EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
In a big relief to over a crore retired employees of government and PSUs, a pensioner can now digitally provide proof of his existence to authorities for continuity of pension every year instead of requiring to present himself physically or through a Life Certificate issued by specified authorities.
The ruling Congress on Thursday swept the Shimla Municipal Corporation (SMC) polls with a two-third majority by winning 24 wards out of the total 34, wresting the prestigious civic body from the BJP.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Government to pay disproportionately high interest for borrowings from savings, overturning a nearly two-decade-long process of reforms in the management of public debt.
GDP growth of 7.7 per cent in the first half of this fiscal has "left sceptics gasping and woefully behind the curve", an RBI article said on Wednesday. It also stressed the buildup in the growth momentum is likely to be sustained. The article on the state of the economy published in the Reserve Bank's December Bulletin on Wednesday also said CPI-based retail inflation is expected to ease to 4.6 per cent in the first three quarters of 2024-25 from 5.6 per cent in November.
For professionals, new pension scheme gives an equity booster but does not guarantee returns, comes at a cost.
If you work for 30 years, a two per cent difference in pension returns can reduce your final retirement nest egg by 40 per cent. The Rs 9-trillion National Pension System (NPS) seems to be delivering incrementally higher returns than the twice-as-large Employees' Provident Fund Organisation (EPFO), shows a Business Standard analysis of data over the last seven years for the two retirement fund bodies. An investor who put in Rs 100 in retirement savings seven years ago would have seen her NPS nest egg grow to Rs 182 by 2023, according to the analysis based on the Pension Fund Regulatory and Development Authority's recently released Handbook of National Pension System Statistics 2023.
Most insurers aren't comfortable with subscribing to the National Pension System as they see it as competition.
The fact that Gehlot has stayed relevant these five years with his populist schemes is one reason why he may beat incumbency in a state that votes for change every election, observes Ramesh Menon.
Former chief minister Jai Ram Thakur, who was on Sunday elected the leader of the Bharatiya Janata Party legislative party in Himachal Pradesh, hit out at the Congress, alleging its government was failing to deliver on poll promises and leaders were moving in different directions.
'Basic Covid protocols were not followed, which is why so many teachers lost their lives.'
rediffGURU T S Khurana answers readers' personal income tax queries.
Employees joining companies after August and availing of the government benefits under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) will also have to link their PF accounts with Aadhaar numbers.
Nearly 3.64 lakh educated and "semi-educated" youngsters had registered with employment exchanges across Gujarat till December 2021, according to state government data.
Data released by the Life Insurance Council reveals that the total pension premium for the life insurance industry saw a growth of 159 per cent at Rs 22,268 crore (Rs 222.68 billion) for FY07 compared with Rs 8,568 crore (Rs 85.68 billion) in FY06.
NPS still has critics despite being in business for a decade and mopping Rs 24,000 crore as of 2013-14.
Ramesh said the local leadership and admitted there were shortcomings in the party's campaign there.
The high level coordination committee on financial markets, which consists of financial sector regulators, is likely to opt for a phased reduction in the commission paid to insurance agents.
In the all-party meeting on Tuesday, Opposition parties demanded discussions on price rise, unemployment and Economically Weaker Section (EWS) quota among other issues, sources said.
Allocation of portfolios would be the immediate vexatious issue for the party, with supporters of Virbhadra Singh already feeling sidelined after the elevation of the late chief minister's professed rival Sukhu.
'We waited patiently for 17 months, which is enough time for any government to implement a policy. If they can't do it in 17 months, they are either incompetent or they simply don't want to do it.'
Mutual funds (MFs) have stepped up equity purchases after staying on the fence for over two months. Their net equity investments reached a four-month high of Rs 7,700 crore in July, rising for the fourth consecutive month after withdrawing a net of Rs 5,100 crore in April 2023. This trend continued in August, with net investments of Rs 3,400 crore in the first three trading sessions, according to data from the Securities and Exchange Board of India.
Functioning in several departments related to revenue collection has also been affected. Revenue collection has reduced by Rs 17,000 crore in March.
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.
Rediff.com takes a look at the progress of schemes initiated by the government.
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.
'Arithmetic could decide the Haryana election given the presence of multi-cornered contests.'
RSS-aligned Bharatiya Mazdoor Sangh (BMS) on Monday expressed disappointment over the government's budget proposals with regard to divestment and foreign direct investment, especially in the insurance sector. The BMS, however, lauded the government for its current efforts on the massive vaccination programme, a special scheme for tea workers in West Bengal and Assam, labour oriented push on infrastructure projects in construction sector and development of five major fishing harbours viz. Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat as hubs for economic activities etc. On other Budget proposals, it said in a statement that "mixing the beautiful concept of Aatmanirbhar Bharat with FDI and disinvestment in the Union Budget is disappointing for the employees".
When taken at the right time it can prove to be your best friend during old age
Directing the DISCOMS to make the payments to the employees within three months, the Delhi high court asked them to adopt a method to pay pension, gratuity, leave encashment etc.
Days after protests by war veterans, Prime Minister Narendra Modi on Saturday said that his government was committed to One Rank One Pension.
As he said this, he set the target of winning 156 seats in the assembly election due later this year.
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.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
rediffGURU Samkit Maniar answers readers' personal income tax queries
The normal operations, including payment and settlement activities in the Reserve Bank of India (RBI), are likely to be affected on Friday with its employee unions going on one-day strike to press their demands on pension.
