Provident Funds is one of the most loosely defined terms used by the taxpayer. At the macro level, except PPF, rest all types of provident funds are perceived as one and the same only. There are no efforts to educate the readers regarding the same. The tax treatment of different types of provident funds is different. For an investor/employee, the understanding of the types of provident funds is critical and important. Last week, one of my readers posted a query on withdrawal of provident fund. He worked in an organization from 1993 till 2013 as a blue-collar employee. He had to leave the ... Read More
How to Withdraw Money from Inactive EPFO a/c
Do you know that Rs 26497 Cr is lying unclaimed in Inactive EPFO a/c's. As per rough estimate Rs 22000 is lying unclaimed in PPF (Public Provided Fund) a/c's. In short, out of total unclaimed wealth of Rs 64000 Cr, approx Rs 48497 Cr is contributed by "Savings for Retirement Planning" which is 3/4th of unclaimed wealth. EPFO has addressed this issue by launching UAN (Universal Account No) last year so that it is convenient for members to transfer EPF account in case of job change. It is quite unfortunate that we keep accumulating hard earned money during years of service but it is lying ... Read More
7 Benefits of Sukanya Samriddhi Account
Sukanya Samriddhi Account is another welcome step from Govt of India. Honorable Prime Minister of India, Sh. Narendra Modi Ji launched Sukanya Samriddhi Account "A Small Savings Scheme" on 22nd January 2015. It is part of "Beti Bachao - Beti Padhao" initiative of Government of India (GOI) also known as BBB. Despite sincere efforts from Govt of India, Sex ratio in India is still a grave concern and it shows the backwardness of the country. It's commendable that Govt of India is taking steps to change the mindset of people towards Girl Child. Recently i saw few TV ads of GOI with a message that ... Read More