The deduction will be higher and net take-home pay will fall.
The Employees Provident Fund Organisation is pressing State Bank of India, one of the four retirement fund managers, to comply with a clause that provides for a penalty for keeping money idle for over a day.
If your EPF account has been lying dormant for more than three years that you must sit up and take notice. Else you may not earn interest on it.
EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
The finance ministry wants the Employees' Provident Fund Organisation to bypass the central board of trustees when deciding how to invest a portion of the Rs 5-lakh crore (Rs 5 trillion) provident fund corpus in the capital market.
The monopoly of the state-owned State Bank of India in managing provident fund totalling about Rs 2.5 lakh crore (Rs 2.5 trillion) on Tuesday ended with government allowing three private players including ICICI and HSBC a piece of the cake.
Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
Rediff reader Anjum Parwej, 52 from Indore shares his story.
The 15% invested every month in equity would be allotted to subscribers in the form of units.
The Communist Party of India (Marxist)-affiliated Centre of Indian Trade Unions on Wednesday demanded that the 9.5 per cent interest for the over 3.2 crore provident fund subscribers be retained.
EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
The Union finance ministry is believed to have agreed to modify its notification for exempting from tax the entire 9.5 per cent interest on provident fund deposits for 2010-11, and will soon announce the good news for EPFO's 6 crore (60 million) depositors.
Despite the labour ministry's claims that it is vigourosly chasing the employees provident fund defaulters, the money that employers owed to the fund mounted to Rs 1,758 crore till July, but EPFO might be able to realise only Rs 571 crore.
EPFO had started allotting UAN numbers in July 2014.
What do you think of these proposals? Vote at the end of each proposal!
Bowing to pressure from Left- backed trade unions, the Employees Provident Fund Board agreed on Monday to continue paying 8.5 per cent interest rate to its nearly 4 crore subscribers for fiscal 2006-07 as well.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
If your account is idle for over five years, there could be issues with acquiring EPF details.
'A total overall of the existing way of working by abolishing taxes and allowing citizens to help themselves without any government bottlenecks and impediments,' observes Rahul Mishra.
The Central Board of Trustees of Employees Provident Fund is likely to defer a decision on interest rate to be given to its more that 4 crore (40 million) employees this fiscal.
Tomar had discussed the two proposals with trade unions on June 24 and assured that the government will take at least two weeks to take a decision.
Retirement fund body EPFO paid lesser amount as interest on PF deposits of over five crore subscribers than its earnings between 2007-08 and 2010-11, government auditor CAG has said.
Anil Rego, CEO of RightHorizons, will answer your financial planning queries.
Rediff reader Rajeev Mehta, 55 from Chandigarh tells us about his first job and salary.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
About 25-30% of total units launched are unsold across country.
Finance Minister Pranab Mukherjee will soon give the green signal to the payment of 9.5 per cent interest rate on provident fund deposits during 2010-11, a senior government official said on Tuesday.
Trustees of the employees provident fund, which has a corpus of about Rs 1,30,000 crore (Rs 1300 billion), has decided against investing a portion of its assets in mutual funds and stock markets.
The department has joined hands with BSNL and Pantel Technologies.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
With the finance ministry refusing to hike rates of Special Deposit Schemes and allow it to park funds in high interest bearing postal deposits, the Employees Provident Fund Organisation is toying with the idea of trading in government securities as
The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
The CFO will formulate the accounting policy of the bank, maintain the internal accounts and report financial results, and carry out corporate strategy functions like PF policies.
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
The 93-year-old autocrat is yet to resign and was said to be 'buying time' to negotiate an end to his 37-year-long reign.
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