"As I have started working recently, I have not made any investment and want to know where to put my money.” — Akshay Kumar
He said the capital investment subsidy will be raised from existing 30 per cent to 35 per cent with overall ceiling from the existing Rs 50 lakh to Rs 60 lakh.
The EC has been in news as much for shooting off model code violation notices to political parties as for writing missives to the Central government on not following due process.
India is on the road to becoming a pensioned society. Instead of a parallel EPF or NPS, we need a single national system, says Rajiv Bajaj.
They had opposed industrial relation code bill which provides for allowing firms with up to 300 workers to go for closure, lay off or retrenchment without government permission.
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.
464 schools in the country including 8 in Delhi, failed to deposit provident fund contributions with retirement fund body EPFO on time, Parliament was informed today.
Registered firms will now be able to file online a single return under the eight central labour laws through the Shram Suvidha portal.
The pension regulator has urged for more tax parity between the National Pension System (NPS) and other pension schemes.
Retirement fund body EPFO redressed 22,925 grievances during the month, settling 95 per cent of the grievances.
Payment of 8.6% interest would result in a deficit of Rs 240.49 cr whereas 8.5% interest for current fiscal would leave a surplus of Rs 4.13 cr.
EPFO has decided to become a registrar of the Unique Identification Authority of India to facilitate enrolment of its subscribers who don't have Aadhaar numbers.
The move is expected to create more jobs besides increasing formalisation as 90% of the country’s workforce is in the informal sector.
If you're one of the existing 4 crore members subscribing to the Employees Provident Fund (EPF) and believe that you've been getting a high 9.5% interest rate credited to your account for FY05, you're probably still in the dark.
"She should be rather speaking about what her government has done for Assam. There are no jobs, not even drinking water for people," BJP National Secretary Shrikant Sharma said.
The government has now decided to hand over the mandate of strict enforcement of provident fund norms covering close to 150 entities to the labour ministry.
Against the declining small savings schemes, PF with its new interest rates looks attractive.
The rise in the interest rates on the employees' provident fund (EPF) has turned the spotlight on the debt portfolio of investors.
The Union Minister pointed out that whatever laws are made by the Centre, the responsibility of their actual implementation lies with the state governments.
For the shortfall, Bagri needs to start investing in a diversified equity fund. He should also sell his stocks and invest in mutual funds.
When tax planning for salaried women, the two most important sections, which need to be taken into account, are Section 80C and section 80D.
The interest rate on the Employees' Provident Fund is as politically sensitive as numbers can get. And that number is expected to come down all the way from 9.5% last year to 8% in the current one. Returns are going down for EPFO War wipes out $70bn in American MFs' assets Tax-GDP ratio still very low at 9.6%
Harsh and Neha Joshi, both bring a combined income of Rs 1.52 lakh, must raise their equity exposure and link their investment to goals.
The BJP on Sunday joined the growing chorus of voices seeking a complete waiver of interests on the debts accumulated by the farmers in the areas hit by repeated crop failure.
The company received bids more than four and a half times higher than its total issue size pegged at Rs 1788.50 crore. It has collected subscriptions for Rs 8,217 crore.
If 5 per cent of monthly contributions was invested in a Nifty ETF, the corpus would only be 2.4 per cent bigger today.
THE “Compliance 2001” programme launched by the Employees Provident Fund Organisation (EPFO)has enabled it to collect contributions from 56.69 lakh workers after converting 57,536 establishments into complying establishments up to September 2001, labour minister Sharad Yadav said.
Tax-saving investments should never be made on an ad-hoc basis. Here's how to ensure a safe tax planning exercise.
Madhya Pradesh could emerge as an ideal state because of its growth in sectors like energy, agriculture and IT, Piyush Goyal said.
The Finance Ministry has given its consent to the EPFO to invest from 5 per cent to 15 per cent of the investable income of the organisation every year.
Government should open up access to NPS Tier 2 account for senior citizens who, by virtue of being over 60, are not eligible to have a Tier 1 account.
Young investors who invested in equity funds, debt funds and NPS and have large outstanding loans, will gain more if the RBI cuts interest rates.
