The Employees Provident Fund Organisation (EPFO) has issued a circular highlighting the allotment of funds for the year 2024-25 towards welfare activities of employees. The total budget for welfare activities, reads the circular, is ₹13.10 crore — out of which ₹74.37 lakh belong to the holiday homes alone. Excluding the budget for holiday homes, the … Read more
“This tax is as high as 35%, the same as what people earning above ₹1 crore pay,” said Harsh Roongta, founder of Fee Only Investment Advisers. How so? That’s because of compulsory contributions to state insurance schemes and pension funds that are “akin to a tax” because of the difficulty in accessing the benefits or … Read more
Early retirement can indeed be a cherished goal for many individuals, despite the challenges that may accompany its pursuit. Early retirement necessitates accumulating enough savings to sustain oneself potentially for decades, demanding considerable financial discipline and sacrifices, particularly for those early in their careers. Also, medical expenses can significantly deplete retirement savings, especially in the … Read more
The other day, I took my little one to play in a nearby garden. Kids being naturally curious, he bombarded me with questions about the trees, plants, flowers, and the variety of flora we encountered. As we wandered among the blooms, his questions sparked a chain of thought in my mind. Reflecting on his inquiries, … Read more
The Central government has amended the Employees Pension Scheme (EPS), 1995 giving withdrawal benefits for employees with less than six months of service. According to a government statement on Friday, the amendment is believed to benefit more than 7 lakh EPS members who leave the scheme with less than six months of contributory service. The … Read more
Schedule AL was introduced in 2016 after the discontinuation of the wealth tax. Prakash Hegde, chartered accountant at Acer Tax & Corporate Services LLP, explains, “The government wanted a monitoring system to check if the value of a taxpayer’s assets corresponds to the income earned by them. Thus, Schedule AL was introduced.” To help taxpayers … Read more
July 31, 2024, is the deadline for submitting Income Tax Returns (ITRs) for the Assessment Year (AY) 2024–2025. Before submitting their ITRs, salaried employees wait to receive Form 16 from their employers. Pay information, Tax Deducted at Source (TDS) that the employer has deposited, and other data needed to correctly file the ITR are all … Read more
How will EPFO verify claims? To verify the accuracy of claims, the EPFO instead employs extra verification techniques. These could consist of: Online bank KYC verification: Check your bank’s or the National Payments Corporation of India’s (NPCI) KYC details directly. Verification of employers via DSC: Your bank account details can be verified by your employer … Read more
If you are an EPF (Employees Provident Fund) subscriber, and want to check your passbook or the status of your claim, you can comfortably do it online. The only prerequisite for this facility is that the members should be registered on the unified member portal. And the passbook is made available after six hours of … Read more
If you are planning to withdraw money from your EPF account, you can apply for an online claim. Prior to doing so, make sure that you have activated your Universal Account Number (UAN) and the phone number linked to UAN is functional. Besides, you should ensure that you have seeded relevant details in the EPFO database so that … Read more