The revenue department has decided that ESIC, which promises health benefits through one’s working life, is liable to pay service tax.
Time is running out for tax-payers looking to make investments to save taxes. Here are tips to avoid the typical mistakes made during tax-planning exercise.
'What the budget has announced, it is a big bang set of reforms that will unfold once what has been announced is also done,' says Arvind Panagariya.
NPS is a flexible retirement savings scheme which offers both a lump-sum amount and monthly pension ie a fi xed income to an employee after retirement.
Govt's decision to raise interest rates on PPF and NSC has triggered a clamour for a similar rate hike on the retirement savings.
These financial tenets shall never change or become irrelevant. Follow them if you want to protect your finances against uncertainty.
The Employees Provident Fund Organisation (EPFO) is planning to invest in private debt instruments to generate revenue to counter the severe resource crunch.
In a choppy market, financial advisors say investors should use the SIP route while investing in ELSS funds.
Subsidiaries of Life Insurance Corporation of India (LIC), State Bank of India and UTI may collectively get to manage pension funds of at least Rs 1 lakh crore under the New Pension System (NPS) by 2015.
The Employees Provident Fund Organisation is switching to an electronic payment system, which will allow it to credit the PF amount to the members’ bank accounts within two days of claim authorisation.
Portable PF account number will give the facility of collation of accounts, viewing of updated accounts as well as downloading the same and putting all services on one platform.
EPFO is issuing social security numbers to provident fund subscribers to speed up settlement process.
Many Indian companies have not made adequate provisions for employee provident fund (EPF) and pension fund, a survey conducted by consulting firm Mercer reveals.
The Employees’ Provident Fund Organisation (EPFO) has hiked the life insurance benefit ceiling for its 4.7-crore members by 66% from Rs 60,000 to Rs 1,00,000.
Hit hard by soaring inflation and high interest rates, the common man is looking for some respite in this year’s Budget.
Rejecting Finance Ministry's proposal, the Union Labour Minister Sahib Singh Verma said that the interest on the Employees Provident Fund would remain unchanged at 9.5 per cent.
Reserve Bank of India has recently permitted the foreign nationals to maintain the bank accounts in India to collect their pending dues in India.
Deadline for recognition as exempted funds expires on march 31.
North Block says the enhanced safety net will increase the government burden because of the contribution it makes to the employees pension scheme.
NPS may not be a big draw because the offer document does not explain how much an individual will be taxed, say tax experts. You can shift fund managers
Reliance Capital Asset Management Company is negotiating with Malaysia to manage up to $5 billion (Rs 23,000 crore) of public and government funds, including money that is part of the national pension fund, persons aware of the development said.
FIRST it was the ministry of social empowerment. Then, the ministry of finance. Now it is turn of the ministry of labour which has started the process of pension sector reforms.
Govs finally put reforms of India's obsolete labour laws, often blamed by Prime Minister Manmohan Singh for hurting job creation, on its policy agenda.
Amidst the ongoing slump, EPFO has deferred its plans to withdraw Special Deposit Scheme (SDS) funds worth Rs 53,700 crore and deposit them elsewhere for returns higher than 8 per cent.
UTI Asset Management Company’s pension arm, UTI Retirement Solutions has outperformed the two other fund managers, SBI Pension Fund and Life Insurance Corporation Pension Fund in the New Pension Scheme (NPS) for government employees.
The labour reforms promised by the Prime Minister may actually start with the EFP reforms. The new minister and the Central Board of Trustees have cleared a total overhaul of Employees Providend Fund and MP Act 1952.
Under the new rule, unless the names of employees who have been denied benefits can be identifified PF department can’t begin proceedings.
Liberalising PF investment guidelines is a welcome move. Today, accounts in both the EPFO and many exempt PFs (that manage their own funds, under authorisation from the EPFO) are in a mess.
The government on Thursday allowed private provident, pension and gratuity funds to invest up to 15 per cent of their corpus in stock markets, a step seen as a financial sector reform.
The ministry of labour and employment has issued a notification last month allowing PF refund for expatriates coming from countries that have SSA with India.
Following amendments, nearly 7,000 international workers would be permitted to withdraw their accumulated balance only after they turn 58.
With the Reserve Bank of India imposing restrictions on the quantum of loan that banks can extend to home-loan seekers, arranging for the down payment has grown into a bigger concern for house hunters.
