public provident fund

10 Things you may not know about PPF

Corporate Law - One of the popular, preferred, and preeminent tax saving investments is PPF – Public Provident Fund. We all know about PPF. Do we know all about PPF? Let us discuss in detail about PPF in this article and understand it comprehensively and completely....

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Falling interest rates and plight of senior citizens

Corporate Law - Before the previous last RBI meet,  there was an increased expectation of rate cuts by RBI as a measure of providing impetus to the economy after a demonstration.  That RBI maintaining status quo on repo rates at 6.25% is a negative thing for most people but senior citizens in India. Citing increased liquidity available and […]...

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Investments which qualifies for deduction u/s. 80C

Corporate Law - Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

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Budget 2016: No change in existing tax treatment of PPF

Corporate Law - There is no change in the existing tax treatment of Public Provident Fund (PPF). Currently there is no monetary ceilings on the employer contribution under EPF with only ceiling being that it would be 12% of the salary of the employee member. Similarly, there is no monetary ceiling on the employer contribution under NPS, except that it wo...

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Are salaried people second class citizens of the country?

Corporate Law - So the finance Minister has ultimately decided to give level playing field in respect of pension products and has proposed withdrawal from employee provident fund balance, created with employee’s contribution made after 1st April 2016, taxable to the extent of 60% and 40% exempt. In my opinion these provisions have either been drafted i...

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Public Provident Fund (PPF) Scheme for unorganised sector

Corporate Law - Subject to the provisions contained in section 16, the Employees’ Provident Funds & Miscellaneous Provisions Act., 1952 applies to scheduled establishments employing 20 or more persons. The establishments which are not coverable statutorily could be covered on voluntary basis if a majority of the employees and employer are willing. For ...

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PPF, MIS, and other Post office Deposit Scheme to earn higher interest from 1st December, PPF limit raised to 100000

Corporate Law - The finance ministry has notified rules which will pave the way for small savings account holders to earn higher returns from December 1. Earlier this month, the government had accepted the recommendations of a panel which would help investors earn higher interest on small savings schemes.An expert panel, headed by former RBI deputy gover...

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No fixed return on PPF

Corporate Law - Ministry of Finance, Department of Economic Affairs (Budget Division)Government has vide its office memorandum No. No. 6-1/2011-NS.II (Pt.) Dated 11th November, 2011 announced increase in interest Rates on small saving schemes which includes interest rate on Public Provident Fund and other schemes. To address the issue of asset-liability...

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Proposed EET regime under Direct Tax Code (DTC)

Corporate Law - Investors in the Employee Provident Fund (EPF), Public Provident Fund (PPF) and insurance plans for retirement have a reason to worry. The Direct Tax Code (DTC), meant to replace the existing Income Tax Act, proposes to introduce the exempt-exempt-taxation (EET) regime for all retirement corpuses....

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FM likely to retain EET (exempt-exempt-tax) principle proposed in the Direct Tax Code

Corporate Law - The finance ministry is likely to retain the EET (exempt-exempt-tax) principle proposed in the Direct Tax Code on the lump sum amount a salaried taxpayer will receive from his investment in savings schemes such as the Public Provident Fund and other superannuation funds. This means while the contribution and accumulation are tax-free, wit...

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Introduction of Direct UAN allotment to any citizen at Unified Portal

No. NDC/2017/UAN/Part/2729 - (21/11/2017) - As you are aware that UAN is mandatory for filing the member contribution. Currently UAN can be generated by Employer only and the same to be generated before ECR filing of that member. Establishments with large number of new joiners every month, are facing problem in generation of UAN due to mismat...

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PPF account deemed to be closed on Resident A/c holder becoming non Resident

Notification No. G.S.R.1237(E) - (03/10/2017) - If a resident who opened an account under this scheme, subsequently becomes a non Resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident and interest with effect from that date shall be paid at the rate applica...

