Provident Funds (PF) PF stands for Provident Fund, a mandatory savings scheme in India for employees and employers. It aims at ensuring financial security for employees after their retirement. It also includes contributions from both the employee and employer towards a dedicated provident fund account. Overview of the Public Provident Fund: Purpose:The primary goal of… Read More »
Public Provident Fund(PPF) The Public Provident Fund (PPF) is a long-term savings and investment scheme introduced by the Indian government. It is one of the most popular and tax-efficient savings options available to Indian residents. Overview of the Public Provident Fund: 1. Purpose: PPF is design to encourage small savings and long-term wealth… Read More »
Why Tax Planning is Necessary? Tax planning is an essential aspect of financial management that involves analyzing a financial situation or plan from a tax perspective. It ensures tax efficiency and helps individuals or businesses minimize their tax liabilities legally. With proper tax planning, you can make informed financial decisions that optimize savings, investments, and… Read More »
Can I Pre-Close an NPS (National Pension System) Account Can I pre-close an NPS (National Pension System) account: The National Pension System (NPS) is a long-term retirement savings scheme, designed to provide individuals with financial security post-retirement. While the primary aim is to hold the NPS account until the age of retirement, pre-closure of an… Read More »
Difference between 80C vs 80CC Difference between 80C vs 80CCD: Section 80C and 80CCD of the Income Tax Act, 1961 offer tax deductions to individuals on specific investments in financial instruments. Under Section 80C, individuals can claim a deduction of up to Rs. 1.5 lakh for investments in various financial instruments such as PPF, ELSS,… Read More »
Advantages of EPF and EPS Advantages of EPF and EPS, The Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are social security schemes designed to provide financial security to employees during retirement or in the event of their unfortunate demise. These schemes offer several benefits, including: Retirement benefits: Upon retirement, employees receive a… Read More »
Payments under the National Pension Scheme The National Pension System (NPS) is a pension system regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It provides two types of accounts: Tier I and Tier II. To make payments under the National Pension Scheme, follow these steps: 1.Open an NPS account: Visit a Point of… Read More »