ESI hospitals providing healthcare facilities to workers covered under the Employees’ State Insurance Corporation (ESIC) will be soon required to have ISO certification.
In 2011, one should keep 20-30% of money in liquid products, while another 50% could go into bonds, company FDs and post office products, with the balance 20-25% going into your EPF or PPF.
Central board of trustees of the Employees’ Provident Fund chose four asset management companies (AMCs) to manage fresh additions to the EPF corpus.
Our PF expert helps you navigate the complex world of finance.
The irony may not be lost on early readers of The Accidental Prime Minister, written by the PM’s former media advisor Sanjay Baru who has hinted that several decisions in UPA were outsourced to the Gandhis.
The new Rajiv Gandhi Equity Scheme could be one of the best things to happen for the small equity investor in India.
Here are the highlights of Finance Minister Arun Jaitley's budget for the fiscal year that begins on April 1.
We are not in a position where we can actually push our exports forward in the absence of recovery in demand conditions.
The Employees' Provident Fund Organisation (EPFO) has sought the permission of its board of trustees to tweak its investment guidelines to include debt of some companies.
Focusing on social security and welfare for the labour in the unorganised sector, the government plans to amend at least 50 labour laws.
Retirement corpus will have to beat inflation & grow faster. Over 20 years, even a nominal inflation of 6% will reduce the value of Rs 1-cr to Rs 29 lakh.
The combination of rising interest rates and the drying up of tax benefits in the small savings route may finally be pushing the retail investor into government bonds market.
Labour minister K Chandrashekhar Rao was not invited to the government's EPF (Employees' Provident Fund) party late on Wednesday night, when the decision to pay interest at the rate of 9.5% was announced.
CustomerXPs stands for Customer eXPerience eXPerts, and provides intuitive and real-time software products focusing on customer experience management.
Referring to the Government’s commitment to the welfare of farmers and doubling farmers’ income by 2022, the Finance Minister announced a slew of new schemes and measures.
BL Kashyap & Sons - whose clients include Microsoft, IBM, Taj Hotels - has been asked to fork out Rs 593 crore in PF dues & penalties.
ET's annual ranking of best tax-saving options assesses them on seven parameters including returns, safety, flexibility, liquidity etc.
The United Progressive Alliance (UPA) government will not lower the interest rates on small savings instruments in the forthcoming Budget.
The New Pension Scheme (NPS), launched on May 1 amid much fanfare, hasn’t found many takers among financial experts.
Comparison of 10 tax-saving instruments on 8 parameters: returns, safety, flexibility, liquidity, costs, transparency, ease of investment and taxability.
Subscribers will have flexibility to invest entire savings in govt securities or corp, state, municipal bonds. PF scam: Judges under scanner | You can shift fund managers
Don’t allow the year-end tax alarm to rattle you Rs We list out some investment options that will help you save taxes efficiently.
2017 was undoubtedly the year of equities. Small investors, who took to mutual funds in a big way in 2017, were amply rewarded.
Rising interest rates loom dark over the horizon, but they have a particularly shiny silver lining.
The govt may put off implementation of proposals to tax them at the time of withdrawal.
Differences have cropped up between Zash Investment, a private equity firm owned by Wipro chairman Azim Premji, and ICICI Venture over the state of affairs at the grounded retailer Subhiksha.
It is a general belief that significant tax planning is not possible if it comes to personal tax. There are still avenues to explore which will minimise the tax burden effectively.
The government’s decision to raise the EPF rate to 9.5% this fiscal could hit the bottom line of 3,000 firms running their own PF trusts.
Child labour would be eradicated from the country by 2007, Labour Minister Sahib Singh Verma said.
The money invested by the EPFO has been getting a lower return now than ever before. The money invested in the SDS has come down from 9% to 8%, government paper to as low as 6.5% for 10 year maturity, and triple.
To take advantage of the Direct Taxes Code as well as the changes in taxation rules introduced last year, you will need to tweak your tax-saving strategy.
Sudha Pillai, secretary, ministry of labour & employment, spoke about unemployment, employment growth, quality of jobs and social security for workers in an interview with ET. Excerpts:
Every year 12.8 million people enter the labour market in the country and they need decent, remunerative employment.
Birla Sun Life Insurance is among the oldest private insurers in India. Its CEO & MD Jayant Dua tells ET why mis-selling is bad for the industry, how retirement is changing and what he expects from the Budget.
