Megha Goswami

Submit LIC NEFT Form for Faster Settlement

Submit LIC NEFT Form for Faster Settlement

Leave a Comment / Saving Schemes / By / November 16, 2023

Submit LIC NEFT Form for Faster Settlement: For ensuring faster credit of the policy money with higher privacy and security, L.I.C. India assures creating all the payments, including the Maturity, Survival benefits, Loan, Pension payments, surrenders, group schemes, etc., to direct the bank account of the beneficiary or the policyholder. All the valued policyholders, annuitants, claimants, and master policyholders are advised to provide their bank account details after downloading the policy e-payments NEFT mandate or the P&GS mandate form.

This article contains a brief description of the NEFT form of LIC, its advantages, the advantages of using this form, and other details.

LIC NEFT

For ensuring a faster credit of the policy money with extended privacy and security, L.I.C India creates all the payments directly to the bank account of the beneficiary or the policyholder. This became effective from 11th October 2011 and is following the Indian government’s transparency drive. You must submit the NEFT mandate along with the required enclosures for settling the payments under your LIC policy via NEFT. LIC will not settle the payment of the policy in other payment modes like a cheque.

Furthermore, the annuitants, policyholders, master policyholders, and the claimants must provide the bank account details after downloading the policy e-payments NEFT mandate form or the Pension and Group Scheme (P&GS) mandate form. The wholly filled mandate forms must be submitted to the branch office that serves at least one of the policies listed in the mandate. The P&GS master beneficiaries, policyholders, or the annuitants must complete the mandate form and then hand it over to the servicing unit of P&GS.

Submission of LIC NEFT

Before the submission of the LIC NEFT form, you must check the following:

  • The account of the annuitant or the policyholder must be operational at the time of the policy payment’s receipt.
  • The name of the claimants or the policyholders under the policy must match the name mentioned on the bank account; else, it will be rejected.
  • Before the mandate form’s submission, the claimant or the policyholder must confirm that it is NEFT enabled from the bank.
  • The FEMA regulations guide the NRI accounts. LIC decided to exclude the NRI accounts for the fund transfers. Therefore, the policyholders and the annuitants must not submit the details of their NRI account.
  • After submitting all the NEFT details, if any changes occur in the bank details, then fresher mandate forms must be submitted.

Suppose you receive the annuity payments via ESC mode. In that case, you must choose the payments by NEFT after submitting the mandate or continue receiving the annuity payments in the existing ECS mode.

One mandate or NEFT form is used for over six different policy numbers of the same policyholder.

  • All the details mentioned in the enclosed mandate form must be precisely filled with care.
  • The completed mandate for NEFT must be sent over to the LIC branch, and it must serve at least one of the policies listed in the mandate.
  • The claimant or the policyholder must also submit a cancelled blank cheque leaf with the name and the account number printed over it. If the cheque leaf does not have the printed name and account number, then a photocopy of the passbook’s front page where all the bank account details are mentioned must be submitted along with the cancelled cheque leaf.
  • If the bank account does not get the credited amount within two days of the due date, you must contact the branch where you submitted the NEFT mandate.
  • After submitting the NEFT mandate, you will receive an SMS or an email from LIC about the NEFT updation.

The NEFT mandate form can be downloaded from the LIC website. It requires the bank details and the IFSC code, the policy number, email and the mobile number. It must be attached with the cancelled cheque leaf before sending it to the serving branch.

NEFT

NEFT refers to a nationwide system facilitating the transfer of funds from one account of any bank branch to another bank branch account. RTGS or NEFT is used for fund transfers to other banks. The Reserve Bank of India (RBI) operates the system. Almost all the banks across India support NEFT, but you can still confirm it with your branch and bank at the official website of RBI.

Speed appears to be the most significant benefit of electronic fund transfers, mainly the Real-Time Gross Settlement (RTGS) or the National Electronic Fund Transfer (NEFT). For a cheque, it usually requires 2 to 3 days to get clear. However, in the case of electronic transfers, money gets transferred directly from the sender’s bank account or the remitter’s bank account to the receiver’s bank account on the same day. There are no added costs for receiving the funds to any bank account via NEFT, but some minimal charges are applied if you transfer funds from your account.

