Indian Income Tax Rules Favour REIT Investors To Earn High Profits

Fill out Form 15G to declare that no tax deduction at source (tax deduction) is made from your interest income for the year if you have a fixed deposit (individuals under 60 and HUFs). Banks are required by the income tax regulations to deduct tax at source (TDS) from any interest payments made on fixed deposits, regular deposits, etc. There is an Rs. cap on it. Each fiscal year, it exceeds 10,000 rupees. EPF form 15G for PF submissions can now be made through the EPFO Unified Portal. Members of the EPF are now able to withdraw their PF online. TDS can also be avoided, which is a significant advantage. When is the TDS applicable? If an employee has less than five years of service and wants to withdraw EPF money that is greater than or equal to Rs. 50 000. 1.) When an employee is able to submit his or her PAN card (but the 15G form for EPF/15H…

How to withdraw PF money from unclaimed EPF account online? Employees who have unclaimed balances in their Provident Fund (PF) account have the option of either withdrawing or transferring the funds to their current employer. This can be a great way for them to access money they have saved throughout their working years, but it is important to note that withdrawals made before the end of the five-year period are considered taxable income. This can have a significant impact on an employee’s overall financial situation, and it’s important for them to be aware of this before making a decision. The Employees Provident Fund (EPF) is a government-managed program that is designed to provide financial security for employees in India. However, despite the government’s efforts to simplify the process of accessing PF accounts, the EPF still holds a significant amount of dormant accounts, totaling 27,000 crores. This can cause financial difficulties for many individuals who are unable to access their funds,…

National Pension Scheme Tier 2 is a long-term investment scheme offered by the Government of India. It is a voluntary savings scheme where an individual can save for his/her retirement. The scheme is open to all citizens of India who are above the age of 18 years. The scheme has a lock-in period of 5 years, after which the account can be withdrawn. The scheme offers various benefits such as tax benefits, flexibility in investment and withdrawal, and a government guarantee. Tier 2 accounts can be opened with any of the authorized banks and financial institutions. The account can be opened with a minimum balance of Rs.500. The account can be opened online, offline, or through the Point of Sale (PoS) terminal. What is a National Pension Scheme Tier 2 Account? A National Pension Scheme Tier 2 account is a retirement savings account that offers you the flexibility to make partial withdrawals and deposits. This account is ideal for those…

National Savings Certificate (NSC) is a government-backed savings product available in India. NSC interest rates are determined by the government, and they offer a fixed rate of return over the life of the investment. The current interest rate for NSC is 6.8% per year. NSC interest rates are subject to change, but they have remained relatively stable over the past few years. In 2023, the interest rate is scheduled to increase to 6.8% per year. This will be the first interest rate increase since 2016, when the interest rate was increased from 7.6% to 7.9%. NSCs are a popular savings option for Indian citizens, as they offer a guaranteed rate of return and are backed by the government. If you are looking for a safe and secure investment option, NSCs may be a good option for you. Also, read NSC – National Savings Certificate. How the interest rates on National Savings Certificates have changed over time? If you’re looking for…

The post office tax savings schemes are a government-sponsored investment plan in India. Under the schemes, investors can save taxes by investing in specific post office savings instruments. The schemes are currently available in all post offices across the country. The schemes offer several benefits to investors, including tax exemption on the invested amount, interest income, and capital gains. Investors can choose from a variety of post office saving instruments, including fixed deposits, National Savings Certificates, and Public Provident Funds. The post office tax saving scheme is a great way to save taxes and grow your money. If you are looking for a safe and secure investment option, this scheme is worth considering. Also read Post Office Time Deposit. What are the Post Office Tax Saving Schemes in India? The post office tax saving schemes are a long-term investment plan offered by the Indian government. Under it, you can invest in various post office saving schemes and get income tax…

What is EPF Form 5? EPF Form 5 is for First-Time Employee Registration. Each month, employers fill out EPF Form 5 with information on fresh hires from the previous month. These fresh hires qualify for the services of EPF.  Employee Provident Fund Organization applies to all companies in the organized sector industry with 20 and more workers. These companies must offer EPF facilities to qualified employees as well as deposit to their EDLI, EPS, and EPF. Each month, they must notify EPFO of new recruits entitled to EPF offerings by completing Form 5 and sending the form to the EPF Commissioner in their region. EPF Form 5 Details Objective Submitting information on a new EPFO member in a specific month Website https://epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form5.pdf Qualifying criteria Employee Provident Fund Organization’s authority should extend to the employers. Is it necessary? Yes. Who is required to fill out EPF Form 5? Employers. Time for filling out EPF Form 5? Each month. Submitting the details…

Wondering how to Open NPS Account Online? But, firstly what is NPS? The National Pension System (NPS) is a social security scheme that may be accessed online. PFRDA  has control over NPS. Its goal is to provide financial rewards via pension after retirement. The federal government created NPS in 2014. NPS is a scheme that is based on contributions that provide retirees with returns that are linked to the market. Also read NPS Vs PPF: Comparison, Return Rates & Which is Better. How to Open NPS Account Online? An NPS account can be opened in 2 ways: Through the BankBazaar portal Through the NPS portal Also, read NPS Customer Cares Support Toll-Free and Contact Numbers. How to Open NPS Account Online: Through the BankBazaar portal Step 1: Go to https://www.bankbazaar.com/nps-signup.html on the BankBazaar portal. Step 2: Select ‘Investments’. Next, select ‘National Pension Scheme’. Step 3: You’ll be sent to a fresh webpage. Step 4: Click the ‘Create new account’ button.…

LIC Jeevan Anand Vs PPF: What are the Differences? As can be seen, there are several sorts of investment routes, each with its own set of features and risk and return levels.  Investments linked to the markets are those invested in the markets. They provide returns that are not guaranteed. Fixed-income investments do not participate in the market and ensure returns that are guaranteed. These are typically preferred by those who are averse to market volatility, and if these avenues provide tax breaks. Section 80C of the 1961 Act provides several potential investment possibilities with tax advantages. The LIC Jeevan Anand and PPF plans are the most prominent options under Sec 80C. These plans have certain commonalities and distinctions that you should be aware of before investing. So, let us investigate LIC Jeevan Anand Vs PPF differences. LIC Jeevan Anand Is? LIC Jeevan Anand is a well-known life insurance product firm that provides a variety of insurance options. LIC Jeevan…

PPF Online payment modes? Want to know how to do that? Yes, you can pay PPF online. PPF is a tried-and-true investing option for a huge segment of Indian residents. You might be accustomed to making a PPF payment in person, there are various methods for paying PPF contributions online too. The process of how to pay PPF online is not too complicated. Thus, allowing you to easily manage your investments with no problems. The Indian government fully supports the PPF plan, and there are zero dangers related to it. Presently, the PPF interest rate is 8 percent annually. The payments paid for the plan, as well as the interest produced from it, are totally tax deductible by Section 80C of the 1961 Act. Read PPF Interest Rates for FY 2022-23 (October-December). PPF online payment: How to do it? Wondering how to PPF online? Prior to understanding further how to pay your PPF online, you need first understand the different…

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…