Centre took Rs 1,002 bn from here in 2017-18, sharply up from Rs 904 bn a year before and Rs 123.6 bn in FY14
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.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
PPF is a typical savings tool but one has to invest for the long term. This means there is an asset-class mismatch.
Over 50 million subscribers of the retirement fund body EPFO will be able to apply online for transfer and withdrawal of their provident fund from July 1, a move aimed at speedy settlement of claims.
Overall, the MF industry saw nearly Rs 5 trillion, or 18 per cent, of asset erosion in March, with the asset base shrinking to Rs 22.26 trillion from Rs 27.22 trillion at February-end.
Industry fears waiver of interest on interest would distort credit culture, may encourage borrowers who can pay to defer repayment.
EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
Unique Identification Authority of India said the alleged data breach took place on a website that does not belong to it.
Employees covered under private PF trusts, which manage retirement fund of their workers themselves, will be able to transfer their PF accounts online from next month.
Some of the violations that will lead to community service include failure to pay social security contribution of workers, maintain records, furnish information to inspectors, pay gratuity to workers, provide crche facility and medical pay, and retrenching women workers during maternity leave.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Members can register themselves on the website using any government issued photo identity card and cell no. as passwords.
The payroll data has been revised downwards for each of the nine months between September 2017 and May this year
Last week, the Ministry of Labour and Employment suspended the second in command in EPFO's Hyderabad office.
Steps like depositing the entire PPF amount before April 5 or preparing a household budget will ensure this financial year goes well.
Ahead of India's annual budget presentation next week, IMF's chief economist Gita Gopinath has favoured the extension of the pandemic support measures, thrust on investment in infrastructure and expanding health sectors programmes like Ayushman Bharat, and a very credible divestment path for commercially viable companies. The Indian government has provided a lot of schemes for small and medium enterprises, most of which is in the form of liquidity support, Gopinath told PTI on Tuesday. "And you want to revisit it and see how effectively that is working and see whether additional support may need to be provided," she said while responding to a question on her recommendations to Finance Minister Nirmala Sitharaman, ahead of her presentation of the annual Union Budget on February 1. It would be a good time for banks and Non-Banking Financial Companies (NBFCs) to raise capital given the attractiveness of financing conditions at this point, she said.
It wants PF to be calculated on all other allowances made by employer under sundry heads.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
The online application of such claims would enable EPFO to eventually settle those within three days.
Concerned by the continuous downward revision in the monthly net enrolment numbers, the EPFO has begun counting people quitting their previous jobs and joining a new one as an addition to the net payroll. According to experts these people cannot be counted as those who got a new job.
At least two Karnataka State Road Transport Corporation buses and one of Bengaluru Metropolitan Transport Corporation have been set on fire, they said.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
The facility for viewing PF accounts online was launched here by Labour Minister Sis Ram Ola in the presence of Minister of State for Labour and Employment Kodikunnil Suresh and EPFO's Central Provident Fund Commissioner K K Jalan.
The new definition under the Code of Wages, 2019, includes three components: basic pay, dearness allowance and retention payment.
Evaluate recurring investment products and do the numbers before making any investments.
Facing flak over its decision to impose tax at the time of withdrawal on 60 per cent of the contributions to Employees' Provident Fund, the government on Tuesday clarified that only interest accrued on 60 per cent contribution to EPF after April 1, 2016 will be taxed.
Over 50 million subscribers of the retirement fund body EPFO can obtain e-passbook along with details of their updated accounts online from Wednesday.
FM's proposal came under immediate attack from various employees unions
BJP-ruled states push through amendments to laws, aim to get larger share of FDI pie
When the third round of bids was opened, Oaktree's offer was the highest, but with several riders. While Piramal offered higher upfront cash and offered to merge its financial business with DHFL, Adani was ranked third in the race, reports Dev Chatterjee.
'There are no new benefits for senior citizens, but on the other hand senior citizens having sizeable dividend income may have to suffer tax at applicable slab rates,' says Mahesh Padmanabhan.
Post office savings deposit, recurring deposit accounts and the senior citizen savings scheme account have shown the highest growth in the current financial year.
LIC, EPFO and PSBs are likely to be asked to subscribe to bonds.
Companies with 10 employees may also come under EPF Act.
If retrenched workers are unable to reskill within a fixed period of time, they will have to return the money given to them by the government. Moreover, they may be asked to pay back an interest on the sum transferred.
Retirement fund body EPFO settled 1.21 crore subscriber claims, including withdrawal and transfer of provident fund, in 2013-14, an increase of 13 per cent over the previous year.
The purpose of the provident funds is to help people in their retirement periods. Hence the EPF and PPF are for long term savings.
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
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