Advantages of NEFT for the Policyholders or the Annuitants

  • The claimant or the policyholder will receive credits in his account on the payment due date despite the location of his bank.
  • NEFT also ensures a faster and secure payment mode.
  • No extra charges apply to the claimant or the policyholders.
  • Email and SMS alerts might be provided wherever the policy payment is made to the claimant’s account or the policyholder through NEFT.
  • Each LIC payment done through NEFT will create a Unique Transaction Reference (UTR) Number. If any problem occurs in credit to the account of the claimant or the policyholder, he/she can confirm the bank by quoting this received UTR number. Thus, it becomes effortless to track any transaction of NEFT using this UTR number.
EPF Change Online, Name, Date of Birth, Gender

EPF Change Online, Name, Date of Birth, Gender

Leave a Comment / EPF / By / November 16, 2023

EPF Change Online, Name, Date of Birth, Gender: Under the Constitution of India, the“Directive Principles of State Policy” declares that the State shall make adequate provision for securing the right to work, education, and public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want within the limits of its economic capacity. The Indian Parliament enacted the EPF Act that came into law with impact from 4 March 1952 as part of a series of legislative interventions implemented in this direction.

What is EPF?

EPF is an organisation tasked to serve the Central Board of Trustees. Employees’ Provident Fund is a statutory body founded by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. It is under the purview of Govt. of India’s ministry of labour and employment. EPFO is the regulative body accountable for the overall surveillance and management of provident funds in India. EPFO serves the Central Board in conducting an obligatory Contributory Pension Scheme, Provident Fund Scheme and an Insurance Scheme for the workforce involved in the regulated sector in India. It is also the nodal agency for performing Bilateral Social Security Agreements with other nations on a bilateral basis. The schemes embrace Indian workers and International workers. The EPFO’s top decision-making organisation is the Central Board of Trustees (CBT).

EPF Change Online Eligibility Criteria

  • In order to avail of benefits under the EPF scheme, employees need to become an active member of the scheme
  • Workers of an organisation are directly eligible for availing insurance benefits, Provident Fund and pension benefits from the day they register to the organisation.
  • Any organisation operating with a minimum of 20 workers is responsible for giving EPF benefits to the workers.
  • This scheme does not purvey the needs of people living in Jammu and Kashmir.

EPF Registration

The EPF registration process is simple. Given here are the steps to fill up the EPF Form. First, visit the government website Employee Provident Fund Organisation (EPFO). Then go to the “Establishment Registration”, which initiates a new page with the ‘Instruction Manual’. It will describe the Employer Registration process, accompanied by registration of DSC [Digital Signature Certificate] of the Employer, a need for fresh application submission. Tick the ‘agree button’ and proceed to fill in the details to register. Upload the required documents, and after completion, an e-link will be sent to the provided email id, and a mobile PIN is also sent. Those who are already enrolled can log in using their Universal Account Number (UAN).

Changing EPF Name, Date of Birth and Gender

If the Name or Gender, or date of birth is not proper with respect to the EPF database, it creates a massive problem in the future. Therefore, it is always important to cross-check the details and correct them online.  In a move to extend the reach and availability of online services in the wake of the COVID-19 pandemic, EPF has reported updated instructions to its area offices to support PF members to correct their data concerning Names’, changing Date of Birth and Gender in the EPF records.

Change your Name in the EPF

Recently EPF Organisation has launched a new way to update the name of the EPF member. The only criteria are that your name should match the name that’s on your Aadhaar!

Follow the steps to update the name.

Step 1: Open the UAN Portal and log in with the USER ID & Password.

Step 2: Next, click on Manage and then click the Modify Basic Details.

Step 3: Then enter the name you want to change in the UAN on the right side and then click on “Update.”

Step 4: After pressing the update, a pop-up appears displaying the message “Pending approval by employer.”

Step 5: Contact the Employer and ask them to confirm your changes. Once they have accepted, it would display a message, and after which, EPF Office has to accept the changes. EPF Office might take a month or less to approve the changes.

Changing EPF Date of Birth

The birth date change process entails submitting a list of valid documents. The required/valid documents are: Birth Certificate, School certificate, Certificate based on the service records of the Central/State Government Organisations and the Aadhaar card. Follow the steps to update the date of birth in EPF UAN online.

Step 1– Visit the EPFO’s Unified Member Portal. Log in to the account using your UAN number and password. Then click “Manage”, and select the “Modify Basic Details” to proceed further.

Step 2– Enter your Aadhaar number and continue to enter the date of birth AS PER AADHAAR records.

Step 3– Once you click on the update details tab will appear. You can check the details you entered, check the details’ status, and delete the request. But do remember that an employee can erase the request before an employer can accept the request.

Step 4– However, if your UAN is already Aadhaar verified, you cannot change the details. The message appears as below.

This is how you can modify or update the birth date in EPF online. Only as per Aadhaar details the update is allowed. Hence, before leaping into EPF UAN for changing or updating the date of birth, first try to fix any mismatch in Aadhaar. Once the Aadhaar details are accurate, then go ahead with UAN correction. Otherwise, your request may be declined upfront.

