EPF

Retirement Planning: How to achieve early retirement bliss? A step-by-step guide

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Retirement Planning: How to achieve early retirement bliss? A step-by-step guide

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

Retirement Planning: What plants should you grow in your savings orchard?

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Retirement Planning: What plants should you grow in your savings orchard?

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

Here’s how to accurately declare assets in Schedule AL of your ITR

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Here's how to accurately declare assets in Schedule AL of your ITR

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

Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?

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Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?

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

New EPF Rules: EPFO updates policy on cheque leaf and bank passbook uploads. Details here

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New EPF Rules: EPFO updates policy on cheque leaf and bank passbook uploads. Details here

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

EPF: These are the services subscribers can avail on the unified member portal

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EPF: These are the services subscribers can avail on the unified member portal

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

EPF claims: Provident fund body rejigs multi-location claim settlement arrangement; details here

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EPF claims: Provident fund body rejigs multi-location claim settlement arrangement; details here

To facilitate multi-location claim settlement within the prescribed time limits, Employees Provident Fund Organisation (EPFO) has come up with an arrangement wherein 19 regional offices are linked to 36 collaborating regional offices. The EPFO stated in a circular dated May 8, 2024 that the periodicity in offices across the country was discussed and deliberated in … Read more