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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…
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GST Training in Bangalore | GST Classroom cum online training in Bangalore

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…
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Here is how to withdraw 75% corpus from EPFO account?

Under the new rule Employee Provident Fund Organization has given green signal to the employees to withdraw 75% of the fund corpus, one month after the unemployment. The 75% of the total amount in the EPFO account can be withdrawn as advance according to the authorities. Why the decision? An individual is eligible for the pension on his EPFO account if the account is active for 10 years. However, after losing the job, the common trend is to close the account after two months and in that case an Individual loses the provision of pension. To make…
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Income tax treatment for different types of Provident funds

Any contribution in the provident fund is made for the welfare of the employee. The contribution is made by both employee and the employer and deduction for the same is available under section 80C. In the provident fund, a part of the salary of the employees is contributed and the other part is contributed by the employer on the behalf of their employees. As per the section 10(11) and 10(12) of the Income Tax Act, the definition of the exemption on the amount added to the provident fund has been mentioned. Also, the amount deducted on contribution…

Employee Provident Fund - How to check the Balance

Employee Provident Fund is one of the biggest benefits that the companies offer us to ensure that we part ways with a little portion of the salary and save it in Provident Fund which becomes a huge corpus and serves us after retirement. However, not everyone knows that all the EPF functionalities have now been made available online and everything from withdrawing the fund to checking the passbook online has become easier. For those who are not aware on how to access their Passbook online, here are the steps that would help you out: Step 1 –…
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PF-Adhaar mismatch -How to Rectify details in EPFO Account

Provident Fund is the saving on which you rely after the retirement. However, many a times small glitches can make the process of applying for PF very complicated on the EPFO website. In such a case you will have to make sure that the details that you have given at the time of creating the PF account in the organization should match with that of Aadhar. In case, for some reason the details are not matching, here are the simple steps that should be followed. If you as an employee are willing to correct the details against the Universal Account…

Important Changes to EPFO That Employees Should Know..

Employees Provident Fund Organization manages the corpus of Rs 10 lakh crore and every year the retirement fund body gets the claim of over 1 crore including the EPF withdrawal, pension fixation and insurance. The investment breakup of EPFO is as follows 12% of employees contribution goes to the EPF kitty 8.33% out of 12% employer’s contribution is invested in EPS or pension scheme Remaining 3.67% is invested in EPF Over the years the authorities have made various changes in the EPFO for the benefit of the employees. Some of the norms such…
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EPFO has introduced a new Form No 11 linked to new transfer process

In order to streamline the process of transfer as in the unified portal 2.0 as Member & employer both were facing the problem in regards to the same EPFO has introduced a new Form No 11 which is rename as Composite Declaration form No 11 ( F-11) and which is linked to the new transfer Process Revised procedure for Transfer of Accounts New Transfer Process also introduce which will be automatically link with the New Declaration form Highlights:- ?In case the employee already has a UAN, the employer will be required to enter his details through…
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Online submission of FATCA Self-Certification for your PRAN under NPS

How to Submit Self-certification for PRAN under NPS? Earlier one need to send hard copy of self certification under NPS plan and failure to submit may lead to  A Press Release dated 11 April 2017 was issued by Ministry of Finance wherein it was stated that in the event of non-receipt of self-certification form by 30 April 2017, the account(s) should be blocked and the transactions by the account holder in such blocked accounts would be effected once the duly filled self-certification is obtained. later same has been holded till further new order…
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Invitation to join Knowinfonow.com Submit Articles

Invitation to join Knowinfonow.com Submit Articles Knowinfonow.com would like to invite Authors to join our blog www.knowinfonow.com . The Authors who like to be Part of  Knowinfonow.com and get their article published on our website can mail their article to us and we will publish the same with due credit to the author. Knowinfonow.com is a unique and focused portal on taxation, Accounting, Finance, Audit and Corporate law. We are currently providing all news and analysis on taxation, Accounting, Finance, Audit , GST., ESI/PF and Corporate…

EPF mandatory for those earning up to Rs 25000/ Month

EPF mandatory for those earning up to Rs 25000.00 /month: The Employees Provident Fund Organisation (EPFO) is ready to extend the wage ceiling for workers, creating it obligatory for those earning up to Rs twenty five,000 a month to contribute towards the social insurance theme. Currently , the ceiling is pegged at Rs fifteen,000 a month and is being accumulated within the wake of the pay commission award for presidency staff, that has resulted in higher salaries for many within the non-public sector too. the problem is to be mentioned at following…

Karnataka is fully covered by ESI network Enroll before 31st of March 2017

Most of the time employer used to take an exclusion stating the reason we don't have ESI network of hospital in our District but now it cannot be claimed as Karnataka state has covered the ESI network through out  Karnataka. Even the coverage salary range is increased from 15000 per month to 21000 per month which will increase the limit applicable for ESI coverage. EMPLOYEES’ STATE INSURANCE CORPORATION: NEW INITIATIVES ESI Act applies to entire State of Karnataka. All Factories / Shops/ Establishments/ Medical Institutions/ Educational/Institutions/…