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Employees’ Provident Fund Scheme, 1952 came into effect on 4th March,1952. It is a statutory body under the Government of India and under the regulation of Ministry of Labour and Employment. It was introduced to provide a form of Social Security to the Workers and Employees and safeguard their future. It provides lumpsum benefits to the subscribers on retirement. Employees’ Provident Fund (EPF): Latest Recommendations Employees’ Provident Fund (EPF) Reforms: Online PF Withdrawal/Settlement The Act also covers:- Employees' Pension Fund (EPS)…Continue Reading >

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Kisan Vikas Patra (KVP) scheme was re-launched by the Government very recently (2014). The scheme is mainly targeted at the group who does not have means or access to other financial investment options. The features offered is mostly similar to other Savings Scheme offered by the Government but with some tweaks in the rate of interest, tenure and some other features. The Investment doubles on completion of tenure. Although it does not provide any Income Tax deduction and even the…Continue Reading >

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The EPFO has clarified that Subscribers to EPF Fund will receive an interest of 8.65% on the contribution for the Financial Year 2016-17. The clarification comes after reports suggested that Finance Ministry was looking to reduce the rate to 8.20% for the financial year as the rates for small savings scheme were slashed by 0.10% earlier in the month. Employees Provident Fund: All You Need To Know The Central Board of Trustees (CBT), apex decision making body of EPFO has…Continue Reading >

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Professional Tax is a tax levied by the various State Governments of India on salaried individuals, working in government or non-government entities, or in practice of any profession, including Chartered Accountants, Doctors, Lawyers etc or carry out some form of business. This form of tax is in practice for a long time and States were conferred the power of leveling the Tax under Clause (2) of Article 276. The rate at which Professional tax is charged is based on the…Continue Reading >

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The New Financial Year is here and I’m pretty sure that most of you have started with your investment/tax planning for the year. The Investment Schemes discussed here can provide you with maximum tax saving Under Section 80 (C) of Rs 1,50,000/-. Please refer to the links shared below to read in details about the schemes and benefits offered. I will be discussing the some of the notable investment options available under various Sections in my upcoming post for the…Continue Reading >

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FEATURES NSC ELSS PPF Tax Benefit U/S 80C Up to Rs 1.5 lacs       Up to Rs 1.5 lacs Up to Rs 1.5 lacs Minimum Contribution Rs 100 Rs 500 Rs 500 Return on Investment 7.8% Variable 7.8% p.a Tenure 5 3 years 15 years Tax on Return Taxable Tax Free Tax Free Maximum Contribution Limit No Limit No Limit Rs 1.5 lacs Tax on Interest/Return Taxable Exempted Exempted Risk Nil Moderate Nil In the above chart you will see the…Continue Reading >

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National Pension Scheme (NPS) was introduced by the Government of India in 2004. The scheme is aimed at the providing financial security to individuals post retirement. The Scheme has been opened for all the citizens since 2009. The scheme is designed to maintain a balance between return and risk, so that Individuals are protected from adverse market scenarios and also are able maximize their investment. I have posted about the National Pension Scheme (NPS) in a nutshell previously. You may…Continue Reading >

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The Maternity Benefit Act is aimed at regulating employment of women employees in certain establishments for periods before and after child birth to provide maternity as well as certain other benefits. Additional benefits may also be extended as per the provision of the State Act or as per the company policies. The Act is in place to protect the rights of the female employees and ensure that employers do not violate the benefits applicable to them. Establishment needs to ensure…Continue Reading >

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Tax Saver Term Deposit is the Fixed Deposit Scheme which is eligible for Tax Deductions Under Section 80C up to maximum limit of Rs 1,50,000/- . The minimum lock in period for the investment is 5 years. The e-Term Deposits makes it possible for the investors to make online investment, thus any individual using internet banking can make the investment from the comforts of his/her home. Features of the Term Deposits Maturity period for the Investment is 5 years. Maximum…Continue Reading >

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Xiaomi recently launched their Budget end smartphone in India, the Redmi 4A. The phone has been priced at Rs 5,999/- and is available exclusively on Amazon and Mi India portal. Xiaomi had launched their their budget end Redmi 3S last year and it did exceedingly well. The new Redmi 4A is cheaper than the Redmi 3S with some changes to the hardware specifications. Redmi 4A as of now is available through flashsale held weekly on the Amazon and Mi Portal.…Continue Reading >