Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The software is being developed in association with the Central Record-keeping Agency. It is expected to debut by the end of this year. PFRDA is also looking to have an ombudsman for redressal of investor grievances. To increase liquidity of the scheme, there could also be Tier-II accounts by the end of this year, which would allow investors to withdraw money at any given point of time.
Will the EPFO be required to deduct tax at source or will the employee have to calculate the tax and pay it separately?
Net job creation in the economy fell by 16.9 lakh in FY21 over the previous fiscal, shows an SBI Research analysis of EPFO payroll data. However, the FY21 numbers are better than the FY20 net job creation, which had declined by 28.9 lakh, further cementing the view that the economy is not creating new employment opportunities. The latest EPFO data shows that net new EPF subscribers stood at 94.5 lakh in FY21, and NPS added 5.82 lakh, taking the cumulative net addition to 100.4 lakh, which is marginally down from 102.3 lakh in FY20.
It is proposed to provide a combined upper limit of Rs 7.5 lakh in respect of employer's contribution in a year to NPS, superannuation fund and recognised provident fund and any excess contribution is proposed to be taxable.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
Now govt employees to enjoy greater say in how their NPS corpus is invested. Younger employees should raise their allocation to equities in this very long-term investment instrument
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Twenty years after the burning of a train in Godhra killed 59 'karsevaks' and triggered one of India's worst post-Partition riots, the poll-scape reflects the yawning gulf between the two communities.
On maturity, 40 per cent of the accumulated corpus can be withdrawn tax-free.
In India, younger workers willing to work at lower salaries are easily available, so you could find yourself out of a job before 60. Therefore, save for retirement with urgency, advises Sanjay Kumar Singh.
Plan these investments well rather than just doing random investments at the beginning of the year or rushing in at the end, advises Harshad Chetanwala, co-founder, MyWealthGrowth.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Withdrawals from EPF and NPS to have same tax rates.
NPS still has critics despite being in business for a decade and mopping Rs 24,000 crore as of 2013-14.
Most insurers aren't comfortable with subscribing to the National Pension System as they see it as competition.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
Investors should quiz them to understand the product, which options to invest in, and how to get the final payout
EPFO may start investing up to five per cent of its incremental corpus in the equity market.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The pension regulator, the Pension Fund Regulatory Development Authority, is taking various steps to boost the numbers, cairman D Swarup tells Vrishti Beniwal in an exclusive interview
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
It is a trend that economists and researchers say might continue. The data shows the share of this age group in the net EPF accounts created - a proxy for net new formal jobs created - fell from 37.9 per cent in 2018-19 to 24.1 per cent in 2021-22.
Since there are many and complicated choices, retail investors stand to benefit
PFRDA will invite bids to appoint pension fund managers.
NPS aims at ensuring financial security to every citizen by encouraging them to start contributing towards the old age saving.
Despite the equity booster, many would be uncomfortable about NPS.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Darren Lehmann will groom young talent as part of a National Performance Programme, Cricket Australia announced on Wednesday.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
These plans aren't likely to put substantial cash in your hands.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
On retirement, you will draw a lesser amount as pension.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Those who have crossed 50 must show the greatest urgency. They need to achieve a corpus that can sustain them and their spouses for at least 25-30 years after retirement.
Nikunj Saraf, Vice President Choice Wealth, answers your mutual fund queries.
All that you wanted to know about the new pension scheme and pension fund managers.
