Blog - Page 86 of 90 - Prakash Consultancy services

Buying a house has always been a bit of financial trouble for many. So, banks come to rescue and aid people with a home loan by facilitating the funding. Two earning members can come together to buy a house and share the loan. Joint home loan is the ultimate way out! Earning members of the family; Spouse, siblings, parent & child either can jointly issue a loan from the bank. This will ease off the burden of loan borrowing. Besides, there is an added major advantage to this joint loan borrowing; the co borrowers can share the tax benefits under the Income Tax Act.

Benefits of joint home loan

Two earning members will save a part of their income from taxation
The debt burden is minimized as there two people will share the loan
Both, Principle and interest payable are exempted from tax under the section 80C and section 24 respectively of the Income Tax Act.

Rules for seeking a joint home loan:

A joint home loan can be taken by minimum 2 and maximum 6 members
Not all family members are eligible to take joint home loan, generally blood relatives are allowed
The lender defines the relationship between co borrowers in order to be eligible to seek the joint loan
KYC documents should be submitted that contain identity and address proof of the loan applicants
Documents containing the proof of ownership and income proof of borrowers are also required.

Repayment of joint home loan:

Either the EMI can be paid via a joint account that is held by the co borrowers
Payment made by means of two different accounts for the same EMI is not allowed. However they can share total no. of installments. The payment should come from come from borrowers jointly.

The maximum tax benefit available to a single person who seeks home loan is however 1, 50,000 for each co borrower. Hence it is advisable to get a break up of tax benefits on stamp paper prior to issuing the loan. The agreement will specify the share of the ownership as well as that of the home loan. This agreement will contain the share of the ownership along with that of the home loan issued by them.

The co-borrowers must decide the ratio in which they will borrow the loan. Supposing the ratio decided is 60:40 then the tax benefits availed by them will be in the same ratio. The former can avail a 60% of tax benefit on the maximum permissible exempted limit; while the latter, 40%.

Now, it is way easier and beneficial to manage the funding for your new home by applying for loan. The income tax benefits, plus the lesser burden on a single person, in terms of loan repayment. Also, it enhances your eligibility as a loan seeker because the income of two people is clubbed; the bank finds it convenient to grant the loan.

Courtesy:- http://www.sensystechnologies.com/blog

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List of surviving members format -Provident Fund

Provident Fund -Forms

Prakash Consultancy Services

March 16, 2013

Dear All,

Enclosed is the list of surviving members format to be submitted along with form 20 in death claim under epf 1952, under para 2(g) & and Form No 5 (IF) if the case is of on service death

Attachment :- List of Survival Member-EPF

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Harayana Minimum Wages WEF From 1st Jan 2013

Minimum Wages-Haryana

Prakash Consultancy Services

February 27, 2013

Dear All,
The revised minimum Wages rates in the schedule employment in Haryana State effective from 01/01/2013 are as under.

Unskilled workers Rs. 5212.15 monthly or Rs. 200.46 daily
Semi skilled worker (A) Rs. 5342.15 monthly or Rs. 205.46 daily
Semi skilled Worker (B) Rs. 5472.15 monthly or Rs. 210.46 daily
Skilled Worker (A) Rs. 5602.15 monthly or Rs. 215.46 daily
Skilled worker (B) Rs. 5732.15 monthly or Rs. 220.46 daily
Highly Skilled worker Rs. 5862.15 monthly or Rs. 225.46 daily

Hence you are requested to kindly look forward and take appropriate action to kindly implement the revised minimum wages rates w.e.f. 01/01/2013 in the Factories and Establishment working in Haryana State. Kindly ignore if your establishment is not falling in the territorial jurisdiction of Haryana State.