Changing EPF Gender

Recently EPF Organisation has launched a new way to update the gender of the member in the UAN Portal by online itself. The following steps will help to update or change the gender.

Step 1: Go to UAN Portal and login in with your USER ID & Password

Step 2: Once logged in, click on the Manage button and then Click on Modify Basic Details

Step 3: Enter the correct gender on the right side and then click on “Update.”

Step 4:Once clicked on Update; A message would be displayed as “Pending approval by Employer.”

Step 5: Contact the Employer and ask them to confirm your changes. Once they have accepted, it would display a message, and after which, EPF Office has to accept the changes.EPF Office might take a month or less to approve the changes.

Conclusion

EPFO is one of the world’s largest social security organisations in terms of clientele and the volume of financial transactions undertaken, as its website claims. It is crucial to employee benefits in India. Knowing how to make corrections or changes is therefore essential for employees as well as employers. With the help of this article, one will be able to make any required changes seamlessly. It is also to be noted that the government intends to make improvements in EPF as it has prepared a draft bill that enables employees to switch money from EPF (Employee Provident Fund) to NPS (National Pension Scheme). Therefore having the details in the EPF system is highly important for employees under this scheme.

 

SIP Cancellation Form

SIP Cancellation Form – How to Cancel a SIP?

Leave a Comment / Finance / By / December 12, 2023

SIP Cancellation Form: Many mutual fund companies are offering a Systematic Investment Plan (SIP) to their investors. With the help of this plan, investors can invest a small amount instead of investing a lump sum. Nowadays, most investors prefer to invest through this plan, but they have certain questions or doubts regarding the cancellation of this plan. Certain questions like How do I cancel a SIP? How to discontinue a SIP? How long does the cancellation take? comes to the investor’s mind. Through this article, we will try to clear some of their doubts so that they can invest without having any fears.

How to Cancel a SIP?

SIP or Systematic Investment Plan is considered as a commitment to invest for a specific amount of time under a particular mutual fund scheme. In the case of perpetual SIP, one can invest as long as he/she wishes as they don’t have any end date. But sometimes, people lose their interest in these kinds of investments because of having less money to invest or due to poor performance of SIP, and they want to discontinue their plan as soon as possible.

As SIP is considered a voluntary investment, one has the right to discontinue it whenever the need arises. The mutual fund company didn’t have the right to charge any cancellation fees for discontinuing the SIP midway. The mutual fund company and the bank through which funds are provided for the periodic investment have to be informed about the discontinuation of the SIP.

Different Ways of Cancelling the SIP

  • If a person has invested in SIP through an online platform such as AMC Website, CAMS, Karvy, MFUtility, ETMoney, Coin Zerodha and Groww, then he/she can cancel the plan anytime through the official website of the company.
  • If a person has invested in SIP through a distributor, then he/she has to fill up a SIP Closure Form. This form is issued by the Asset Management Company. One must put the exact date on the form from when he/she wants to discontinue the SIP. After filling it up, submit it to the AMC. It might take approximately 21 days for the cancellation or discontinuation of the SIP.
  • If the person investing through SIP has activated NACH, then he/she only needs to remove the Asset Management Company as a biller from his/her bank. After these actions, no further investment will take place in his/her folio.
  • If a person’s account is considered underfunded or stops payment instructions have been forwarded for more than 2 months, then AMC has all the rights to discontinue the SIP.

Note:

  • A person who has invested in the SIP for a specific period then after the expiry of the period the SIP stops automatically.
  • There is no need of redeeming the money once the SIP is cancelled.
  • Cancellation of SIP attracts no tax because, in this case, one is stopping the investment; thus, taxes are exempted.

How to Cancel a SIP

Pause or Temporary Stop of SIP

If a person is investing in SIP through an online platform, then he/she can easily pause it whenever the need arises. If an investor wants to stop the SIP temporarily, then he/she needs to give a stop payment instruction to the bank or maintain a low balance in the bank account. This will lead to the cheque being dishonoured. One can continue to invest in the same SIP after this period.

When Should You Stop The SIP?

People seem to stop investing in SIP and decide to discontinue it when the stock market falls. But during these times, one should invest more and increase the SIP amount so that he/she can earn some huge profits in the long run. SIP with a long-term horizon mitigates market risk and volatility. But most of the investors get afraid and stop their investment in SIP.

