Month: April 2018

GST alert: Soon, cashbacks to businesses, price benefit to customers; details here

GST alert: Soon, cashbacks to businesses, price benefit to customers; details here

Buzz
The government is working on a proposal to incentivise digital transactions by providing cashbacks to businesses and price benefits to consumers, a source said. As per the proposal being worked out by the Revenue Department, consumers paying through the digital mode would be offered a discount over the maximum retail price (MRP). The discount would be capped at Rs 100. Businesses, on the other hand, could get a cashback based on the quantum of turnover through the digital mode. The proposals to encourage digital transactions are likely to be placed before the GST Council, chaired by Finance Minister Arun Jaitley and comprising state ministers, on May 4. According to the source, the issue of providing incentive for digital transaction was discussed at a meeting held in the Prime Minister
Allotted two UAN numbers -How to merge or deactivate EPF UAN?

Allotted two UAN numbers -How to merge or deactivate EPF UAN?

Buzz
It is common that employees end up with having two UAN numbers. UAN is the unique number. Hence, having two UAN numbers or more than two is not allowed. How to merge or deactivate such multiple EPF UAN numbers? # EPF launched a SINGLE form for EPF Withdrawal, EPF Advance withdrawal and EPS claim, where you can withdraw EPF without EMPLOYER SIGNATURE. Refer my latest post on the same at “EPF Composite Claim Form -Single form to withdraw EPF without employer“. # EPF UAN Unified Portal-Now you can download EPF Passbook/UAN Card in a single portal instantly. Also, you can change your email and mobile number linked to your UAN. Refer the complete details at “How to download EPF Passbook and UAN Card online instantly?“. What is EPF UAN number? EPF Universal Account Number or EPF UAN is a
PPF and NSC for NRIs – Amendment Rules 2018

PPF and NSC for NRIs – Amendment Rules 2018

Buzz
Recently Government Of India changes the rules in relation to PPF and NSC for NRIs. Let us see the new amendment rules of 2018. NOTE:- GREAT SUCCESS TO ALL THOSE WHO FOUGHT AND BRING IT TO THE NOTICE OF GOVERNMENT, NOW THIS NEW CHANGE KEPT IN FOR ABEYANCE (Refer the latest notification).   PPF and NSC for NRIs -Rules before Amendment To give you the better understanding of current changes, let me give you in detail the existing rules of PPF and NSC for NRIs. This will clear you the changed rules. PPF for NRIs As of now, NRIs were not allowed to open the account. However, if they already opened the account when they are resident Indians, then they can continue the account till maturity. Do remember that they also can’t extend the account for the block of 5 years.
EPF withdrawal for house, flat or construction of property

EPF withdrawal for house, flat or construction of property

Buzz
EPF changed certain rules in relation to EPF withdrawal for house, flat or construction of property. These rules will come into effect from 12th April 2017. These changes are called as Provident Funds (Fourth Amendment) Scheme, 2017. I already wrote a detailed post on EPF partial withdrawal rules. Now the new paragraph is inserted along with those changes as 68BD. This paragraph will now supersede of whatever written in earlier rules. Let us see these new rules related to EPF withdrawal for house, flat or construction of property. If you are planning to acquire or construct a house or flat or a site, then you can apply for EPF withdrawal for house, flat or construction of property. The two conditions are as below. # If you are interested in purchasing or constructing the house or flat
How to link Aadhaar to EPF Online without login?

How to link Aadhaar to EPF Online without login?