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Aadhaar mandatory for PPF; Existing depositors to updates by 31.12.2017

Notification No. G.S.R. 1243(E) - (29/09/2017) - Aadhaar number shall be the unique identifier for the purpose of establishing the identity of Public Provident Fund account holder. Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrollment for Aadhaar....

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Change in date of birth of employees’ Pension Fund Members

Pension I/Instruction/Guidelines/2017/8351 - (07/08/2017) - As per Head Office letters/circulars under reference, the procedure of change of date of birth has been elaborated and systematized and needs to be adhered to by the field offices. A member, having a systematically verified and linked Aadhaar with EPFO database will not be allowed to change date of ...

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Premature Closure of PPF account- clarifications

SB Order No. 07/2017 - (24/07/2017) - If a PPF account that has already completed 15 years and has subsequently been extended under the provision of para 9(3A) of the PPF Scheme is closed prematurely before the completion of the current 5 year block period, the reduction in interest rate by 1 percentage point shall be applicable from th...

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Recent Posts in "public provident fund"

Introduction of Direct UAN allotment to any citizen at Unified Portal

No. NDC/2017/UAN/Part/2729 (21/11/2017)

As you are aware that UAN is mandatory for filing the member contribution. Currently UAN can be generated by Employer only and the same to be generated before ECR filing of that member. Establishments with large number of new joiners every month, are facing problem in generation of UAN due to mismatch of input data with Aadhaar....

Read More

PPF account deemed to be closed on Resident A/c holder becoming non Resident

Notification No. G.S.R.1237(E) (03/10/2017)

If a resident who opened an account under this scheme, subsequently becomes a non Resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident and interest with effect from that date shall be paid at the rate applicable to the Post Office Saving Account up...

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Aadhaar mandatory for PPF; Existing depositors to updates by 31.12.2017

Notification No. G.S.R. 1243(E) (29/09/2017)

Aadhaar number shall be the unique identifier for the purpose of establishing the identity of Public Provident Fund account holder. Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrollment for Aadhaar....

Read More

Change in date of birth of employees’ Pension Fund Members

Pension I/Instruction/Guidelines/2017/8351 (07/08/2017)

As per Head Office letters/circulars under reference, the procedure of change of date of birth has been elaborated and systematized and needs to be adhered to by the field offices. A member, having a systematically verified and linked Aadhaar with EPFO database will not be allowed to change date of birth again....

Read More

Premature Closure of PPF account- clarifications

SB Order No. 07/2017 (24/07/2017)

If a PPF account that has already completed 15 years and has subsequently been extended under the provision of para 9(3A) of the PPF Scheme is closed prematurely before the completion of the current 5 year block period, the reduction in interest rate by 1 percentage point shall be applicable from the date of the commencement of the curren...

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EPF: Non Filing of Returns by Exempted establishments

No. C-Misc./Ex.Return/2013/Vol-II/7247 (19/07/2017)

It has been observed that all the exempted establishments have not filed the prescribed returns till In this regard, it is directed that all the RPFC/Officer In­ charges of the field offices shall ensure due filing of prescribed returns by 25.07.2017...

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Govt. notifies 7.8% interest rate for 2nd quarter on non-Govt. PF, Superannuation and Gratuity Fund

Notification No. 5(4)-B(PD)/2017 (17/07/2017)

It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st July, 2017 to 30th September, 2017, bear intere...

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10 Things you may not know about PPF

One of the popular, preferred, and preeminent tax saving investments is PPF – Public Provident Fund. We all know about PPF. Do we know all about PPF? Let us discuss in detail about PPF in this article and understand it comprehensively and completely....

Read More
Posted Under: Finance |

Falling interest rates and plight of senior citizens

Before the previous last RBI meet,  there was an increased expectation of rate cuts by RBI as a measure of providing impetus to the economy after a demonstration.  That RBI maintaining status quo on repo rates at 6.25% is a negative thing for most people but senior citizens in India. Citing increased liquidity available and […]...

Read More
Posted Under: Finance |

Demonetised notes cannot be deposited in Small Saving Schemes

F.No. 1/04/2016-NS (22/11/2016)

Subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes....

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