EPF HOUSING SCHEME
New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024
New EPF rules: The changes include an extended facility of auto-settlement, multi-location claim settlement, faster New rule for EPF death claim. Let us take a closer at each of these four changes.
New EPF auto-settlement claim rules for medical, education, marriage, housing: How to use this facility, eligibility
EPF auto-settlement of withdrawal claims: The EPFO in a press release has announced extending the coverage of auto-settlement of withdrawal claims to marriage, housing and higher education. The auto-settlement claim was earlier available for specified medical illness only. Read on to know who can apply for these claims, documents required to apply and other details.
EPFO extends auto claim settlement facility to education, marriage and housing advance
As per the statement issued by the retirement fund body on Monday, the auto claim settlement facility will bring down the settlement time from 10 days to within three-four days. EPFO expects around 22.5 million of its subscribers to reap the benefits of this facility.
New EPF rule on auto withdrawal claims under 68J; check details
EPF withdrawals: The Employees' Provident Funds Organisation (EPFO) has increased the qualifying limit of Paragraph 68J claims for auto claims processing. EPF subscribers can apply for an advance under Paragraph 68-J of the EPF Scheme for their own and their dependents' medical expenses.
7.1% PPF interest rate or 8.2% returns from Senior Citizen Savings Scheme (SCSS): Where should someone in 20% tax bracket invest?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
The unintentional tax-saving investment that most salaried employees do
EPF as tax-saving investments: If you're a salaried employee and is/planning to opt for old tax regime for current FY 2023-24, then Employees' Provident Fund (EPF) contribution is one tax-saving investments that happens automatically. Many people forget to account the tax-benefit available under Section 80C on EPF investments while evaluating the total tax saving investments.
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What is the TDS rate for salary, dividend, interest, house rent, cash withdrawal and other transactions for FY 2024-25
Tax Deducted At Source (TDS): TDS is levied on many types of incomes like salary, house rent, virtual digital assets (VDA), etc. What is important to note here is that a correct amount of TDS should be deducted and TDS return (if applicable) is filed in time. Read here to know some TDS rates for FY 2024-25.
Top 10 ELSS tax-saving mutual funds have earned 32% return in 3 years; benefits of investing in these MFs
Investing in tax-saving ELSS mutual funds: Taxpayers can make last-minute investments under Section 80C of the Income Tax Act to avail tax benefits. ELSS, with a three-year lock-in period, offers potential for higher returns compared to other fixed-income products.
How old income tax regime can help save Rs 52,000 tax
As a first step, you should inform his company that he wants to opt for the old tax regime. Several deductions available to you will not be considered under the new regime. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Is EPF e-nomination mandatory to partially withdraw money from EPFO accounts?
The Employees' Provident Fund (EPF) Advance Form, also known as Form 31, is typically used to submit a claim for a partial withdrawal or advance from the EPF account.
Higher pension option to impact PF corpus
Under the Employees’ Provident Fund & Miscellaneous Provisions Act, both employee and employer contribute 12% of the basic wage. While the employees’ entire share of 12% goes to the provident fund corpus, employers contribute 8.33% to the Employees’ Pension Scheme while the 3.67% goes to PF.
Higher EPS pension: Is EPFO circumventing the SC order to apply for higher pension by putting impossible conditions for EPF members?
There seems to be no end to the challenges faced by the employees, who were in service on or after September 1, 2014, to ensure higher pension under EPS 95. Though EPFO has put in an online application link for employees to go for joint application with their employer however the have put in such conditions that a large number of employees may not be able to apply for higher pension.
Five tax saving investment options to get tax free returns
The last date for completing tax saving is approaching soon. If you still have not completed the tax saving exercise, then ensure that you do it before the end of the financial year, or else you might end up paying higher income tax. Here are five investment options that help you not only save income tax but also offer tax free returns.
