From May 2012 onwards if your employer has filled electronic Challan cum return then you can see your EPF account balance online by registering yourself as a member in EPFO website. To register as a member you need to have followings in your hand; Mobile number Email Account Any of following document’s number PAN AADHAR NPR Bank Account Number Voter ID … [Read more...] about How to Know your EPF balance Online – EPF epassbook
Archives for October 2013
Employer has not issued Form 16 or refuses to issue it
Employer after deducting income tax from employee’s salary should issue a certificate disclosing all the details of tax deducted with Challan number and date of deposits. As per the tax provisions this certificate has to be issued before 31st May of the assessment year i.e. for the financial year 2013-2014 form 16 has to be issued on or before 31st may 2014. In case employee … [Read more...] about Employer has not issued Form 16 or refuses to issue it
Tax deductions for your HRA and Home loan
Most of the employees in India either buy apartments or build their own house with a home loan during their employment. Home loans have two components, interest and principal amount which are allowed as income tax deduction up to an extent as provided in the IT act. HRA forms part of your taxable salary which your employer gives you to take care of your living expenses at … [Read more...] about Tax deductions for your HRA and Home loan
HRA Exemption can be claimed on rent paid to wife
Relationship between husband and wife is not commercial and based on this concept it was a settled rule that rent paid to wife can not be claimed as a HRA or House Rent Allowance exemption. As per the income tax act, employee can not claim HRA or House Rent Allowance exemption if he is the owner of such accommodation or he is not paying any rent for the rented … [Read more...] about HRA Exemption can be claimed on rent paid to wife
5 Ways to reduce your credit card debt
Credit Card Debts carries high interest rates in comparison to other debts and you can save big money in the long run if you pay down your dues in time. Low monthly payment offers of credit card will cost you a lot of money because of the interest amount that you need to pay on your outstanding. Here are 5 best ways to reduce your credit card debt. Budget Your Monthly … [Read more...] about 5 Ways to reduce your credit card debt
Company and company code – Relationship in sap fico
Sap has two organizational units in financial accounting module which is always confusing. Many FICO consultants do not know why we have these two units in SAP FI i.e. company and company code (CC). CC represents an independent legal accounting entity which is created in sap to generate balance sheet and profit or loss account as required by law. Many companies are having … [Read more...] about Company and company code – Relationship in sap fico
CPT – Common Proficiency Test for Chartered Accountancy course
Common proficiency test (CPT) is conducted by ICAI every year in June and December. After passing out this test, student can have a direct entry to chartered accountancy course. Students after passing out 10th examination can join CPT course by registering themselves with the board of studies of ICAI. To join no minimum or maximum percentage are required. You just need to pass … [Read more...] about CPT – Common Proficiency Test for Chartered Accountancy course
Credit score – How credit score works in india
Credit score is a 3 digit summary of your credit history which indicates your financial health. It will tell your lender or bank, how likely you are paying your debts dues based on your past repayment history. When you apply for a bank loan, the banker will first check your credit score with CIBIL. CIBIL or Credit Information Bureau Limited is known as India’s first Credit … [Read more...] about Credit score – How credit score works in india
Section 192 – TDS on salary
Employers including an individual or HUF who are responsible for paying any salary to any of their employee has to compulsorily deduct TDS from salary paid, if such salary amount is exceeding the basic exemption limit applicable to the financial year. As per section 192 of income tax act, TDS on salary has to be deducted at the time of payment to employee. TDS will not be … [Read more...] about Section 192 – TDS on salary
Interest free or concessional loan is taxable in India
Many companies in India are providing interest free or concessional loan to their employees or to the members of employee’s household for purchase of various assets like computer, vehicle etc or for various household expenses like medical, Marriage or education. As per the provisions of income tax act and rules these amounts as incurred by employer for the benefit of … [Read more...] about Interest free or concessional loan is taxable in India