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Why should one transfer old EPF account to new employer?

One has to transfer the old PF account to the new account. Only then will you be able to withdraw from both accounts online. Linking of PF account with UAN is not sufficient. EPFO plans to merge the PF accounts automatically when one changes the job but it has been in...

How these Money Mistakes can save or ruin you life

Mistakes are bad, many give us the opportunity to learn. But it is best to avoid them. Money mistakes lead to financial disasters. In this article, we will discuss some of the frequently done money mistakes along with how to avoid them. “A smart person learns from...

Understanding Employee Pension Scheme or EPS

As discussed in our article Basics of Employee Provident Fund: EPF, EPS, EDLIS 12% contribution from your side goes to EPF, but the 12% contribution which your employer makes, out of that 8.33% actually goes in EPS (subject to maximum of Rs 541 and after Oct 2014 Rs...

Tax on EPF, VPF Contribution above 2.5 lakhs

From 1st April 2021 the interest on any contribution above Rs.2.5  lakh and Rs 5 lakh based on conditions by an employee to a recognized provident fund is taxable. This means that a person contributing up to Rs 20,833 a month to PF i.e has a basic salary of up to Rs...

New Wage Code: Will Your Salary fall? How it affects EPF, Gratuity

Under the new wage code, effective from 1 Apr 2021, at least 50% of the wage/salary will be basic salary. As we know basic salary impacts EPF and gratuity etc. Currently, most employers have a wage structure in which the basic salary ranges from 25% to 40% of the CTC...

Budget 2021: Tax Slabs 2021, Senior Citizens, EPF

The Union Budget 2021-22 was presented by Finance Minister Nirmala Sitharaman on 1st February 2021. There are no changes in the tax slabs, no Covid Cess was introduced. The Union Budget 2021 cheered Stock Markets as the Sensex jumped over 2,300 points while the Nifty...