Lately Employee Provident Fund Organization(EPFO) has mandated the linking of Aadhaar number for every EPF member who is also utilizing Employee Pension Scheme (EPS).
As per EPF rules, typically a employer contributes 12% of basic towards EPF. Out of the above 12%, 8.33% goes in Employee Pension Scheme subject to a maximum of Rs 1250. Thus mostly every member of EPF is also...
EPF is a primary savings tool for large number of people working in private organized sector in India. EPF accounts and EPF balance is managed by Indian Government agency called 'Employees Provident Fund Organisation (EPFO)'.
Traditionally it has been very difficult to check EPF balance because of lots of paper work and time involved. It was also difficult to ...
On March 6th 2017, PFRDA (Pension Fund Regulatory and Development Authority) in india has issued detailed instructions about transferring money from EPF to NPS.
EPF is india's primary social security scheme for private sector and at this moment has more than 6 crore members. Though EPF primarily invests in debt - thus giving interest in the order of 7 to 10%. NPS (National Pension Scheme) is ...
Over last 5-10 years in India, Income Tax payment and return filing has become easier and can be done online without much hassle. If your income tax is due (i.e., you need to pay income tax to government), you don't need to go to a bank or fill challan form. Instead you can pay income tax online in 3 easy steps.
Many of you would have already heard about the next digital payment initiative by Indian Government called BharatQR codes. BharatQR code is an QR scheme similar to PayTM QR codes which a merchant can print and put it on his/her shop and customers can pay by scanning the QR code using his/her mobile easily.
In India, QR code based payments have already proved successful due to excessive marketing of PayTM. BharatQR codes seems to be building on top of that and has a good chance for taking over the pole position from PayTM.
BharatQR supports quick and easy digital payment using Visa, Mastercard, Rupay Card and American Express. That basically includes every debit and credit card in India and hence is not tied to a specific bank or organization. Moreover due to government push, every bank mobile app will soon have an option to pay using BharatQR.
But as everybody knows, India is a price sensitive country and real success of BharatQR will depend not just on technology or its reach, but also on the charges and fee charged for BharatQR code based payments. And will they be competitive of Paytm or not?
EPFO (Employee Provident Fund Organization) has been working on simplifying the process of withdrawal from EPF (Employee Provident Fund) and EPS (Employee Pension Scheme). Earlier it has issued a new version of Form 19 & Form 10C for withdrawal and new version of Form 31 for Advance from member EPF account. But this process is now simplified even further with the introduction of new single page CCF forms.
CCF full form is Composite Claim Form and it is new simplified single page form for PF fund withdrawal or advance from EPF account. CCF Form comes under active circulation from Feb 20, 2017.
BharatQR code (or Bharat QR code) is the new scheme launched by Indian Government to simplify the process of digital payment at merchant and retail outlets.
Earlier QR code has been successfully used by PayTM to enable payments at retails or merchants. But currently Paytm does not support deducting or depositing money directly to your bank account and hence one need to operate an additional wallet account (with its associated fees for withdrawing money).
BharatQR code fixes this problem and democratizes the QR code for indian masses.
Income tax rates and slabs in India are an important aspect impacting each and every salaried person. From individual perspective, they want the tax rate as low as possible. While from government perspective, it want to increase the money collected from tax without impacting the economy.
FY 2017-18 (AY 2018-19) starts from Apr 1, 2017 and end of Mar 31, 2018. It is a crucial year from tax and budget perspective due to demonitisation impact on economy.
Below is the income tax slab and rates based on budget 2017 presented on Feb 1, 2017.
To transfer money electronically (without cash, cheque, etc.) from one bank account to another, the most common options are NEFT and IMPS apart from a lesser known option RTGS which can be used only for high valued transactions (minimum limit for RTGS is 2 lakhs).
While transferring money, most of the people are confused about IMPS vs NEFT and at last choose something at random. For the best results, it is important to understand the difference between NEFT and IMPS in detail and only then choose what is best for your need.
In early Jan 2017, EPFO (Employee Provident Fund Organization) has come up with new rule mandating the Aadhaar (Aadhar) Card linking for all EPF India members and pensioners by end of Jan 2017 with their UAN.
At this moment, there is not much clarity about the exact procedure to link the EPF UAN with Aadhdar number. For example, can members do it online themselves on UAN Member Portal or they need to compulsory go through their employers. We will update this article once the clarity emerges.
For EPF members, it is recommended to apply for Aadhar card as soon as possible if you don't have one.