The Minister admitted that EPFO too is looking for better returns following dwindling bank interest rates post- demonetisation.
The tax treatment of the recently launched Atal Pension Yojana lacks clarity and even the country's pension fund regulator PFRDA itself is in dark.
"I want to know if I will be able to reach all my financial goals with my current investments.” — Balkrishna Kulkarni
PM Narendra Modi will soon launch a smart card scheme for over 40 crore unorganised workers in the country to provide them various social security benefits.
Subhashree & Bhabani Mohapatra, 32 & 27, IT professionals, Bengaluru will have to raise their equity exposure to realise their dreams.
EPFO may announce 9% interest rate on PF deposits for 2015-16 in its trustees' meet on February 16, higher than 8.75% provided in previous two financial years.
If you are willing to extend your investment time horizon to 5-7 years, you can have a more aggressive portfolio, where you have the potent of generating a higher rate of return.
"While the government has wisely decided against splurging on infrastructure in the Budget, there is no case for the RBI to front-load interest rate cut"
EPFO has directed its field offices to sensitise employers about the need to forward in time PF claims of outgoing workers.
Pension fund regulator PFRDA today said it aims at increasing pension coverage for the deprived section to 15-20 per cent over the next few years.
Treatment of critical illnesses can be prohibitively costly. Find out how you can cushion the blow.
From correct deduction of TDS to payment of advance tax, here’s how to deal with various taxation issues that may arise when you switch jobs.
Union Labour Minister Sahib Singh Verma on Sunday announced that houses and plots would be provided to all the 3.5 crore members of Employees Provident fund (EPF) scheme in the country.
A leading economic think tank today warned that the government will have to come out with a bailout package as in the case of UTI if interest rates on Employees' Provident Fund (EPF) were kept artificially high.
The Union Cabinet had on Wednesday cleared the package in an effort to make Indian textile exports more competitive in the international markets and generate jobs at home.
As part of its effort to reach out to formal sector workers and members in north-eastern states, retirement fund body EPFO has upgraded its offices in the region to special state offices.
Amidst reports of a cut in interest rates on the Employees Provident Fund (EPF), labour minister Sis Ram Ola has said he will meet finance minister P Chidambaram to decide on returns for more than 3.2-crore subscribers this year.
Also, during the month, the Employees Provident Fund Organisation (EPFO) redressed 21,944 grievances leaving 3,560 pending at the end of the month, it added.
To reduce your gross total income and thereby your tax liability, you have to enter details of deductions that you want to claim under sections 80C to 80U of the Act.
Finance Minister Arun Jaitley said that India has emerged among the few large economies in the world with a promising economic outlook.
In Budget 2016, the finance minister has made withdrawals from NPS on maturity tax free upto 40% of the total corpus accumulated.
Income tax payers can expect some relief in the upcoming Budget in light of demonetisation and the digital push being given to the financial transactions.
Govt will provide an additional Rs 1,217 cr to ensure minimum pension of Rs 1,000 starting 2014-15. Pensioners will get benefit with effect from April 1, 2014.
"BPOs and KPOs deal with supply of manpower services and are covered under the Schedule (I) as establishments rendering expert services," giovt
The PF department has instructed its officers to crack down on companies that structure employees' salaries into different allowances to reduce contributions.
The Bank has also advised to reduce the threshold for bringing firms under the Employees' Provident Fund (EPF) net from 20 staff to 10.
Another advantage is the smaller lock-in period. While most instruments carry a 5-year lock-in period, these funds come with a 3-year lock-in period.
The minister also promised that the government will come out with all clarifications in the high courts where the industry has challenged this decision and got a stay on this.
NEW DELHI: The government plans to reduce the interest rates on its special deposit schemes by 50 basis points to 9 per cent.
Most large companies tend to follow the CTC concept. However, the extent to which they may be doing so may be different.
India is probably staring at its worst job crisis in years. The recent IT and telecom layoffs are an unkind reminder to review your finances.
The EPFO, which is estimated to have an income of Rs 20,796 crore in the current fiscal, needs Rs 20,740 crore to pay 8.5% interest to the subscribers.
Prime Minister Narendra Modi today said the government will bring to Parliament a bill to amend the Bonus Act with a view to enhance the benefits for the working class.