Buzz
Earlier I explained you about how to link Aadhaar to EPF online or offline. However, today EPFO launched a dedicated link on EPFO portal to link online without login. I already wrote a detailed post on “How to link Aadhaar to EPF using online and offline?“. However, today EPFO launched a new facility, where you can link Aadhaar to EPF online without login. Note:-If your details of UAN not matching with Aadhaar details like name, gender and date of birth, then you can update the UAN details online. Refer my latest post for the same “EPF UAN name, gender and date of birth correction – Online procedure“. Why have we to link Aadhaar to EPF? # Aadhaar is one of the important KYC document which contains details like your name, date of birth and address details along with your photo
Indian Railways Offers 100% Concession On Ticket Prices. Details Here

Indian Railways Offers 100% Concession On Ticket Prices. Details Here

Buzz
Indian Railways offer concessions on ticket prices to different categories and the quantum of these concession ranges from 25 per cent to 100 per cent. According to Indian Railways portal-indianrail.gov.in, there are some general rules which the passenger must know in order to avail the concession. Indian Railway Catering and Tourism Corporation (IRCTC), the online ticket booking portal currently only offers concession on senior citizen tickets. Other concession tickets can be availed at the Passenger Reservation System (PRS) counters at any Indian Railways reservation office, said IRCTC. Children below 12 years need to pay only 50 per cent fare, as for normal tickets. Here's a list of concessions given by Indian Railways on ticket prices as mentioned on the portal: Disable...
Vehicles to come fitted with tamper-proof registration plates

Vehicles to come fitted with tamper-proof registration plates

Buzz
Come January 1, 2019, and all motor vehicles will come fitted with tamper-proof high security registration plates (HSRP) with several security features.The development assumes significance because even after over a decade of the government making HSRP mandatory, it is yet to be implemented in many states."The security licence plate including third registration mark, wherever necessary, shall be supplied by vehicle manufacturers along with all the vehicles manufactured on or after 1st day of January, 2019, and their dealers will place a mark of registration on such plates and affix them on the automobiles," Ministry of Road Transport and Highways said in a draft notification.It also said that dealers of vehicle manufacturers may also affix such plates, supplied by the vehicle manufacturer...
EPF Account Withdrawal, Other Claims: EPFO Announces New Rules

EPF Account Withdrawal, Other Claims: EPFO Announces New Rules

Buzz
EPF or employee provident fund withdrawal claims above Rs. 10 lakh don't have to be filed online. Retirement fund body EPFO or Employees' Provident Fund Organisation has recently revised some of its rules related to provident fund claims. The EPFO has nearly six crore subscribers and manages a corpus of about Rs. 10 lakh crore. In a circular dated April 13, EPFO said offline claims will also be accepted in all cases. EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawals. EPF Withdrawal - New Rules "In case the amount of claim settlement is above Rs. 10 lacs for PF claims and Rs. 5 lacs in respect of EPS withdrawal claims, the claim form must be accepted through online mode only," the retirement fund body said in a circular in Febr
Income Tax Department Warns Salaried Class Against Filing Wrong Returns

Income Tax Department Warns Salaried Class Against Filing Wrong Returns

Buzz
NEW DELHI:  The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or "inflating" deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them. The Central Processing Centre (CPC) of the department in Bengaluru, that receives and processes the Income Tax Returns (ITRs), has issued an advisory specifying such taxpayers should not "fall prey" to unscrupulous tax advisors or planners who help them in preparing wrong claims to get tax benefits. Calling it a "cautionary advisory" on reports of tax evasion by under-reporting of income or inflating deductions or exemptions by salaried taxpayers, the department said such attempts "ai
Five Investment Schemes That Can Make You Money, Offer Security

Five Investment Schemes That Can Make You Money, Offer Security

Buzz
Financial planning can be a confusing. Various investment schemes have different features and interest rates. Investing money in stocks is risky, real estate prices are down, gold is attractive but only with a long-term perspective - while choosing a suitable investment option, an investor goes through such kinds of thoughts. Making a strong portfolio also requires an investor to diversify it for maximum returns. Putting all your money in one investment scheme or asset class is not wise, financial experts often say. Thus, diversifying your portfolio is important. NDTV here lists out five key investment schemes. (Please note that the schemes have not been selected according to any order or preference. You should make your own investment decisions.) Employee Provident Fund (EPF) A s