SIP Cancellation Form

A SIP cancellation form is used to collect the details of the investor who wants to discontinue or cancel the SIP. Through this form, the mutual fund company gets to know the date when the investor is planning to stop the SIP. One can download this form from the official website of the mutual fund company. In case the SIP has joint holders, then the form needs to get signed by either one of the holders or by all the holders depending upon the mode of holding. Let’s discuss the way of obtaining SIP cancellation form from two companies:

How to Obtain SIP Cancellation Form From Cams

  • Visit the official website of Cams, i.e., camsonline.com and go click on the Tab “Investors Services”
  • Click on “Service Request Forms”, which you can find on the left-hand side of the webpage.
  • Under the option “Non-Financial Transaction Request”, select  SIP/SWP/STP Cancellation request.
  • Tick the SIP box for placing the cancellation request. You might notice a drop-down list from where you can select mutual funds.
  • A site will appear asking about your details, fill each and every detail correctly without making any mistakes after filling up the details, press next.
  • Fill in the other details and print the form. You need to take this form and present it before the CAMS RTA local office or AMC office and lastly, submit the application. You will receive an acknowledgement receipt on the return of your submission.

How to Obtain SIP Cancellation Form From Karvy

  • Go to the official website of Karvy, i.e., https://www.karvymfs.com/karvy/
  • Click on the option “Mutual Fund Investor Services”.
  • Under the “Downloads”, click on the option “services”. 
  • You have to scroll down in order to reach the “services” section and then click on click on SIP/STP/SWP cancellation request.
  • After completing all the above steps, you will reach a webpage where you will have access to download the SIP cancellation form.
  • After filling up the SIP cancellation form correctly, you need to present it before the Karvy RTA local office or AMC office and then submit it to them. Every time remember to collect the acknowledgement receipt, which will act as proof in the near future if anything goes sideways.
EPF Balance

How to Get Information About EPF Balance, Annual Statement, SMS, E-Passbook?

Leave a Comment / EPF / By / November 13, 2023

How to Get Information about EPF Balance, Annual Statement, SMS, E-Passbook: EPF, which stands for Employee Provident Fund, serves as a saving tool for the employees. The employer and employee contributions for savings can be obtained after switching jobs or retirement. Access to EPF annual statement helps employees to plan their expenses, check the status of PF balance, and ail a loan again their EPF balance. Being a member or an employee of the EPFO, one does not have to wait for others to share the EPF balance statement at the end of the year.

There are four ways to check Employee Provident Fund annual statement if UAN is registered and EPF is unexempted. These facilities involve UMANG App, SMS, EPFO Member, and Missed Call. However, if EPF is managed by any exempted establishment, then one has to follow a different method to check EPF annual statement.

What is EPF Balance?

Employee Provident Fund is a national scheme practised in India. The state as well as national government activists for all employees to pay their EPF. It occurs at the onset of employment where the employee and employer gave a certain amount. Some amount of money is saved at the employee EPF to provide for retirement.

Employee Provident Fund Organization (EPFO) pools together all the funds to help to maintain the accounts of the employee. These funds support the family members even after the employee is dead. From the 12% of the salary, family members can get insurance, medical services, and housing services. The salary PF deduction gets split where 8.33% of employees’ share goes to Employees Pension Scheme. EPS offers pensions for nominees, widow pension, or pension on disablement. The remaining 3.67% goes to the Employees Deposit Linked Insurance Scheme. It provides life insurance cover to the EPF member. The records of the account remain active even if the employee moves to a different job. However, it leads to the loss of some funds. The introduction of the UAN number solved this problem.

What is the UAN Number Associated with EPF?

UAN, which stands for Universal Account Number, is a 12-digit number allotted to all EPFO employees to help track their PF balance. This number helps employers in knowing the contributions made. Employees can follow up on their previous accounts to know EPF balance. The PF is linked to this number where the employee offers the number to new employers for contribution. UAN is useful to make withdrawals for the PF accounts. Apart from it, employees can enjoy several benefits such as check their statements, balance, and contribution.

How to Check PF Annual Statement for Unexempted Establishments?

EPF Passbook: EPF UAN passbook is accessible at the EPF website run by the EPFO. Visit the site, go to Settings, then For Employees section, and then Member Passbook. Here one can enter their Universal Account Number and password. Select the Member ID and see details related to opening balance, EPS Pension contribution by the employer in the passbook. Apart from it, there are details related to transfers and withdrawals made to or from the EPF account.

Send SMS: By sending an SMS to 7738299899, one can get the details of EPF balance and latest contribution. It is possible only if Universal Account Number is registered with the Employees’ Provident Fund Organization. One should send SMS EPFOHO UAN ENG on the number mentioned. Here ENG refers to the first three characters of the language preferred. It is available in different languages such as Punjabi, Hindi, Gujarati, Tamil, Marathi, Bengali, Malayalam, and English (default).

So, if one wants to receive a message in Punjabi, then they can type EPFOHO UAN PUN. The SMS received involves the information about UAN, Name, Aadhaar, DOB, Bank details, PAN, EPF balance, and last contribution made.

