The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
The UPA government's decision to ensure a minimum pension of Rs 1,000 a month under the retirement fund body EPFO's scheme, which will immediately benefit 28 lakh pensioners, is going to be a reality soon.
'Where in the world you get 12.5 per cent return of interest?'
The salary hike for government employees is likely to put an additional burden of Rs 24,000 crore on the state excheque.
The insurance brokerage had experience of settling claims in Jammu and Kashmir and Visakhapatnam in Andhra Pradesh during natural catastrophes earlier this year.
The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.
The total size of pension market in India is estimated to have stood at over Rs 1.5 lakh crore (Rs 1.5 trillion) in 2010, while it is expected to rise to over Rs 2 lakh crore (Rs 2 trillion) by 2015 and further to close to Rs 3 lakh crore (Rs 3 trillion) in 2020 and more than Rs 4 lakh crore (Rs 4 trillion) by 2025.
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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
At present, someone short of the retirement age can completely withdraw the PF money.
The dealers operating in the space have jumped nearly three times over the past two years.
In the backdrop of the crisis brewing at Paytm Payments Bank, major fintech companies are ramping up their workforce and inducting new faces in their leadership teams, industry sources said on Wednesday. Users will not be able to add funds to their Paytm Payments Bank Wallet after February 29, though they will still be able to use the services and the existing balance in the wallets, according to the Reserve Bank of India (RBI) diktat. Industry sources said that competitors to Paytm are investing heavily in offline payments while doubling their salesforce.
"What we have been able to gather is that Newsclick stands accused of offences under the Unlawful Activities Prevention Act (UAPA), for purportedly carrying Chinese propaganda on its website. All devices, laptops, gadgets, phones, etc have been seized in the past. All emails and communications have been analysed under the microscope," the statement by NewsClick read.
Unique Identification Authority of India said the alleged data breach took place on a website that does not belong to it.
Do you have financial planning queries? Ask rediffGURU Anil Rego.
In a public notice, the Securities and Exchange Board of India observed that some companies or entities are illegally mobilising funds from the public by making false promises of exorbitant rates of return under various schemes.
At present this facility is available to workers of (un-exempted) firms which do not have their PF trusts and manage their employees' accounts with their respective regional fund commissioners of the EPFO. It was launched in October last year.
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
If your account is idle for over five years, there could be issues with acquiring EPF details.
"People in India are benefiting from the whole process of liberalisation," Finance Minister Arun Jailtey said.
There is no reason for a child with no dependents to have insurance because insurance is put in place to provide for the child in the event of a parent's untimely death and not the other way around, says Amar Pandit.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
According to the law, the contribution "should not be more than 5 per cent of the amount paid to gig workers. The government is likely to start seeking contribution from gig companies towards the fund from April 1, 2021.
Debt fund managers think the Reserve Bank governor might at best go for one rate cut in April.
Market regulator Sebi on Wednesday proposed a new set of regulations for employee stock options, wherein certain restrictions imposed on companies for award of such allotments to staff members could be eased.
Jet's air operator certificate will lapse on May 19.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Apart from this, employers may be allowed to deduct EPF contributions only on the basic pay of up to Rs 15,000, even if the employees' basic pay is above this ceiling. While on one hand this will allow companies to lower their wage bills, employees can also get a higher salary in hand.
The highest number of jobs were created in the age group of 18-21 at 1.29 million, followed by 22-25 years of age at 1.12 million during these seven months.
'There is still scope for selective stockpicking.'
24 hours before campaigning ends in Thiruvanathapuram, Archana Masih/Rediff.com discovers Shashi Tharoor and his BJP rival Rajeev Chandrasekhar are busy getting their message across to voters.
Few options that can help you plan taxes wisely.
The completely avoidable mess that the finance ministry found itself in was rather surprising, says Debashis Basu.
The petition said that acts of the Centre and DGCA were highly prejudicial to employees of the company who have been waiting to get paid for the last five months and have been looking forward to the resolution in bid process.
The Primary Market Advisory Committee of Sebi has suggested some changes and the market regulator had sought public comments on the recommendations.
Byju's plans to raise funds at a lower valuation of $7-8 billion as the embattled edtech major looks to shore up its financials with adequate liquidity, a senior company executive said on Tuesday. Banking on overall "improved performance", Think and Learn, the parent of Byju's, is hopeful of a higher valuation ahead of its rights issue being planned in February to raise funds. Byju's India chief financial officer Nitin Golani said the company is in need of funds and plans to raise it at a lower valuation to make the offer lucrative for investors as well as ensure adequate liquidity support for the edtech firm.
Elaborating on this theme, Petroleum Minister Dharmendra Pradhan pointed out that if the power sector had not been opened up through reforms initiated in 2003, India would still have been in darkness.
EFPO launched a number of new facilities this year.
The addition in January was 131 per cent higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month.
Retirement fund body EPFO will provide permanent or universal account numbers on the pattern of core banking services to its over 5 crore active subscribers.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
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