The Indian Real Estate Market is Attracting Foreign Investors - What Are You Missing Out?

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…

The Employees’ Provident Funds and Miscellaneous Provisions Act of 1952 requires a worker to pay a set compensation payment to the PF account, and an employer must contribute an equivalent amount. Withdrawals under this program need to complete several forms, one of which is PF Form 19. Read EPF Withdrawal: How to Fill PF Form & Get Claim Online. PF Form 19 Is? Whenever a subscriber wishes to finalize his PF account, PF Form 19 must be completed. This only applies to workers without a UAN or Universal Account Number. So, it is possible to fill even if one does not possess a Universal Account Number, and an employee will only have to provide his PF account number. PF Form 19  will be utilized to request a settlement that is final of the PF account or to withdraw pension payments. A variety of PF Forms are accessible, each having a particular function. To achieve the intended result, these forms must…

The National Pension Scheme Tier-1 Account represents the most fundamental type of pension fund account provided by GOI.  The govt plan aims to meet the retirement demands of private and public sector workers. To provide a framework for the use of NPS, the govt has divided it into two separate tiers: Tier 1 & Tier 2. The National Pension Program (NPS) is a national pension scheme that attempts to meet employees’ retirement needs in private and public industries. Read NPS Vs PPF: Comparison, Return Rates & Which is Better. Tier 1 NPS Account Aspects The following are a few major features of the Tier 1 NPS Account that distinguish it from the NPS Tier 2 account. Tier 1 NPS Account constitutes the most fundamental type of pension account. Early withdrawals from the Tier 1 NPS Account are permitted, but only like reimbursable advances and only after the investor has served for fifteen years. These withdrawals are permitted only in an…

As all Employee Provident Fund activities are being done online, the UAN, or Universal Account Number, is now the only ticket to operating the online EPF platform. With the advent of UAN, activities such as PF withdrawal, monitoring PF balance, applying for loans against PF, and so on have become much easier and more accessible to individuals. Furthermore, the UAN stays constant and transferable across an employee’s career. Employees must have membership IDs, that are eventually connected to the employee’s UAN, even if they change employers. Given the gravity of the situation, you must not lose your UAN and passwords. But, if you continue to lose or forget your UAN Password, follow the instructions below to generate it. Read EPF – Employees’ Provident Fund, EPFO Benefits & Process. But what if you forget your UAN Password? To restore or modify your UAN password, abide by the rules below: Open the EPF online portal. On the webpage, on the right-hand side,…

The National Securities Depository Limited Central Record Keeping Agency or NSDL CRA (NPS Customer Care) may be reached @ (022) 2499 3499. One can also lodge any complaint electronically with the NSDL CRA’s Central Grievance Management System (CGMS) or with Karvy CRA. In the NPS, NSDL and Karvy are Central Recordkeeping Agencies (CRAs). NSDL’s location is 1st Floor, Times Tower, kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 and Fax Number: (022) 2495 2594/ 2499 4974. The details for NPS grievance escalation are shown below. If one is dissatisfied with the settlement offered by NSDL/Karvy, one may submit a complaint directly to the watchdog, the Pension Funds Development and Regulatory Authority (PFRDA). Do not miss NPS Vs PPF: Comparison, Return Rates & Which is Better. NPS Grievances Escalation Level Level I Escalation  Official’s Name Mr. Chandrashekhar Warange Details For Contact  Tel Number: 022 24993499 Email: gro@nsdl.co.in Position Grievance Redressal Officer (GRO) Level II Escalation Official’s Name…

The gold saving scheme is? Do you want to find the greatest monthly savings plan with jewelers? A large number of individuals participate in gold-saving plans given by fine jewelry in India. People are particularly interested in these schemes since gold is a valuable metal and a part of our culture. Gold-saving schemes from your jeweler are helpful when you wish to acquire gold for a special occasion, such as anniversaries or weddings. Schemes like these let you receive a discount on the manufacturing charges from specific jewelers. Individual schemes must be examined to determine if they are appropriate for you. A jeweler’s gold deposit or savings program is a system in which you park your gold with the jeweler and earn more gold at the end of the year. Jewelers may also provide a monthly amount of payment and return your gold at the end of the period. The primary goal of this strategy is to mobilize gold, supply…

Ugh, taxes, taxes, taxes. Isn’t it a burden? Let us not be afraid to say that none of us enjoy the word “tax.” Let alone paying for it. But did you know that you may reduce your tax burden? One can reduce one’s tax load by participating in tax-saving programs or tax-saving schemes offered by the government and private organizations. Investment in these tax-saving schemes will enable you to become qualified for tax breaks and exemptions under several sections of the Income Tax Act. Income taxes in India can be decreased slightly by investing wisely in tax-saving initiatives. There are several options to minimize an individual’s tax liability by properly utilizing the various schemes. Sections of the Income Tax Act of 1961 dealing with tax exemptions and deductions include Sections 80C, 80D, 80CCF, and others. Both government and private-sector groups provide a variety of tax-saving opportunities to Indian citizens. IT Saving Schemes Income tax savings plans and schemes are available…

The UMANG App is a mobile application that can help you with your governmental service needs. It enables you to browse and avail yourself of a variety of government services from various departments of state and local government from your smartphone while you are on the go. To use UMANG, you have to: Download the application from Google Play Store or Apple App Store. Install the app on your mobile phone. Open the application and start using it. For Apple users, the application can be downloaded from the Apple Store. Android users can download the Umang app from the Google Play Store using their Android phones or tablet. Windows users can download Umang App from the Microsoft store by using their windows based mobile phones/tablets. If you have not installed the store, go to your Android or iOS phone and search for the “UMANG App.” You will be able to see the app name on your screen. If you don’t…