I plan to opt for the new tax regime when filing my ITR for AY 2025-26. Currently, I am on the old tax regime, so the 12% of my salary to the Employee Provident Fund (EPF) will continue through the rest of the financial year. Is it correct that I cannot claim a tax exemption … Read more
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
Budget 2024 has introduced significant changes to the National Pension System (NPS), aiming to make it more attractive and beneficial for private sector employees. One of the most notable changes is the increase in the tax deduction limit on the employer’s contribution to NPS, which has been raised from 10% to 14% of the basic … 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
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
To give financial security to the service-class individuals in their post-retirement life, employers are meant to deduct a small portion of the salaries of employees, which is invested into EPF account, enabling the investment to grow at a healthy rate of interest. Currently, the rate of interest is 8.15 percent per annum. Employees provident Fund … 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 use one or more of the services given on the unified portal, then you need to visit the official website of Employees Provident Fund Organisation (EPFO) i.e., epfindia.gov.in. Navigating through the portal is quite straight-forward. Let us explain how this can be done. … Read more