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Jun242015 by wealth18.comNo Comments

Government proposes income tax benefits for debit/credit card payments

News

Government has come out with the proposal to provide income tax benefits for payments made through debit or credit cards. This will encourage electronic transactions and reduce the black money transactions. Government is also proposing No Transaction charges on card payments at petrol pumps, gas agencies and railway tickets mandatory for all transactions above Rs 1 lakh to only be conducted electronically. Encouraging shopkeepers - The government is also looking at encouraging shopkeepers and traders to accept electronic payments rather than cash. The draft said that appropriate tax rebate can be extended to a merchant if at least say 50% value of the transaction is through electronic means. Alternatively, 1-2% reduction in value added tax could be considered on all electronic trans...

May12015 by wealth18.comNo Comments

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

Featured, News

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 care number from where you can get the address of the branch nearest to your place. The PNB customer care number for Sukanya Yojna Account is 011-25744370. PNB website link for Sukanya Samriddhi Yojana Account. You can see the "Sukanya Samriddhi...

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...

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...

Feb42015 by wealth18.comNo Comments

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

News

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 Section 80C," So, if the investor is willing to invest in PPF for 20 years, the subsequent tax benefit will be higher. Reported by ET Now.

Nov252014 by wealth18.comNo Comments

DDA Housing scheme 2014 – Details & Forms

News

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 https://dda.org.in/ddanew/Hosing_Scheme2014.aspx 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 by DDA with over 25000 flats on offer. The Delhi Development Authority's (DDA) 2014 housing scheme kicked off on Monday 01-Sep-2014. Here are the important things you must know about the scheme: Who can Apply i...