G4S' final nationwide liability could rise to Rs 1,900 crore, if all other provident fund offices in the country come to a similar conclusion.
The Mumbai-based couple Umesh Jadhav, 28, and his wife, 27, bring home a combined income of over Rs 9 lakh every year. Out of this, they direct Rs 20,000 every month towards household expenses.
The trick to investing smartly and increasing returns lies in investing in a combination of debt, equity and real estate to maximise post-tax income. ULIP: A tax saving tool
The worthies would be well-advised, having come out of a long coma, to show wakeful activity over the remaining term of the present UPA govt.
The pension regulator is pitching for income-tax exemption for contributions to the New Pension Scheme (NPS), akin to the one available for investments in Public Provident Fund (PPF) and government provident fund (GPF).
The govt is planning to rationalise the domestic savings environment by introducing the tax provisions for specified savings instruments.
To provide power to all, Government proposes to set up five new ultra mega power projects each of 4000 MWs in the plug-and-play mode.
Almost all instruments today are exposed to credit and interest rate risks. But there are a few that protect your capital. What are your options? We help you select the best bets.
Employees close to retirement may get the benefit of not being exposed to the vagaries of the stock market.
If you are a Central govt employee, you may have private fund managers managing your pension funds soon. Naren N Joshi, chief representative, ING Insurance International and a member of the executive committee of Foundation for Research, Training and Education in Insurance (FORTE), spoke on the scope and impact of these reforms
D Swarup told G Ganapathy Subramaniam of ET NOW in an exclusive interview that PFRDA should ultimately regulate all pension funds
D Swarup, chairman of the PFRDA said in an exclusive interview that PFRDA should ultimately regulate all pension funds and foreign investment in this segment should go up to 49% when it does so for the insurance sector. Excerpts:
With just 8 days to go for the presentation of the general budget for 2007-08, the BJP has come out with its wish list.
Against a budgeted fiscal deficit 4.6% target for the current fiscal, the Budget now projects a revised fiscal deficit estimate at 5.9% of GDP
The Sandwich Generation mothers are caring not only for their kids, but also parents. Here's how they can plan their family’s finances.
The government has, for the first time, provided an exit option for provident fund managers, by giving them the leeway to withdraw their investment, if it does not meet the investment norms set by credit rating agencies.
Developed nations such as the US and members of the European Union have social security schemes that provide a foundation of income for retired and disabled workers.
The government is in no hurry to come out with a notification on the payment of the interim interest rate declared (8.5%) for '05 to Employees Provident Fund Organisation (EPFO) subscribers. Politically, it is considered “prudent” to not rush the finance ministry's notification on the interim interest rate.
Please start to think beyond tax. Whether you can buy insurance or not for your children/grandchildren is a secondary matter.
Nobody loves to pay taxes. Unfortunately there is no way you can avoid it. Once, you cross a certain income level, you have very few ways to save taxes.
The depressed stock markets, coupled with economic uncertainties, both on the domestic and overseas front, have forced many bravehearts to reconsider their decision to park money in ELSSs.
Maharashra government's industrial policy is more employment-oriented than investment-oriented.
There is a debate of risk on, risk off at the moment and that performing will continue to form in volatile times, says Nick Paulson-Ellis of Espirito Santo Securities.
'Today, you will get 8.6% on your PPF because the interest rates are high. At the same time, short-term debt funds are giving returns of 9-10%.'
No nasty surprise this; just the inevitable. But face the cold truth: home loans have become more expensive.
In their last-minute scramble to save tax, many investors end up putting money in avenues that do not suit their needs
The anticipated tax breaks for the middle class are unlikely to come as Finance Minister Jaswant Singh on Tuesday told Parliament that he was focussing on improving tax administration and boosting public savings - which means government savings, not yours.
Spendthrifts beware. A case study of a young couple who're advised to stay away from credit card debt.
The laid-off can look forward to an unemployment assistance, a form of social security, once the relevant amendment is made to existing EPF schemes.
Responsibility of parents doubles when a child suffers from a mental or physical handicap.
You don't need to file tax returns just because you have a cell, or went to the US to be with your NRI son.
Filing tax returns has become simpler but many still find it cumbersome. Here’s a step-by-step guide.
The funds flowing out of equities has, expectedly, made its way to other avenues like gold, real estate and debt. So, which is the ideal avenue for an investor who has made up his/her mind to quit equities for the time being?
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