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Salary Structure & Components

Saturday, September 7th, 2019 Amritesh no responses

Salary is paid in lieu of service provided by an Employee to the Employer in accordance to the terms agreed upon in the Employment Agreement. Employer is also required to make legitimate deductions from the Salary as per the provisions of the Statutory Acts. Salaried Individuals need to understand the Salary Structure & Components in order to efficiently minimise the out go. Deduction from Salary includes contribution to Statutory Funds, Tax Deducted at Source (TDS), Professional Tax, etc. Individuals may be able to increase their take home salary by smart planning. This is possible by availing sops intended at providing relief to the Salaried Individuals. Salary Structure & Components: Difference between CTC, Gross Salary and Net Salary Cost to Company…

Small Savings Schemes Interest Rates: Q2 FY 2019-20

Saturday, June 29th, 2019 Amritesh no responses

Small Savings Schemes interest rates have been revised for the 2nd Quarter of the Financial Year (FY) 2019-20. The interest rate on popular Savings Schemes like Kisan Vikas Patra (KVP), Public Provident Fund (PPF) and National Savings Certificate (NSC) has been revised for the current period; by 10 basis points (0.1%). Government had decided to align the small savings interest rates with the relevant market rates of Government Securities. The rates are now recalibrated every quarter in order to maintain it at par with the current market rates. The interest rates on Small Savings Schemes are slightly higher as compared to rates offered by Banks, along with Tax Benefits on Selected Schemes. The Central Bank (RBI) had been clamoring for…

EPF Balance Transfer Online For Employees

Saturday, March 16th, 2019 Amritesh 12 responses

Employees Provident Fund Organization (EPFO) has made it possible for the Subscribers to transfer their respective EPF Balance (contributions & interest) online through their previous or present employer. Currently, Subscribers need to manually submit the Transfer claim request.  However, starting next financial year EPFO is planning to do away with the manual process and introduce automated balance transfer for the Subscribers. This would benefit Employees during job switch. The system automation would allow EPFO to transfer the balance to the active EPF account of the Employee. The EPFO will automatically transfer EPF balance from the previous employer to the current EPF account, as the new employer files the monthly return.  The option of EPF Balance Transfer Online is available on…

Investing In Kisan Vikas Patra (KVP): Should You Invest?

Tuesday, December 18th, 2018 Amritesh no responses

Kisan Vikas Patra (KVP) is a saving certificate scheme re-introduced by the Government in 2014, offering guaranteed return on investment. The interest rate on the KVP is declared on quarterly basis. Kisan Vikas Patra (KVP) along with National Savings Certificate (NSC) and Public Provident Fund (PPF) are some of the popular Small Savings Schemes offering guaranteed returns on investment. Individuals may be lured to invest in Kisan Vikas Patra (KVP) as it offers guaranteed returns. However, investing in Kisan Vikas Patra (KVP) may not be an ideal option for many. In my previous article, I had discussed the Kisan Vikas Patra in details. Link shared below. Kisan Vikas Patra : All You Need To Know Although, Kisan Vikas Patra (KVP)…

Sukanya Samriddhi Yojana (SSY): Empower The Girl Child

Friday, December 7th, 2018 Amritesh no responses

Sukanya Samriddhi Yojana (SSY) is a deposit/investment scheme for Girl Child. It is a Government initiative started vide notification dated 02.12.2014 under the Beti Padhao Beti Bachao (Save and Educate Girl Child) campaign keeping in mind the welfare and educational needs of a girl child. The Scheme is aimed at empowering the girl child, encouraging Parents/Guardian to invest towards their daughter/s future, enabling them to go for higher education or meet any other financial obligations arising later. Government has amended the maturity and withdrawal norms via Sukanya Samriddhi Account Rules, 2016. Those changes have been incorporated in this article. Small Savings Schemes Comparison: Find Out the Best In this post we will look at the Salient Features and Benefits under…

Digital Banking: Emergence Of Payment Banks

Wednesday, November 21st, 2018 Amritesh no responses

Technology has transformed the way one banks or carries out business transactions. Fintech has played an important role in the evolution of the Financial Services industry. Digital Banking is fast becoming the preferred mode of operation among the millennial. It not only reduces cash based transaction but also leads to greater transparency and accountability, benefitting the economy as a whole. This brings us to the whole new concept of Payment Banks. In absence of a structured banking system and non availability of easy credit, Individuals from economically weaker section of the society are often subject to exploitation. To address such malpractices, Micro-Credit Institutions came into existence which provides financial assistance to needy Individuals. Over the last couple of decades, many…

Best Stock Trading Apps and Platforms in India

Wednesday, May 9th, 2018 Amritesh no responses

Technology has come a long way in the last decade or so to impact our daily lives in every which way possible. Technological upheaval has impacted the business and the economy in a big way. Take for example the Financial Services industry, the technology has completely changed the way business runs. A new term has emerged in the world of finance, “FinTech”, implying Technology aided Financial Services. End Consumers are the ones to benefit the most from such disruptive technological changes. Digital Models are fast replacing the Traditional Models in the world of Finance. Introduction of Artificial Intelligence has added immense value to the process of Digitization especially in the field of Financial Services. In this post, I will discuss…

Ways To Earn Money Online!!!

Friday, March 9th, 2018 Amritesh no responses

Everybody wants to be rich and earn money to fulfill their basic as well as luxury needs. However, earning money is not easy as it requires great deal of hard work, perseverance and patience to achieve. Earning legit money adopting ethical practices may seem tough initially but it is the only way one can succeed in the long run and lead a good life. Growth of digitization offers wonderful opportunity to the young and old alike to earn money online through various legit sources. Conventional way of earning money is primarily through business or by being employed. However, with the advancement of technology new avenues have come up to earn money online. This may help the students as well as…

Mutual Fund Investment: Difference between Direct and Regular Plan

Wednesday, January 31st, 2018 Amritesh 4 responses

Mutual Fund is diversified pool of funds collected from investors which is professionally managed by Fund Managers. The fund pooled by the Fund Managers is invested in purchasing securities. The fund is invested in multiple securities, Investors are expected to benefit from the diversification as the risk is mitigated and strengthens the prospect of better returns. Since the Fund is professionally managed by Portfolio Managers, the investors are saved from the hassle of managing the Fund. However, Investors may easily track the performance of fund periodically. Mutual Fund and Types Mutual Funds: Reasons To Invest Equity Linked Savings Scheme (ELSS) Mutual Fund is open ended diversified equity fund. Investment in ELSS mutual fund qualifies for Tax Exemption under section (u/s)…

Cryptocurrency Market: All You Need To Know

Tuesday, January 2nd, 2018 Amritesh no responses

Cryptocurrency is the new craze among millennials as digitization is impacting our lives in every which way possible. Eventually leading to advent of virtual currency which is regarded to be the substitute of fiat currency (Dollars, Euro, INR, etc). However, the Virtual Currency has created a lot of buzz and concerns at the same time as dealing in digital currency which is decentralized raises regulatory issues. The peer to peer based nature of transactions eliminates middlemen but also creates probability of virtual currency being misused for unlawful activities or to evade tax. Currently, In my opinion, it is better to steer away from Virtual Currencies as Individuals do have good investment options available which are safe and regulated by the…

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