'They (government) are trying to create market for pension products'.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government's strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
'FDs should hold your emergency funds, equivalent to around 6-12 times your monthly expenses.'
'EPFO's investments this financial year should be Rs 1 lakh crore'
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The Employees' Provident Fund Organisation's (EPFO) apex decision-making body, Central Board of Trustees, decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in Srinagar on Thursday, sources said.
The government has not done its homework or made any attempt to forge a consensus on this matter that affects millions of people in the organised sector, says Harsh Roongta.
The retirement fund body plans to launch 'One Employee One EPF Account' system on May 1.
Questioning the claims made by the Centre that it had defaulted in Employees Provident Fund, auto giant Maruti Udyog Ltd on Saturday said it was diligently complying with all relevant acts in respect of its employees.
Provident fund body may get support to ensure interest rate comparable with other savings instruments.
Indicating a faster-than-expected recovery, remittances from migrant labourers and the number of first-time EPFO registrations have crossed the pre-lockdown levels in September, according to a report. Another silver lining is the massive 60 per cent increase in the number of Jan Dhan accounts to over 41 crore and the balances in them, which also indicate the fall in crimes during the lockdown months, SBI Research said in a report on Tuesday. After a significant reduction in remittances due to the lockdown in April, it improved in June and July, and the numbers in September have crossed the pre-pandemic level in February.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The EPFO is now developing a software that will help show retirement savings in cash and ETFs components separately. At present the account only shows the savings as gross cash component.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The Employees' Provident Fund Organisation (EPFO) is crunching its numbers under pressure for sustaining a 9.5 per cent interest rate in the current financial year.
Nikunj Saraf, Vice President Choice Wealth, will answers your queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Parliamentary Standing Committee on Labour will recommend to the Union Ministry of Labour to frame laws so as to bring workers of the unorganised sector in the country under the social security net.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Withdrawals from EPF and NPS to have same tax rates.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Employees Provident Fund Organisation fails to arrive at a decision on interest rate.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Retirement fund body EPFO net added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Wednesday highlights that it added around 14.81 lakh net subscribers during the month of August 2021, a labour ministry statement said. The data reflects a growing trend in net payroll for the first five months of the current financial year, it added.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The Employees Provident Fund Board on Saturday recommended a 9.5 per cent interest rate for its around four crore (40 million) subscribers for 2004-05.
The Employees Provident Fund board is likely to meet in the second week of April to discuss measures to fund the Rs 927 crore (Rs 9.27 billion) estimated shortfall due to 1.0 per cent hike in interest to 9.5 per cent for 2004-05.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
As long as a provident fund continues to be exempt from tax at all stages, it is the best option to build a retirement corpus.
The government is likely to take a 'favourable' decision on enhancing the interest rate on Employees Provident Fund and the ministries of labour and finance are holding discussions on how to mobilise resources for it, Lok Sabha was informed on Monday
While govt has decided to maintain status quo, don't use the money for house, marriage or education
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