Notification to Download Click Below:-

(Haryana_MINIMUM_Wages_ Notification_01-01-2013)

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Madhya Pradesh New Labour Welfare ammendment

Labour Welfare Fund

Prakash Consultancy Services

February 16, 2013

Dear All,

Pls Find Enclosed the New Labour welfare Ammendment of Madhyapradesh the New Slab is as under

Employee Contribution – Rs 10.00

Employer Contribution – Rs 30.00

LWF Notification MP FEB – 2013

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Chattisgarh-minimum-wages-Oct2012 to 31st mar 2013

Minimum Wages- Chhattisgarh

Prakash Consultancy Services

February 10, 2013

Dear all,

Enclosed is the Special allowance as declared by Govt of Chattisgarh which is effective from 1st Oct 2012 till 31st Mar 2013

Chattisgarh-minimum-wages-Oct2012 to 31st Mar 2013 (Chattisgarh-minimum-wages-Oct2012 to Mar-2013)

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Form No 13 along with Sample Form

Provident Fund -Forms

Prakash Consultancy Services

February 10, 2013

Dear All,

Enclosed is the EPF Transfer form No 13 along with the sample Form which will help in to fill in the balnk form

Blank Form no 13 ( PF Transfer In Form_Form no. 13)

Sample Transfer Form (PF Transfer In Form_Form no. 13 SAMPLE)

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Andhrapradesh New Profession Tax Slab W.E.F From 1st Feb 2013

Profession Tax

Prakash Consultancy Services

February 6, 2013

Dear All,

AMENDMENTS

In the said Act, for the First Schedule, the following Schedule shall be substituted, namely-

THE ANDHRA PRADESH TAX ON PROFESSIONS, TRADES, CALLINGS AND

EMPLOYMENTS ACT, 1987

First Schedule

(Under Section 4)

Sl. No.	Description	Tax Per month (PM) or Per Annum (PA) in (Rs)
(1)	(2)	(3)
1	Salary and wage earners whose monthly salaries or wages in Rs:
	(i) Up to 15,000	Nil
	(ii) From 15,001 to 20,000	150 PM
	(iii) Above 20,000	200 PM

Pls Find the Respective Notification of the same

Andhra Pradesh New Professional Tax slabs WEF-FEB-2013

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Maharashtra Specail Allowance From 1st Jan 2013 to 30th June 2013

Minimum Wages-Maharashtra

Prakash Consultancy Services

February 6, 2013

Dear All,

Enclosed is the New Special allowance decalred by the Labour Dept from 1st Jan 2013 till 30th June 2013

Maharastra Special Allowance-1st Jan 2013 till 30th June 2013

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Tax Saving Tips – Investments and Deductions Under Section 80C

Income Tax

Prakash Consultancy Services

February 6, 2013

Tax Saving Tips – Investments and Deductions Under Section 80C

Your hard earned income is subject to taxation under the Income Tax Act. You can save a part of your income as a tax deduction; thus reducing your total taxable income. Such tax deduction options are available under the various sections of it act. Section 80 c provides that Rs 1 lac per annum can be saved from being taxed by investing in such instruments:

§ Public Provident Fund (PPF)

§ National Savings Certificates (NSC)

§ Contributions to Employees Provident Fund (EPF)

§ Fixed Deposit (FD) with Banks having a lock-in period of five years

§ Equity Linked Savings Scheme (ELSS) of Mutual Funds

§ Unit Linked Insurance Plan (ULIP)

§ Life Insurance Premiums

§ Repayment of Housing Loan (Principal)

It is applicable for individuals irrespective of their tax bracket and annual income. These are the tips under this section that will help you save your tax from your income.

PPF PUBLIC PROVIDENT FUND

It is the risk free government tool with a lock in period of 15 yrs and is beneficial for those seeking long term investment. You can invest up to Rs 1lac in all at the current rate of 8.8%. . The interest earned here is not taxed. The minimum investment in PPF is Rs 500 per year and the maximum investment is Rs 1,00,000/- per year. It can be a lump sum investment or can be divided in to a 12 transaction per year. A special benefit that comes along is that in case of insolvency it will not be attached to the assets of the insolvent. PPF can be used for minors as well, who can avail benefit of the same when they turn 18.

NSC NATIONAL SAVING CERTIFICATES

Very secure since it is backed by the government. Interest rate for 5-year NSC delivers 8.6% whereas 10-year NSC offers 8.9%. Interest earned is subject to tax and there is no limitation on the amount of investment. NSC is eligible for use as a security in order to derive a loan from the banks. Minimum amount is Rs100.