UMANG App: UMANG, which stands for Unified Mobile Application, is an evolving platform to avail central, regional, or state government services. It involves PAN, Indane Gas, EPFO, GST, HP Gas, NPS, DigiLocker, Bharat Gas, and more. The citizens of India can work seamlessly with the government. The passbook accessible at this app is similar to that on the EPF site. To get started, one has to go through a one-time registration process using a registered phone number. The app is not only useful to view the EPF passbook, but also to raise a claim, and track a claim.

  • Download the UMANG app on Windows, Android, or iOS
  • Select EPFO and there will be three types of services namely- General Services, Employee Centric, and Employer Centric Services
  • By selecting Employee Centric Services, one can see view passbook, raise or track claim
  • Click on the View Passbook to see EPF annual statement

Missed Call: Give a missed call on 011-22901406 from the mobile number registered on the UAN portal. One will receive an SMS that gives name, Universal account number, DOB, bank details, Aadhaar, PF balance statement, and the last contribution made.

How to Download the EPF e-passbook Online?

The EPFO does not provide any hard copy of the PF statement. EPF contributors can download their e-passbook or statement multiple times in a month. By using the e-passbook facility available on the EPFO website, one can download EPF annual statement. It is essential to first register with EPFO and enter information:

  • Name
  • Date of Birth
  • Mobile Number
  • Email ID

Any of the KYC documents among Voter ID Card, PAN Card, Driving License, Passport, or other, and the number appearing on it

After registering, active EPF funders can view plus download their PF balance statements. However, PF statements e-passbooks are not available for Private Trusts or exempted companies. It cannot be availed for settled or inoperative EPF accounts or a negative balance. To generate an e-passbook, one has to follow steps as mentioned below:

  • Login to the EPFO website and register by giving above mentioned details
  • Click on the label ‘Get PIN’
  • Enter the PIN sent via message to the mentioned mobile number
  • Click on the option ‘Download e-passbook’
  • Select PF office state from the list mentioned
  • Enter the company PF code
  • Give PF account number and name mentioned in office records
  • Click on the Get PIN tab and update the PIN sent
  • After three working days, one can get their e-passbook online

How to Check the PF Balance of Exempted Companies?

There are more than Private Trusts in the country. Many large companies such as Wipro, Infosys, Sail, Nestle, TCS, Accenture, HDFC, and more, which have their own PF Trusts. Such private companies are discharged to contribute their EPF corpus with EPFO. These companies manage money with their trusts and have to give the same or higher return compared to EPFO managed funds. An employee of such exempted establishment cannot use the same methods of PF balance check as for an unexempted establishment. Some of the ways to check PF balance of exempted company:

Check out Salary Slip: 

Most professional establishments give salary slips to their staff through internal mails. In these slips, one can find other enrolments apart from the details of salary. Along with it, some companies also issue the PF statement. Employees can find their EPF annual statement and monthly aids in that slip.

Log in to Company Site: 

Many big companies maintain an employee portal in which one can find the EPF section. By going through the PF account details, one can see the EPF balance. TCS and Wipro are some companies that offer an online facility to check PF balance statements.

Consult HR Department: 

In case, if one is not able to find EPF statement by the above-mentioned methods, then they can consult a senior in their office. Anyone, generally a professional HR department who deals with the EPF, can provide all the details.

Final Thoughts on EPF Balance, Account Statement

One can download PF annual statements for unexempted establishments by visiting the UMANG website, sending an SMS, e-passbook, or giving a missed call. For exempted companies, getting a PF statement is quite complicated and can be achieved by direct login on the company website or contact the HR department.

Depreciation As Per Companies Act

Depreciation As Per Companies Act | Depreciation Rates and Provisions As Per Companies Act 2013

Leave a Comment / Saving Schemes / By / November 13, 2023

Depreciation As Per Companies Act: Depreciation, as per the companies acts 2013, is “ Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or another amount substituted for cost, less its residual value”.

Depreciation is calculated for two reasons:

  • Accounting- It covers two sides, firstly, decrease in the value of assets and allocation of the cost of help to the useful life of assets.
  • Taxation-It refers to the reduction in net taxable income to reduce the amount of tax payable.

Methods to Calculate Depreciation as Per Companies Act, 2013

Straight Line Method

Straight-line depreciation is a method for calculating the value of depreciation of a fixed asset over a period of time. In this method, a constant rate of depreciation is taken for a particular asset. Depreciation is calculated for a specific asset for a year and then the same amount is deducted every year.

Written Down Value Method

Written down value depreciation is a method in which a constant rate of depreciation is applied to the net book value of assets each year, therefore more depreciation expenses in the early years of the life of the asset and less depreciation in the later years of the life of the asset.

