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Apr292015 by wealth18.comNo Comments

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

Taxation

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 years (Senior Citizen) upto Rs 3 Lakh NIL Rs 3 lakh - Rs 5 Lakh 10% on amount exceeding Rs 3 lakh Rs 5 lakh - 10 Lakh Rs 20000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh For Individuals aged 80 years and...

Apr292015 by wealth18.comNo Comments

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

News, Taxation

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 online. ITR-V had to be signed and printed properly so that the bar code was clearly visible. New Process Instead of manual verification, a new Electronic Verification Code has been introduced to verify the e-returns. For that ou will have to m...

Apr282015 by wealth18.comNo Comments

[How to] check PF balance via short SMS code

How to Series, News, PF

EPFO 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 should have the details like Aadhaar, PAN and bank account digitally approved and provided by the employer. How to use this new SMS facility for PF Please note that you can only use this facility, if you have PF UAN.It you dont have...

Apr282015 by wealth18.comNo Comments

UAN may be made mandatory for PF subscribers

News, PF

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. EPFO has directed its officers to proatively approach all establishments, particularly those with more than 50 UAN members for activation of UAN. The EPFO had issued over four crore UANs to employers across the country in July last ...

Apr262015 by wealth18.comNo Comments

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

News, PF, Taxation

Update - May 2016 - No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1 2016. https://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 (tax deducted at source) of 10%. Changes Proposed (new Section 192A is proposed under Income Tax Act) TDS will be deducted if the withdrawal is more than Rs.30,000. If the PAN is updated, T...

Apr252015 by wealth18.comNo Comments

New TDS rules on fixed deposit interest (Budget 2015)

Taxation

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 budget proposes to make this limit for tax deduction applicable in respect of deposits with ALL the branches taken together in case the bank or the Company has core banking solution. So now you cannot escape the TDS even if you open your bank fixed deposits with different ...

Apr232015 by wealth18.comNo Comments

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

News, PF

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 incremental deposits for 2014-15 would be around Rs 80,000 crore which means that EPFO will invest approx Rs 5000 crore in stock markets during this fiscal in the form of ETFs. During the current fiscal, the incremental deposits could be around Rs...

Apr12015 by wealth18.comNo Comments

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

News

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 pursuance of that decision, the government has decided to revise the rates applicable on various small savings schemes, it said. Sukanya Samriddhi Account Scheme, the scheme to promote savings for girl child. Accounts in name of girl child c...

Mar272015 by wealth18.comNo Comments

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

Bonds

RBI has issued a circular on 11th March 2015 to start opening the Sukanya Samriddhi Account as per Government notification. https://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 - List of 28 banks to open this Account Sukanya Samriddhi Account - Features & Review Sukanya ...

Mar272015 by wealth18.comNo Comments

Sukanya Samriddhi Yojna – List of 28 banks to open this Account

PF

In this post, I am providing the list of banks where you can open the Sukanya Samriddhi account. In March 2015, RBI sent notification to 28 banks regaring opening account under Sukanya Samriddhi Scheme Yojna. In my previous post, I explained the features of Sukanya Samriddhi Account. Read full details and review of this scheme Also see Maturity value amount & calculator - See details Below is the List of Banks where you can open the Sukanya Samriddhi account State Bank of India Axis Bank Ltd. ICICI Bank Ltd. IDBI Bank Ltd. Allahabad Bank Bank of Baroda Canara Bank Punjab National Bank State Bank of Patiala State Bank of Bikaner & Jaipur State Bank of Travancore State Bank of Hyderabad State Bank of Mysore Andhra Bank Bank of India Punjab & Sind Bank Bank o...