EMPLOYEES PROVIDENT FUND

Employees provident fund is the deduction from the salary (minimum a 12%) made by the employer into a provident fund account. This deduction is mandatory on the earned income as an aid to both private and non pensionable public sector employees. A fraction of your monthly income is deducted and gets accumulated till the time employee attains the retirement age. After the age of 55, the employee can withdraw full amount at any time. Apart from monthly deduction the employee can contribute extra through VPF voluntary contributions.

FIXED DEPOSITS

In a Fixed Deposit Saving Scheme a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. For tax free bank deposit under section 80c, lock in period of 5 yrs is a must and premature withdrawal is not allowed. The amount under this FD is deducted from the taxable income and the maximum permissible amount is Rs1 lac. This amount can be undertaken for a loan. A safe investment option beneficial for those who want to lock their money for long. However the interest received on such deposit is taxable.

EQUITY LINKED SAVINGS SCHEME (ELSS) OF MUTUAL FUNDS

This market linked investment comes up with a 3 year lock in period. ELSS is your helping hand in saving tax offering high returns. With low expenses, this option ensures a high liquidity and growth in long term. Withdrawing before a 3 year period is not allowed. Also ELSS returns are not guaranteed as they are market linked investments.

ULIP- UNIT LINKED INSURANCE PLAN

ULIP is the risk free investment option that lets you flexibly invest wherein part of the premium pay goes toward the sum assured and the balance will be invested in whichever investments you choose depending upon the scheme-equity, debt or a mix of the both. The premium that is paid under these schemes is considered under this section. It can be partly exposed to stock market. ULIP schemes come in insurance cover forms as well as investment options.

LIC PREMIUMS

This includes the premiums that you pay for the LICs or insurance policies under other private insurance companies. The policies ensuring life of self, spouse or any child are considered. Also, insurance premiums paid for parents, is covered for deduction under 80C. Thus, the total amount for all premiums from all eligible policies can be included as the deduction.

REPAYMENT OF HOUSING LOAN (PRINCIPAL)

Under section 80c , the principle component that you pay for your home loan is eligible for deduction. The yearly amount that is spent under the repayment of housing loan as the principal can be deducted from the taxable income.

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EPF (Employees’ Provident Fund) Linked With Aadhaar Card

Provident Fund - (Notification -Circulars)
Provident Fund Benefits

Prakash Consultancy Services

February 1, 2013

EPF (Employees’ Provident Fund) Linked With Aadhaar Card

Trying to open an Employees’ Provident Fund Account? Ensure an aadhaar number first. The employees provident fund organization (EPFO) has mandated to provide aadhaar card numbers in order to register for an EPF account. Employees joining from March 2013 into the organised sector, looking forward to open an EPF account will call for an aadhaar card at hand.

Entry of new members under the EPF scheme will go on at the same pace, but plenty of the aspiring members might not have their aadhaar numbers. Aadhaar is basically the unique identification number issued to the individuals for the purpose of establishing a sole identity of each. Those who have been lucky to get themselves enrolled have been awaiting their cards for quite a long. Whereas, the other workers or employees who may hail from, distant and remote areas where the idea of aadhaar has not even reached have been disadvantaged of the enrolment too. Thus leaving a large number of people deprived of their aadhaar numbers.

Linking EPF with aadhaar card is a way of the government to push more and more people into enrolment for the UID (UNIQUE IDENTITY) cards. And the EPFO suggests the employers to contact UIDAI (UNIQUE IDENTIFICATION AUTHORITY OF INDIA) in order to lay down camps or centres nearby workplaces /industries/offices so that employees at work can easily start off with the process and avail of it at the earliest

However, for those who do not have the cards can get an Enrolment ID (EID) as per the EPFO plan which can be later transformed into their aadhaar numbers

By June 30^th,2013 the 50 million existing members must present their aadhaar numbers to the EPFO as aadhaar is now an essential Know Your Customer (KYC) credential. Besides, it will be of great help to the EPFO members and to those seeking benefits under the scheme will also be facilitated by providing your aadhaar number. All subscribers of EPFO, old or new must hurry, enroll and fetch their aadhaar card numbers.

Courtesy: www.sensystechnologies.com/blogs

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