Schedule II Of The Companies Act 2013

Depreciation as per companies acts 2013 requires an asset to be depreciated over its useful life whereas the old Schedule XIV of the companies act 1956 which requires minimum rates of depreciation to be provided by a company. According to Section 123 of the companies act 2013, depreciation will be calculated as per Schedule II and for the assets which have been bought into force from 1 April 2014.

The useful life of an asset is the period for which an asset is expected to be available to be used by an entity. Over here, depreciation holds the word amortization.

The date of purchase is very important to calculate the remaining useful life of the asset as of 1.4.2014. Existing assets are depreciated over the remaining useful life as of 1.4.2014.

Transitional Effect of Schedule II

The important factor to be shown in the books of account is the effect of this transition on 1st April 2014. According to Note 7 to part C of Schedule II from the date given the carrying amount of the asset as of that date will be:
Depreciated over the remaining useful life of the asset. The residual value will be recognized in the opening balance of the retained earnings where the remaining useful life of an asset is nil.

There are two scenarios for the assets as of 1st April 2014,

Asset’s remaining useful life as per Schedule II is nil: In this case, the carrying amount has to be adjusted in the opening balance of the retained earnings in the balance sheet after keeping the residual value.

Asset’s remaining useful life is as per schedule II is not nil: In this case, we continue depreciating the balance as of 1 April 2014 over the remaining useful life after recalculating the amount of depreciation. So, in that case, no effect of restating the carrying amount will be required to be given.

Method of Calculation of Depreciation as per Companies Act 2013

Rate of Depreciation under Written down value method

R = ( 1- n * s/c)* 100

Where R = Rate of Depreciation(in %)

n = Useful life of the asset (in years)

s = Scrap value at the end of the useful life of the asset

c = Cost of the asset

The depreciation rates applicable to some of the assets, if the asset is purchased on or after 1st April 2014 and useful life is considered as given in companies act 2013 and residual value as 5% is given below in the table.

Depreciation Rate as Per Companies Act for Some Assets

Nature of assets Useful life Rate (SLM) Rate (WDV)
Buildings
Building (other than factory buildings) RCC frame structure 60 1.58% 4.87%
Building( other than factory buildings) other than RCC frame structure 30 3.17% 9.50%
Factory buildings 30 3.17% 9.50%
Fences, walls, tube wells 5 19.00% 45.07%
Other (including temporary structure) 3 31.67% 63.16%
Bridges, culverts, bunkers 30 3.17% 9.50%
Roads
Carpeted roads
Carpeted roads-RCC 10 9.50% 25.89%
Carpeted roads- other than RCC 5 19.00% 45.07%
Non-carpeted roads 3 31.67% 63.16%
Furniture and fittings
General Furniture and fittings 10 9.50% 25.89%
Furniture and fittings used in hotels, restaurants and boarding houses, schools, colleges and other educational institutions, libraries, welfare centres, meeting halls, cinema halls and theatres and circuses and furniture and fittings let out on hire for use on the occasion of marriages and similar functions. 8 11.88% 31.23%
Motor Vehicles
Motorcycles, scooters and other mopeds 10 9.50% 25.89%
Motor buses, motor lorries, motor cars and motor taxies used in a business of running them on hire 6 15.83% 39.30%
Motor buses, motor lorries, motor cars and motor taxies other than those used in a business of running them on 8 11.88% 31.23%
Motor tractors, harvesting combines and heavy vehicles 8 11.88% 31.23%
Electrically operated vehicles 8 11.88% 31.23%
How To Change Mobile Number In UAN Online

How To Change Mobile Number In UAN Online

Leave a Comment / EPF / By / March 7, 2023

How To Change Mobile Number In UAN?: The Universal Account Number or UAN is an identification number provided to employees who are registered under the Employee’s Provident Fund or EPF. The UAN is a 12 digit number allotted to each Provident Fund by the Employees’ Provident Fund Organization. The idea behind UAN is to link multiple member IDs to a Single Universal Account Number which the EPFO allots.

The EPFO launched its New Unified Portal on 28th December 2016, and it was created to overcome the hassle of going through the helpdesk for enquiry and change of details in the UAN. The portal facilitates the online mode of changing details and gaining information about the UAN.

People often tend to change their mobile numbers or forget the password to their UAN, which later creates a problem for them to log in to their account. In this article, we will guide you to change your mobile number in UAN if you have forgotten your password or changed your mobile number. Here we have provided the step-by-step procedure to change the mobile number online without going through the help desk.