This is because employees holding these accounts have moved on to new jobs and have not transferred their EPF accounts to that of the new employment.
Pai, a former chairman of Sebi Primary Markets Advisory Committee, also said formal jobs being created are inadequate to meet India's needs.
Expats and domestic employees with basic monthly pay of up to Rs 6,500 may see a dip in take-home salaries if law ministry agrees to a plan to club allowances with basic pay to calculate PF dues.
Hyderabad-based Rohit Mishra has a comfortably long time frame to plan his savings to meet all his crucial monetary goals.
"It is definitely a pro-business and pro-overseas investors type of budget. But I am not sure if much has been really done for the poor."
Another benefit for the elderly is in terms of the increase in deduction in health insurance premium and medical treatment.
Opting for the early retirement route requires serious financial planning as increased life expectancy and increasing inflation can play havoc with your plans.
An immediate annuity plan is purchased with a lumpsum. People who want to start their retirement payout opt for immediate annuity.
EPFO today deferred till April 30 implementation of new norms that restrict 100 per cent withdrawal of provident fund by members after unemployment of more than two months, among others.
Finance Minister Arun Jaitley in Budget 2015-16 had announced creation of a fund using unclaimed deposits of about Rs 3,000 crore in the PPF, and Rs 6,000 crore in the EPF corpus.
The 29-year-old Thane resident will have to alter her asset allocation and improve risk coverage to ensure financial security and meet her goals.
As per the new codes, trade bodies will have to give a minimum of 14 days notice to the management if they plan to go on a strike.
While keeping the income tax rates and slabs unchanged, Jaitley introduced a Rs 40,000 Standard Deduction for salaried employees and pensioners in lieu of transport and medical expenses.
"What we need is responsible lending and responsible borrowing, and much of our effort on financial inclusion is on how to make that happen," Rajan said.
The circular did not actually change the rules and had not clarified which allowances needed to be included in the calculation of basic wage.
"I want to know how to plan my future investments so that I can reach all my financial goals,” Dayanand Yadav, with his wife, Ashwini, and son, Vedant
ONGC has approached MoEF for the permission to drill 24 development wells and to establish production facility in Krishna-Godavari basin.
It takes both math and a set of assumptions about the future to estimate the adequacy of a retirement corpus.
The additional tax incentives for investments in pension funds and the NPS are intended to push up retiral savings in the long term.
"31 per cent of the total claims are settled in 3 days while 66 per cent of the total settlement is within 10 days," an official statement said.
Central trade unions will observe day-long protest across the country on Thursday against the government's "attack on PF" and "anti-labour anti-labour policies".
PM Modi also pledged that his government will stay on the course of the reforms agenda and termed demonetisation as "a very big success story".
According to a circular issued by the Employees' Provident Fund Organisation (EPFO) to its field staff, the 'Annexure -K' will be provided online
Investing in insurance, choosing the wrong investment vehicle or putting money in dubious schemes are some of the mistakes you could commit.
Gandhi said that he would continue to fight for the salaried class and put pressure on the government which "works for a selected group of industrialists and those with black money."
The labour ministry is softening its stance in respect of dropping the Employees Provident Fund interest rate against the general lowering in interest rates on debt instruments.
Retirement fund body EPFO wants defaults on PF remittance by companies to come under economic offences, a top official said today.
Investing in the right avenues and proper asset allocation is as important as saving when it comes to achievement of goals.
To further keep the compliance burden minimum, those using presumptive taxation scheme are also allowed to pay advance tax by March 15 of the financial year.
Arun Jaitley in his budget speech announced a slew of tax measures and personal savings schemes aimed at benefitting the taxpayer and common man.
PFRDA Chairman talks about the changes that have made NPS more attractive and why corporate houses should consider rolling it out for employees.
Cleartax.in lists the incomes and transactions on which TDS is applicable and how one can avoid it.
EPFO has directed to ensure that BOT invest PF amounts in accordance with that investment pattern and within the stipulated time frame.
If a member starts putting Rs 1,250 in the EPS every month at 25, he will get a monthly pension of Rs 7,500 when he turns 58.
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