EPF account: Understanding the tax regulations concerning the Employees’ Provident Fund (EPF) can be challenging due to their complexity. It is crucial to have a grasp of these rules to effectively manage your savings and retirement planning. It is important to comprehend the tax implications of EPF withdrawals to prevent any unforeseen tax liabilities. Withdrawals … Read more
The Employees’ Provident Fund Organisation (EPFO) has recently increased the existing eligibility limit of auto claim settlements under Paragraph 68J to Rs 1 lakh from Rs 50,000 before this. The Paragraph 68J allows an EPF contributor to apply for an advance for self and dependents’ medical expenses. EPFO members are permitted to seek an advance … Read more
The common perception is that individuals earning up to Rs 15 lakh annually cannot completely save on taxes. However, if planned wisely, one can pay zero tax even with a yearly income of Rs 15 lakh. In this article, we look at how to achieve that. Firstly, by utilising the basic exemption limit offered by … Read more
The Employees Provident Fund (EPF) investment is a retirement savings scheme. However, its contributions offer several tax benefits, making it an effective tool for saving on taxes. Contributing a portion of your salary to the EPF account every month allows you to enjoy multiple tax benefits and ensure a financially secure future. Investing in EPF … Read more
It is the start of the new financial year from April 1. Since last year, it is mandatory to choose the appropriate tax regime that suits a particular investor. Most taxpayers, especially those with high income or those having several tax-saving investments, prefer the Old Tax Regime. Should you have chosen to adhere to the … Read more
It is that time of the year when you will be asked to submit investment proof so that your workplace can deduct tax before the end of the fiscal on March 31, 2024. On one hand, the Income Tax department deducts tax, but at the same time, it promotes savings and investments among taxpayers. It … Read more
The Employees’ Provident Fund Organisation is considering enhancing its equity exposure and reinvesting redemption proceeds from its investments in exchange-traded funds back in equity or related instruments, people familiar with the move told ET. The retirement fund body will soon approach the finance ministry to seek its clearance for investing the proceeds from ETFs in … Read more
The EPF rate for 2021-22 was declared at 8.1%, the lowest level since 1977-78, in March 2022 and was approved by the Finance Ministry in June. File | Photo Credit: The Hindu Nearly two years after the Budget 2021-22 introduced a tax on annual Employees’ Provident Fund (EPF) contributions of over ₹2.5 lakh, implementation challenges continue to … Read more
New Delhi: India could throw open its key social security scheme — the Employees’ Provident Fund to individuals, a top government official told ET. The move is expected to help the government expand social security coverage to more than 90% of workers not falling under any social security scheme at present. Lawyers, doctors, chartered accountants … Read more