Steps To Change Password In Case You Have Your Registered Mobile Number

Most of the time, people forget the password to their EPF account and struggle to log in. You can easily change your password on the online portal of EPFO if you still have your registered mobile number with you. One can follow these steps to change their password:

  • Step 1: First, open the UAN website of EPFO, which is https://unifiedportal-mem.epfindia.gov.in.
  • Step 2: On the right of your window, you will see the “Forget Password” option. Click on it.
  • Step 3: A new window will open asking for your UAN number, enter your UAN number and enter the Captcha, which is displayed. Always remember that the Captcha displayed on the screen is case sensitive. After entering the Captcha, click “Verify”.
  • Step 4: A new window opens displaying the mobile number linked to your UAN number.  Now, if you have that registered number with you, click on “YES”.
  • Step 5: After you click on yes, you will receive an OTP on your registered number. Enter the OTP and click on “Verify”.
  • Step 6: Once the OTP has been verified, a new window will open, asking for a new password. Enter the new password and verify the password and click “Ok”.
  • Step 7: After the successful validation of the new password, a message saying “Password updated successfully” will be displayed on the screen.

How To Change Mobile Number In UAN

Steps To Change Contact Number Or Password In Case Registered Mobile Number Is Changed Or Lost

Changing the mobile number in UAN in online mode is easy to manage, and it does not take much of your time. Now, if you have lost the mobile number registered with your EPF account, you can follow these steps to change your password and mobile number in UAN:

  • Step 1: First, open the official website of Universal Account Number of Employers’ Provident Fund, which is https://unifiedportal-mem.epfindia.gov.in.
  • Step 2: On the right side of your screen, you would see member details and password. Below that, you will see the “Forget Password” option. Click on it.
  • Step 3: In the next window, it will ask for your UAN Number, enter your UAN number and fill in the captcha. Next, click on “verify”.
  • Step 4: A window will open and display the mobile number linked to your UAN. If you want to change that contact number, then click on “NO”.
  • Step 5: After you have clicked on “No”, a new window will open asking for your details, such as your name, date of birth and gender. Fill in all the details and click “Verify”. If the details entered by you do not match and an error message is displayed saying “Details Not Matching”, check with your employer once to which Aadhar or PAN is mapped with your UAN.
  • Step 6: Next, validate your details against your Aadhar or PAN and click on “Verify” displayed near the document number.
  • Step 7:Once you see your details are validated, you can enter your new contact number and click on “Get OTP”.
  • Step 8: Once you get the OTP on your mobile, enter the OTP and validate.
  • Step 9: Once you validate the OTP, you can enter your new password and verify the new password.
  • Step 10: Once you have entered the new password, a message saying “password changed successfully” will appear on the screen.

In The End

The online portal of Employees’ Provident Fund Organization has made it very easy for people to access their EPF account with the help of mobile or computers. It facilitates the change of details without even going to the helpdesk. In case one has lost their registered mobile number or has forgotten the password to their EPF account, he/she can easily change it by opening the UAN portal.

Maximum Tax Deduction Under 80C – Investments Eligible for Tax Exemptions

Maximum Tax Deduction Under 80C – Investments Eligible for Tax Exemptions

Leave a Comment / Income Tax / By / March 6, 2023

Maximum Tax Deduction Under 80C: The Income Tax Act of India has Section 80c, which is a clause that points to the various investments and expenditures that are exempted under Income Tax. This means that there is a maximum deduction of about ₹1.5 lakh per annum, and this from the total taxable income of the investor.

Section 80C, however, is only applicable for Hindu Undived Families and individual taxpayers. Other businesses, partnership firms, and corporate bodies do not qualify for a tax exemption under Section 80C of the Income Tax Act of India.

Subsections of Section 80C

Section 80 is divided into specific subsections as is given below:

Tax saving sections  Investments Eligible for Tax Exemptions
Section 80C This includes investments in Provident Funds like PPF, EPF, and such, along with payments made towards the principal sum of a home loan, life insurance premiums, SCSS, NSC, SSY, Equity Linked Saving Schemes. etc.
Section 80CCC This includes payments made towards mutual funds and pension plans.
Section 80CCD(1) This includes payments made towards Government-backed schemes like Atal Pension Yojana,  National Pension System, etc.
Section 80CCD(1B) The exemption under this category is ₹50,000 in NPS.
Section 80CCD(2) The exemption under this category is of the contributions of the employers towards NPS, i.e., about 10%, and this comprises of dearness allowance if any and basic salary.

Latest: The NPS Returns Rates for Tier-1 accounts under corporate bonds are 13.59% and for government bonds, it’s 20.28% for the 1st year.

Investments Eligible for Deduction

In this section, we will take a look at all the investments that are eligible for a tax deduction under 80C, noting that the maximum is about ₹1.5 lakh per annum.

