebate to individual taxpayers having taxable annual income up to `5 lakh. Accordingly, taxpayers will not have to pay any tax if their total taxable income does not exceed Rs5 lakh. Factoring in tax deductions for specified investments under Section…
Finance Minister Piyush Goyal on Friday announced full tax rebate to salaried class earning up to Rs 5 lakh from the current Rs 2.5 lakh, a move which is likely to provide relief in the face of rising cost of living and inflation. Under new income tax slab, people who earn less than Rs 5…
Pradhan Mantri Vidya Lakshmi Education Loan Scheme has been launched by the Ministry of Finance. Under the scheme government of India provides financial support to the students who want to do further studies and unable to get the admission in higher study course due to their financial condition. This portal is a gateway for all students to access…
