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Author Archives: wealth18

Income Tax Rates / Tax Slab for FY 2015-2016 (AY 2016-2017)

tax-slab-rates-india

Last updated : 29th April, 2015 Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): For Individuals below 60 years age (including Woman Assessees)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh – Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh – 10 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 ... Read More »

Income Tax Rates / Tax Slab for FY 2014-2015 (AY 2015-2016)

tax-slab-rates-india

Last updated : 29th April, 2015 Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): For Individuals below 60 years age (including Woman Assessees)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh – Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh – 10 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 ... Read More »

ITR V hard copy physical filing is not required for Aadhar Card holders

aadhar-itr-v-exempt

Last updated : 29th April, 2015 CBDT recently announced that taxpayers who file their income tax returns online & have Aadhar card, they will no longer need to send the ITR V paper acknowledgement by post to CPC Bangalore. This will make the online filing procedure truly paperless even for those who don’t have digital signatures. Current Process Till now, online filing was paperless only if the person had a digital signature. Taxpayers who did not have a digital signature had to post a physical copy of the ITR-V to the CPC Bengaluru within 120 days of filing tax returns ... Read More »

[How to] check PF balance via short SMS code

epfo-sms

Last updated : 7th October, 2016EPFO has recently launched SMS services for its members who have Universal Account Number (UAN).  In 2014, EPFO launched the UAN facility where a portable Universal Account Number was allotted to all the members. Once you active your UAN, you can use different services such as PF balabce, PF passbook, monthly SMS of contributions etc. Read my article on How to activate your PF UAN. The newly launched EPFO Short Code SMS Service is available only to those members who have activated their UAN (Universal Account Number). To use this new SMS facility, the member ... Read More »

UAN may be made mandatory for PF subscribers

pf-uan

Last updated : 7th October, 2016 EPFO is currently considering to make Universal Account Number (UAN) – portable PF mandatory for all members. The UAN facility was launched by Prime Minister Narendra Modi in October last year and provide many benefits. The main benefit is that the the UAN remains portable throughout the lifetime of an employee and they don’t have to apply for PF transfer claims at changing jobs. It is even more beneficial for workers in the construction sector, who often change their contractor after short span of time and take up new jobs after finishing one contract. ... Read More »

TDS on PF withdrawal before 5 years – Budget 2015 – new Section 192A

tds-pf-withdrawal

Last updated : 7th October, 2016 Update – May 2016 – No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1 2016.    http://wealth18.com/no-tds-for-pf-withdrawals-of-up-to-rs-50000/ In Budget 2015, new Section 192A of Income Tax Act is proposed to deduct tax (TDS) on PF withdrawal before 5 years. To discourage premature withdrawal of provident fund by subscribers, Union Finance Minister Arun Jaitley has proposed a tax deduction on such early closures. Under the proposed tax law (new Section 192A of Income Tax Act), provident fund withdrawal before five years of continuous service will attract a TDS ... Read More »

New TDS rules on fixed deposit interest (Budget 2015)

new-fd-tds-rule-budget-2015

Last updated : 25th April, 2015 Budget 2015 has made TDS rules on fixed deposit interest more stringent.  Till now, TDS was deducted by bank or post office when the interest is more than Rs 10000.There was a loophole as the limit of Rs 10000 was calculated with reference each of the branch and not all the branches together. So many taxpayers were using this option to create FD in different branches of same bank, so that the interest per branch doesnot exceed Rs 10000 and thereby no TDS is deducted. Now, in Budget 2015, this loophole is plugged.  The ... Read More »

EPFO will invest 5% of its corpus in Stock market / Equities ETF

epfo-equities-investment

Last updated : 7th October, 2016 Government has allowed EPFO to invest 5 % of its corpus in exchange traded funds (ETF). Labour ministry has notified new investment pattern for the Employees’ Provident Fund Organization which allows the body to invest 5-15% per cent of its funds into Equity Market. As this is the first time EPFO will be investing in Equity markets, they are little cautious and decided to invest 1% in the beginning and going upto 5% by end of financial year. The new investment pattern will be applicable for incremental deposits only. As per estimates, the EPFO’s ... Read More »

Sukanya Samriddhi Yojana Account Interest rate for FY 2015-2016 – 9.2%

sukanya-account-rate

Last updated : 29th April, 2015 Investments in Sukanya Samriddhi Yojana, the special deposit scheme for girl child, will earn higher interest rate of 9.2 % for 2015-2016. Rate on popular tax saving Public Provident Fund has been retained at 8.7 %  for 2015-16. Rate for senior citizens savings scheme (SCSS) has been enhanced to 9.3 % from existing 9.2 %. Kisan Vikas Patra interest earning has also been retained at 8.7 per cent. It was decided by the Centre earlier that interest rates on small savings schemes will be linked to yields on government securities of comparable maturity. In ... Read More »

Sukanya Samriddhi Account – Application Form download for Bank or Post office

ssa-form

Last updated : 27th March, 2015 RBI has issued a circular on 11th March 2015 to start opening the Sukanya Samriddhi Account as per Government notification. http://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=9594   As part of this circular,RBI also provided the Specimen of account opening application form and the passbook of the Sukanya Samriddhi Account Account Opening Application Form Specimen of Passbook   Application form download for Post office – Post office are also accepting this form for opening Sukanya Samriddhi Account Sukanya Samriddhi Account Opening Form- Post office   Also, Read other Articles related to Sukanya Samriddhi Account below:   Sukanya Samriddhi Yojna – ... Read More »

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