Life Insurance Premiums

Premiums that are paid for life insurance policies are eligible to receiving tax benefits according to the 80C limit. The exemptions are available against the policies held by self, dependent children, spouses, etc. Members of the Hindu Undivided Family may also benefit from these exemptions.

At the moment, the annual premium of up to 10%, i.e., of the total sum assured from the insurance policy, is the exempted tax under 80C. This particular clause was revised in 2012, on the 1st of April, before which the premiums liable for tax exemption deduction was up to 20% of the assured sum.

Public Provident Fund 

Contributions for the Public Provident Fund can be filed for a tax deduction under this specific clause. The Public Provident Funds come with a ₹1.5 lakh maximum deposit limit that allows the investor to claim the entire amount deposited as an exemption under Section 80C.

All voluntary contributions made by an employee for the provident fund are also eligible for a tax deduction under this clause.

NABARD Rural Bonds 

National Bank for Agriculture and Rural Development or NABARD offers Rural Bonds, and these are eligible for tax exemption under Section 80C. Here too, the maximum amount deductible is  ₹1.5 lakh.

Unit Linked Insurance Plans (ULIPs) 

Unit Linked Insurance Plans offer more returns when compared to the conventional insurance policies when considered in the long run. Due to the benefits offered by Section 80C of the Income Tax Act, they have become increasingly popular in the last few years. Tax exemptions can be availed on the invested amount up to ₹1.5 lakh.

National Savings Certificate

National Savings Certificate or the NSC is one of the most popular instruments for tax-savings for reis-avert individuals. The interest that is earned on the NSC is semi-annually compounded, and the maximum period of maturity ranges from about five to ten years.

There is no limit that the investors have to follow on the total sum that is invested towards the NSC in the period of a financial year. But ₹1.5 lakh is the maximum that can be subjected to exemption annually under Section 80C.

Tax Saving FD 

Tax Saving FDs are fixed deposit schemes that allow tax deduction under Section 80C of the Income Tax Act and are offered by post offices as well as banks. These fixed deposits have a lock-in time period of about five years, and the maximum tax exemption offered on the principal amount is ₹1.5 lakh. But the returns of these instruments are definitely liable to be taxed.

EPF

The returns that come from the EPF that is the Employee Provident Fund, with the interests, are eligible for a tax exemption under this clause. The eligibility extends only to employees that have continued their services for five years minimum. The voluntary contributions made by individuals to their EPF accounts are also eligible for a tax exemption.

Infrastructure Bonds 

Infrastructure bonds also have the option for tax exemptions under Section 80C, but only if the investment is equal to or more than ₹20,000. Here too, the limit is ₹1.5 lakh for the long-term secured bonds.

Equity-Linked Saving Scheme

Equity Linked Saving Schemes, or ELSS, comes under Section 80 of the Income Tac for a tax exemption, with the maximum limit being ₹1.5 lakh. These particular investment schemes have a three-year lock-in period that is mandatory.

Senior Citizens Savings Scheme

Investments that are made towards the SCSS, that is, the Senior Citizens Saving Scheme, are also eligible for tax exemptions under 80C, with the maximum allocated limit being ₹1.5 lakh. Those above the age of 60 or others above the age of 55 option for voluntary retirement scheme are eligible to get the benefits from SCSS. The minimum lock-in tenure here is of five years.

Principal Repayment Made Towards Home Loan 

The repayments that are made towards the principal component of the home loan EMIs alone are eligible for the tax deduction under this section. However, the borrower has to fulfil some clauses to be able to avail of the deduction benefits.

  1. Any amount that is claimed as a tax deduction has to be taxable in the transfer year in the case that the handover is made five years after possession of the property. Failure to do this will exclude it from Section 80C’s deduction.
  2. If a property is transferred within five years of possessing it, it will be excluded from tax exemptions under Section 80C.
  3. The exemption can be claimed only if the construction of the property is finished.

Stamp Duty And Registration Charges 

Stamp duty along with registration charges may be considered the two largest expenses made when taking ownership of a particular property. The Indian Government allows for a deduction of tax liability up to the limit under Section 80C on these charges that are paid for the procurement of the house. But these exemptions can be claimed only in the year the duties are paid, or they will not be eligible for consideration under this deduction.

Sukanya Samriddhi Yojana 

The Sukanya Samriddhi Yojana is a savings scheme that is specifically for the financial requirements for the education and marriage of a girl. The legal guardians or the parents of the child (who should not be older than ten years) can open this particular account, and parents of two or more children, only in the case of twins, can also invest in the plan. The interest that is earned from this scheme is eligible for tax exemption.

Section 80C of the Income Tax Act has various instruments, and the comprehensive idea of this clause is necessary for every investor. The benefits of this clause can save a good amount from tax liability.