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Inoperative PF accounts will earn interest from April 1, 2016

Last updated : 7th October, 2016 From April 1 2016,  EPFO has again decided to give benefit of accrual of interest on the inoperative PF accounts. The board has reversed the decision taken in 2011. This will benefit a large section of the estimated nine crore inoperative accounts of subscribers switching jobs. EPFO has estimated that over Rs 30,000 crore is stuck in these inoperative accounts. Inoperative EPF accounts are those where there has been no contribution from either the employee or the employer for 36 months. The decision not to give interest on these accounts was taken in 2011 ... Read More »

PF Interest rate raised to 8.8% for FY 2015-2016

Last updated : 18th October, 2016 The Union finance ministry on Friday agreed to increase interest rate on provident fund deposits to 8.8% for 2015-16 from the 8.7 % decided by it earlier. The Central Board of Trustees (CBT) had decided 8.8 per cent interest rate, however, the finance ministry approved only 8.7 per cent interest on PF deposits citing lower earnings. This is the third rollback on EPF in the last two months. Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals. Subsequently, it withdrew tighter withdrawal norms.   Read More »

Government withdraws new PF withdrawal rules

Last updated : 7th October, 2016 The government has revoked the order tightening rules for withdrawal of provident fund money.  The decision ensures that individuals will NOT have to wait till the age of 58 years to withdraw employer’s contribution from their PF money. The notification in Feb put curbs on full withdrawal of provident fund by members after unemployment of more than two months, while it also barred withdrawal of the employer’s contribution before the age of 58 years. The decision was first to come into effect immediately, but was first deferred till April 30 and then till July 31, ... Read More »

Declare Net Worth if Income more than Rs 50 Lakhs

Last updated : 2nd April, 2016In the new set of ITR forms for FY 2015-2016 (AY 2016-2017), a new schedule AL is added (including in ITR 1). As per the new schedule, if your total Income is above Rs 50 lakhs, you need to fill the section showing Assets and Liabilities. You need to declare the cost of Immovable Asset – Land, Building Movable Asset – Cash, Jewellery, Bullion, Vehicles etc Liability in respect of above assets The main challenge will arise in terms of valuation as taxpayers will find it difficult to value their assets themselves i.e. for jewellery, ... Read More »

SEBI told Mutual Funds to reduce number of funds

Last updated : 2nd April, 2016 SEBI has told mutual funds to reduce the number of funds under management and stick to only one fund per category in an attempt to end the complexities of mutual fund investing.  As per industry tracker, there are 1600+ debt funds and a total of 2500+ fund schemes which is more than number of actively traded listed stocks on stock exchanges. This is confusing customers and making it impossible to gauge a fund’s suitability. Most often the difference between funds are minimal to make any significant difference. The mutual fund industry actually trying to play on the psychology ... Read More »

Govt reduced interest rates on PPF, NSC, KVP etc

Last updated : 19th March, 2016 The government has reduced the rate of interest of small saving schemes from April 1 2016. The popular Public Provident Fund (PPF) will yield 8.1% from April 1compared with 8.7% at present. The Kisan Vikas Patra will fetch 7.8% against 8.7% now while five-year National Savings Certificate (NSC) will offer an annual return of 8.1% against 8.5%.   See below the revised rates for the schemes :   Rate of Interest on Small Savings   Current rate Rates from April 1 PPF 8.7 8.1 Kisan Vikas Patra 8.7 7.8 Sukanya Samriddhi 9.2 8.6 Postal ... Read More »

Government withdraws controversial EPF tax proposal

Last updated : 18th October, 2016 Finance Minister Arun Jaitley announced in the Lok Sabha on Tuesday (8th March) that government has decided to withdraw the proposal to impose tax on withdrawal from the Employees’ Provident Fund (EPF) contributions. Finance Minister Arun Jaitley also withdrew the Budget proposal of taxing employer’s contribution to provident and superannuation fund (SAF) beyond Rs 1.5 lakh. The rollback of the controversial EPF tax proposal is a step in the right direction and will bring welcome relief to the salaried class, say tax experts With the rollback of these proposals, EPF will continue to be ... Read More »

Highlights of Indian Union Budget 2016-2017 – Summary of key proposals

Last updated : 8th March, 2016 Highlights of Indian Union Budget 2016-2017 – Announced on 29th February 2016   Income tax slabs for the financial year 2016-17 has remained unchanged   Tax exemption for house rent will be raised to Rs 60,000 from the current Rs 24,000-level. This deduction is for those, who don’t get the house rent allowance from their employer. Such person can avail this deduction according the specified rules. Under the National Pension Scheme, the government announced an exemption for withdrawal of up to 40% of the corpus at the time of retirement. WITHDRAWN –  Meanwhile, in case ... Read More »

EPFO launched mobile app, mobile based services for members

Last updated : 7th October, 2016Retirement fund body EPFO launched a mobile application and other phone-based services like accessing PF account details for its over 3.54 crore subscribers, 49.22 lakh pensioners and 6.1 lakh employers. EPFO launched three mobile based services for the Employees Provident Fund (EPF) members. Mobile Application, SMS-based UAN (Universal Account Number) Activation and Missed Call service A. Mobile Application Once the new mobile application from the EPFO website is downloaded, the members would be able to activate their UAN accounts from their mobile phones and access their accounts to view monthly credits and details available with ... Read More »

Sebi cancels Sahara’s mutual fund licence – what to do now ?

Last updated : 30th July, 2015 July 28. SEBI has cancelled Sahara’s Mutual fund licence, saying it’s not a “fit and proper person” to carry out the business of mutual fund. Sebi on Tuesday said Sahara’s fund management licence would stand cancelled after 60 days from the date of the order. It has directed Sahara AMC: not to take any new subscription from the investors including existing investors in systematic investment plans and not to levy any penalties on the investors for not depositing the installments. to transfer its activities to a new sponsor and a Sebi-approved AMC at the ... Read More »

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