9 tax saving investment options for FY 2022-2023
The last date to complete tax savings for current financial year is March 31, 2023. If an individual opts for old tax regime in FY 2022-23, then ensure that you have made specified investments under section 80C to save tax. Here are 9 tax saving investment options for FY 2022-23.
EPF withdrawal: How to withdraw from EPF corpus for repayment of home loan
Before retiring, you can also take money out of your EPF account for a variety of purposes. These include financing financial emergencies, a home purchase or construction, a child's wedding and education, and paying for these expenses.
Will Budget 2023 give some tax breaks under new income tax regime to make it more attractive?
The government has introduced new income tax regime from FY 2020-21. The USP of new income tax regime is it offered lower income tax rates by foregoing appoximately 70 tax exemptions and tax deductions. However, not many people have opted for this income tax regime while filing their tax return.
When does EPF withdrawal become taxable?
Though the biggest USP of the Employees' Provident Fund is its EEE tax status, however, there are certain instances when EPF can become taxable. Here is a look at those circumstances when you are required to pay tax on EPF whether at the time of making contributions or at the time of withdrawal.
Advice for millennials! Rs 5,000 invested monthly in PF can also get you your crorepati tag
Post-tax returns are an important aspect for every investment avenue. A suggestion for younger people who can afford to do so, is to buy a term insurance and health insurance early on in their career, over and above of what their employer provides.
New income tax rules and other money related changes effective from April 1, 2022
The beginning of the new financial year marks the changes in the income tax rules and others money changes. It is important to know new income tax rules to plan your money moves for the financial year. Read on to know more about these 11 money changes for FY 2022-23.
You can change your NPS fund manager: Should you opt for it?
Tax efficiency in such fund manager shifts is one of the biggest advantages of NPS. While shifting from one mutual fund to another will result in a tax incidence, switching between fund managers will be tax neutral in NPS due to its open architecture.
ITR filing: How to report excess employer contribution to EPF, NPS, retirement funds
With effect from the financial year 2020-21, the excess contributions made by the employer to EPF, NPS and retirement funds will be taxed as perquisites in the hands of an employee. The new provisions have come up with new responsibilities for the employers as they are required to calculate the income appropriately and withhold taxes on the same.
I want to build an investment corpus of Rs 1 crore in 10 years. Where should I invest?
The foundation of your portfolio should be built on the principle of asset allocation, which means holding the right mix of different asset classes.
Family finance: Money goals are within reach for this Hyderabad-based couple
After household expenses, home loan EMI, insurance premium, investments, and kids’ education, the couple is left with a surplus of Rs 24,996. Their goals include building an emergency corpus, taking a vacation, saving for children’s education and weddings, and retirement.
Treating EPF, equity investments as emergency fund? Think again!
The number one rule of your emergency fund cash is that it should be money you can easily access in a pinch. Anything that has a lock-in period does not qualify; money in your Public Provident Fund (PPF), Employee Provident Fund (EPF) or Equity Linked Saving Scheme (ELSS) cannot be part of your emergency fund.
EPFO settles 60.88 lakh COVID-19 advance claims, releases Rs 15,255 crore till Jan 31
The EPFO has settled 60.88 lakh COVID-19 withdrawal claims and disbursed Rs 15,255.95 crore to subscribers during the pandemic till January 31, 2021, Labour Minister Santosh Gangwar said in a written reply in the Lok Sabha.
5 Money and tax tasks you should complete by July 31, 2020
In the wake of novel coronavirus pandemic, the government has provided various relaxations in meeting the financial deadlines to the common man. Many of these deadlines are expiring on July 31, 2020. Here is the list of five of those financial deadlines.
How to save tax without fresh investments in FY 2019-20
A taxpayer may be having liquidity issues and as such, not be in a position to make further investments in tax saving instruments. For such taxpayers, there are certain expenditures, which are also eligible for a deduction in the financial year 2019-20.
View: EPF-linked financing, combined with a community land trust model, can complement 'housing for all'
GoI has formulated ‘Housing for all by 2022’ scheme, and set an ambitious target of building 6 crore houses.
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