The Luxury Real Estate Market Will Expand in 2022: Contributing Factors?

Looking for tax saving hacks on your investments? Use these tax saving techniques via Sections 80C, 80CCD, 80CCC, and 80D.  Sections 80C, 80CCD, 80CCC, and 80D of IT Law offer deductions based on different limits. The tax saving deductions mentioned above are a type of governmental assistance that assists taxpayers in minimizing the income of an individual and tax burden for a financial year. It also encourages payers who pay taxes to conserve and invest, which helps individuals establish a future that is financially solid. Deductible eligibility is determined by a number of factors, with different criteria specified for specific aims. Tax savings or tax breaks help individuals reduce their total tax burden, and tax liability, and eventually save money on their taxes. Several individuals tried to lower their taxes by making an investment in tax-advantaged techniques. The amount of tax that can get avoided depends on the type of tax advantage claimed. Sections 80C, 80CCD, 80CCC, and 80D of…

Pradhan Mantri Shram Yogi Mandhan (PMSYM) is a social initiative launched in February 2019 by the Ministry of Labour and Employment (India) of the Government of India. Pradhan Mantri Shram Yogi Mandhan (PMSYM) is a pensions program for persons in the labor class who work in the informal economy and have a minimum age of 18 and a max age of 40. It provides qualified persons with a pension for months after they reach 60 simply by contributing modest sums each month. Read Pradhan Mantri Kisan Samman Nidhi Yojana. Highlights of Pradhan Mantri Shram Yogi Mandhan (PMSYM) Mr. Piyush Goyal inaugurated Pradhan Mantri Shram Yogi Mandhan (PMSYM) in February 2019. Pradhan Mantri Shram Yogi Mandhan (PMSYM)officially began on February 15, 2020. The workers of the unorganized/ informal sector are the type of beneficiaries that can profit from Pradhan Mantri Shram Yogi Mandhan (PMSYM). Pradhan Mantri Shram Yogi Mandhan (PMSYM) has around 42 crores of participants. The following are the contributions…

What is the Pradhan Mantri Kisan Samman Nidhi Yojana? The Pradhan Mantri Kisan Samman Nidhi Yojana is a plan initiated by the Indian government. It gives income help of as much as Rs. 6000/- annually to all marginal and small farmers. Families of land-owning farmers receive an Rs. 6000/-  cash advantage a year under the Pradhan Mantri Kisan Samman Nidhi Yojana plan. This amount will get paid Rs. 2000/- in 3 equal payments per 4 months. Also, read Saving Schemes in India. The Motive of the Pradhan Mantri Kisan Samman Nidhi Yojana? As we all know, agriculture is the backbone in the Indian economy. So, farmers are an important part of society. But, the economy has socioeconomic gaps between the urban areas with rural areas. So, farmers battle with long-term profitability. This problem has afflicted the majority of India’s people since its freedom. The state and federal governments have worked to solve this challenge. They have also introduced a variety…

So, what is the Post Office Time Deposit Scheme? India Post provides the post office time deposit as a modest savings program for Indians. Post Office Time Deposit Scheme is a savings account investment provided by India Post. This program gets intended for depositors who desire to make a one-time deposit with an FD of 5-year which is a tax advantage. With a few exceptions, it is identical to a bank fixed deposit. People can create a post office time deposit account by approaching their closest post office or by utilizing India Post’s official app or website. India Post has been in existence since 1854. It is the most globally disseminated postal network, with over 1.55 lakh offices spread over India. Majorly known for mail delivery, India Post also offers these services: Small savings schemes. Postal Life Insurance and Rural Postal Life Insurance Instant money order E-money order. Mutual funds. Services for money transfer Also read Post Office Investments –…

PPF Vs SSY: What is the difference between the two? Sukanya Samriddhi Yojana Account (SSY) and Public Provident Fund (PPF) are the safest investments. These are accessible to those desiring significant financial development with a low-risk component. So, if you wish to invest in any or both of these schemes, you would investigate and check. Financial objectives, risk tolerance, rate of interest, and versatility should all get addressed. Read SSY – Sukanya Samriddhi Yojana Benefits & Interest Rates. PPF Vs SSY PPF and SSY are solid investment options, although they differ in important ways. The Sukanya Samriddhi Yojana is a female child welfare plan. It helps to safeguard a girl child’s future. But, the PPF is a program that enables depositors to receive zero-tax interest. In India, the Public Provident Fund (PPF) plan provides a long-term investing choice. It provides high profits while also giving tax deductions to the investor. A PPF account may get created in any private or…

Small savings schemes are an excellent way to save money. They offer a good rate of interest and can be used as an alternative form of collateral for investments, bonds, and property. The following schemes are available throughout the country and are some of the most popular ones that you can consider: Post Office Time Deposit Scheme The Post Office Time Deposit Scheme (POSTD) is a small savings scheme launched by the Government of India to provide investment opportunities in the secondary market. The scheme was launched on 15th September, 2015. This scheme is popular in rural as well as remote corners of the country, where the people have limited access to other financial products or alternative investments. The Ministry of Finance sets the interest rates for this scheme based on the performance of government securities, which is generally spread across the yields of the government sector. For 2022, the rates of interest are 5.5%, 5.7%, 5.8%, and 6.7% for…

