For PF withdrawals done before 5 years of continuous service, EPFO cuts a tds of 10% and you are required to pay remaining taxes on the EPF amount according to the tax bracket you fall into. For eg. if you come into 30 % tax slab, then you need to pay the remaining 20% (after tds cut of 10%) while filing the income tax return. However, if the total PF amount withdrawn is less than Rs 50000, then ...
TDS (Tax collected at Source) is a method to collect income tax on the origin / source of income. TDS is used by Indian government to ensure that tax is being paid by people as they earn instead of end of year. TDS also makes it difficult for people/businesses to hide their income and associated tax. AY 2017-18 (FY 2016-17) refers to the period starting on Apr 1, 2016 and ending on Mar 31, 2017.
As per income tax rules, TDS on Commission / Brokerage need to be deducted whenever a payment is made by way of commission or brokerage. This article explains the TDS on commission for AY 2017-18.
Income tax is a crucial part of every working professional and businessman and affect their life and livelihood in multiple ways. In today's times it is important to have working knowledge of intricacies of Income tax rules and regulations, otherwise you end up losing your hard earned money.
There has been news and reports that government of India is planning to make Aaadhar card mandatory for Income tax efiling staring Finance Year 2016-17 (AY 2017-18).
As people are aware, government is trying to increase the financial tracking following demonitisation on Nov 2016 and use that as a tool to prevent black economy. Earlier Aadhaar number was also made mandatory for EPS portion of EPF.
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.
EPFO (Employee Provident Fund Organization) manages the India's primary social sector scheme called EPF. As part of EPF (Employee Provident Fund) management process, the employers / companies need to regularly file ECR return, create Challan, and pay the EPF amount collected for the employees.
Lately EPFO has been working on optimizing its digital footprint and it now allows EPF Online payment ...
EPF (Employee Provident Fund) is India's main social security scheme and is managed by EPFO. It has more than 4 crore members and a portion of their salary is deposited into their EPF account monthly. This article provide details on how to check EPF status online including the balance status or claim status if the member has filed for an EPF claim.
Once you bought an insurance policy provided by LIC (Life insurance corporation of India). it is important to track your policy status and pay your premium on time. There have been many people who have to let go of their policy benefits as they have missed paying one or other lic premiums on-time. Even if you have paid your lic premium to an lic agent or merchant, it is important to track your lic premium payment status to ensure that premium has been successfully deposited to LIC.
Now-a-days there are multiple method to check your LIC premium payment status and LIC policy status. Though, our recommendation is to make LIC online payment of premium, so that there is no confusion at all.
LIC (Life insurance corporation of India) is India's premier insurance provider and has wide coverage across the length and breadth of India. Since its inception, LIC has supported a large number of merchants and agents who aid the registration and premium collection. LIC is the biggest insurance provider in India and its asset value is approximately ₹2,009,119 crore as of 2016.
LIC (Life Insurance Corporation of India) is India's biggest insurance provider, providing services to more than a crore of people covered. LIC is a public company owned by Govt of India and have wide coverage across India. Over last few years, LIC has been having a decent number of online services that allow you to register for a new policy, pay your premium online etc. Even though quality of the lic site remains sub optimal, it provides useful services to crores of people having LIC policies. This article covers details on how to do LIC login, registration, and avail online services offered by LIC.