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Punjab National Bank (PNB) to open Sukanya Samriddhi Account – SSA Yojana scheme

Last updated : 1st May, 2015 The Punjab National Bank has started opening Sukanya Samriddhi Scheme accounts.The scheme is available at 1,604 PNB branches across India. PNB is the first bank to do so after the scheme was formally launched in January this year. RBI sent a circular to 28 banks regarding operational guidelines of the Sukanya Samridhi scheme in March 2015, but no other bank has rolled out the scheme till now, except PNB. PNB said that the scheme will be available in 1604 branches but the did not provided the list yet. However, they provided a centralised customer ... Read More »

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

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

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

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

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. 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 »

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

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%

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 »

PPF tenure, lock-in & interest rate may be increased

Last updated : 4th February, 2015 Government may increase lock-in period to 8 years and also to offer higher interest rate for 20-year tenure The government is likely to increase the lock-in period for Public Provident Fund (PPF) to 8 years (as compared to 6 years now). The government is also likely to increase the tenure of PPF from 15 years to 20 years. While it will be up to the saver to opt for either a 15-year or a 20-year saving period, the government will look to lure people with a higher interest rate for the 20-year tenure, under ... Read More »

DDA Housing scheme 2014 – Details & Forms

Last updated : 26th November, 2014 UPDATE 25/11/2014  DDA Housing Scheme 2014 draw results are announced. Please see the link below to check if you have been allotted a flat UPDATE 5/11/2014 –   DDA Housing Scheme 2014 Draw Results :  DDA also now postponed the draw date to November 10. Once the forms are uploaded ont he website, the applicants will be given opportunity for 1-2 days to check the details & rectify it if needed. Update – Last date for DDA Housing scheme is extended to Oct 15 2014. DDA new Housing / Flat Scheme 2014 is biggest ever housing scheme ... Read More »

EPFO makes it mandatory to provide employee’s bank account numbers

Last updated : 18th September, 2014 EPFO has now made it mandatory for firms to provide their employees’ bank account numbers with IFSC code of bank branch to facilitate allotment of universal PF account number and payment to its subscribers. The Employees’ Provident Fund Organisation headquarters has asked its over 120 field offices to seek the core banking account numbers with IFSC code of bank branch for seeding the same with the portable Universal PF Account Number (UAN). “…government issued direction issue order making submission of Bank Accounts by the members mandatory in order to facilitate the allotment of ... Read More »

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