What is the UAN helpdesk for PF account holders? UAN is a 12-digit Universal Account Number that is assigned to every PF account holder at the time of joining the first job. The PF number when allocated, is used for each organization through the use of UAN. The new PF identification number that the person is associated with is his UAN in each new company of which an employee is a part. UAN can be described as a code that is used to identify several PF account IDs for an individual participant. It serves as an umbrella for multiple PF IDs assigned to individuals by various organizations. Also read UAN Registration & Activation Process Online. What exactly is UAN Helpdesk? The Employee’s Provident Fund Organization, India has a separate helpdesk online for (Universal Account Number) UAN-related issues and complaints. Users can access the helpdesk online and resolve their issues on their own or contact the executive offline. Employees can also…

A child is the most precious thing in your life, and it’s important that you take care of them. However, it can be hard to know how much money you should save for their future education, health, and insurance needs. There are many different types of child saving schemes available for parents who want to safeguard their children from financial difficulties later in life. Here are some examples: Sukanya Samriddhi Scheme The Sukanya Samriddhi Yojana is a child saving scheme specially made for girl children. It was launched by Prime Minister Narendra Modi on January 22, 2015. The objective of this scheme is to promote the financial inclusion of girls in India by incentivizing them to save money through the Sukanya Samriddhi account. The interest rate ordered by this scheme is 7.6% per annum, and the minimum and maximum investment amounts are ₹250 and ₹1.5 lakh per annum respectively. Also, the maturity period of the Sukanya Samriddhi Scheme depends on…

Wondering how to do gratuity calculation? After a certain period of service, gratuity is the payment of a lump sum to an employee. It is a reward for long-standing service. It is usually paid upon retirement, but it can be requested if you are changing jobs after a certain period (5 years). The gratuity calculation ot calculator formula works out to be a percentage of your salary. What’s the Gratuity Act? The Gratuity Act is shorthand for the Payment of Gratuity Act 1972, which was passed in   September 1972. This Act was created to give monetary benefits to employees who have served a long time for one employer. The Gratuity Act applies to all Indian industries and organizations, but certain conditions must be met to qualify for gratuity as per existing Gratuity Act rules. What are the gratuity rules? India’s gratuity rules apply to employees that are covered under the Payment of Gratuity Act 1972, as well as employees…

SIP vs PPF: Which is better for you? Did you know you can invest in mutual funds through SIPs and PPFs? SIP (Systematic Investment Plan) is a way of investing in mutual funds, where a specific amount of money is invested in mutual funds on a monthly/quarterly/annual basis. The recurring investment strategy of a SIP protects you from the downtrend of the market peak and helps to flatten the curve between the previous investment amount and the present investment amount. It is also important to note that a SIP provides a greater extent of mutual fund units than investing in one go. Whereas, Public Provident Fund or PPF is a savings scheme that is guaranteed and approved by the Indian government. It is a regulated fund, which is managed by various financial institutions of the Indian government. The returns from PPF are revised by the government every quarter. To avail of this scheme, you will need to open a bank…

If employees are not members of the Employee Provident Fund Organisation, they should fill and submit an EPF form when entering a new firm that provides the EPF Scheme (Employees Provident Fund). If employees are currently members of the Employee Provident Fund Organisation, the employers must continue to meet the employee’s PF requirements. EPF Form 11 comprises the employees’ EPF records and is required to be filled out when employees join a company. It can immediately transfer the PF account. Who Must Fill an EPF Form 11? Individuals should fill an EPF form 11 when entering a new company that is recognized under the EPF Scheme of 1952. Current members, on the other hand, should fill out this form when changing jobs because it includes all of the facts about the employees’ contributions. Additionally, this form is utilized to move your PF account to another. Features of an EPF Form 11? Objective For fresh EPF Scheme members: It is a…

EPF Form 31 is used by employees to register claims for a fractional withdrawal of money from the EPF. Employees’ Provident Fund is a savings scheme backed by the govt. that can help employed persons establish a substantial corpus to satisfy their financial obligations after retiring. Employees are expected to deposit a percentage of their basic salary (12 percent) per month to this type of PF. The employer then makes a matching contribution to this investment. The corpus for workers is generated by pooling these deposits with relevant government interest. Employees might also opt to pull from their EPF savings throughout their job tenure to pay any unexpected bills that may occur. Also, read EPF Form 11. When can you withdraw your EPF funds?  An individual can withdraw his EPF money in part or in full via EPF withdrawal Form 31 only under particular conditions. Employees are eligible for withdrawal of their whole EPF savings amount in the events listed…

Employees can download EPF Passbook online. Employee provident Fund Organisation offers an EPF passbook service online. It functions similarly to a passbook of a bank in that it records an individual’s EPF account spending. It allows one to easily see, import, and print their account statement. This online EPFO member passbook may also be accessed via the program. But, prior to installing the EPFO passbook, the UAN passbook must be unlocked. So, the EPF passbook is a database that contains a record of all contributions made to EPS and EPF accounts by the worker and the employer. The passbook details all contributions made each month. Interests earned in the account of the beneficiary are still kept in the passbook. Read EPF – Employees’ Provident Fund, EPFO Benefits & Process. Information in the EPF Passbook The company’s or employer’s name The ID of the establishment  The type and name of the EPFO office Contributions from both the employer and the employee…