Govt. in its budget has proposed TDS @ 10% on EPF withdrawals before the completion of 5 years. EPF is a long term investment. To discourage withdrawal from EPF account (except in cases of termination due to ill health, closure of business, death, etc.), TDS has been proposed @ 10%. However, it has also been…
DetailsKisan Vikas Patra (KVP) is an investment scheme which was first launched by Govt. of India in 1988. Its objective is to encourage small savings for longer period. A person having even INR 1,000/- can invest in KVP. Its features are: KVP can be purchased in the denomination of INR 1000, 5000, 10000 and 50000.…
DetailsFollowing banks are authorized to open Sukanya Samriddhi Account as on date: Allahabad Bank Andhra Bank Bank of Baroda Bank of India Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Punjab National Bank State Bank of India UCO Bank United Bank Besides the above, Post Offices are also authorized…
DetailsSukanya Samriddhi Account has been launched by Govt. of India this year in January. This scheme is for minor girl child upto the age of 10 years. It has very attractive features. You can read through the features in my previous post – Sukanya Samriddhi Account – Features. But just now I noticed one think…
DetailsLast year in Nov-14, I was thinking of taking a Pension Fund for my retirement. National Pension Scheme (NPS), a Govt. pension scheme, I had heard a lot about it. It is just I heard about NPS and heard that it is an Govt. Scheme. I searched about it on google, I found something very…
DetailsCorporate Tax rates to be reduced from 30% to 25% over the next four years. This will be done in phases. Exemption to be reduced for corporates in phases with the reduction in corporate tax rate. Concealment of income and assets related to foreign assets to be criminal act and will be subject to imprisonment…
DetailsAccidental Insurance of INR 2 lacs at the premium of INR 1 per month from Jan Dhan Yojna Bank account Post Office to be used for Jan Dhan Yojna. Linking of Post Office to the Bank. Atal Pension Yojna for pension system. Welfare Fund for Senior Citizen Universal Social Security System to be set up.…
DetailsFollowing are the dark side of such a good Sukanya Samriddhi Account Scheme: High Lock-in Period – This Scheme has very long lock-in period of 21 years. When it is compared to PPF, it does not look attractive. In PPF, lock in period is 15 years as on date. Variable Interest Rate – Interest rate…
DetailsOn Withdrawal, less than 100% amount is received You might be thinking that you will get 100% of PF amount on withdrawal. But this is not the case. On withdrawal before completion of 10 years, you will get 100% of EPF but in case of EPS, you might not get 100%. Amount of EPS on…
DetailsLike EPF, in ESI scheme, both employees and employer need to contribute. Employees’ Contribution = 1.75% of their wagesEmployer Contribution = 4.75% of employees’ wages Here, wages include both salary and wages and it is taken as Gross. Maximum limit for Gross Salary/ wages is INR 15,000/-.It means those who are earning more than INR…
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