Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
The remaining 0.35 per cent will be credited in December this year, if the EPFO is able to redeem its equity investments.
An alert government in Delhi should have begun government-to-government discussions with Moscow the moment it came to know that Russians were developing a vaccine. That is to say, almost an year's time has been lost, observes Ambassador M K Bhadrakumar.
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 approval is in addition to the existing scheme for the wage months of March to May, 2020 approved on April 15, 2020. The total estimated expenditure is Rs 4,860 crore and over 72 lakh employees in 3.67 lakh establishments will be benefitted.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
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.
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.
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.
Unique Identification Authority of India said the alleged data breach took place on a website that does not belong to it.
Members can register themselves on the website using any government issued photo identity card and cell no. as passwords.
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.
Last week, the Ministry of Labour and Employment suspended the second in command in EPFO's Hyderabad office.
The payroll data has been revised downwards for each of the nine months between September 2017 and May this year
Steps like depositing the entire PPF amount before April 5 or preparing a household budget will ensure this financial year goes well.
It wants PF to be calculated on all other allowances made by employer under sundry heads.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The online application of such claims would enable EPFO to eventually settle those within three days.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
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.
At least two Karnataka State Road Transport Corporation buses and one of Bengaluru Metropolitan Transport Corporation have been set on fire, they said.
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.
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.
Over 50 million subscribers of the retirement fund body EPFO can obtain e-passbook along with details of their updated accounts online from Wednesday.
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.
Evaluate recurring investment products and do the numbers before making any investments.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
The new definition under the Code of Wages, 2019, includes three components: basic pay, dearness allowance and retention payment.
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
Companies with 10 employees may also come under EPF Act.
Post office savings deposit, recurring deposit accounts and the senior citizen savings scheme account have shown the highest growth in the current financial year.
'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.
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.
The purpose of the provident funds is to help people in their retirement periods. Hence the EPF and PPF are for long term savings.
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