Kisan Vikas Patra Rules 2014 Finance Ministry in a bid to rejig small savings scheme reintroduced Kisan Vikas Patra in Budget 2014. Here are the full revised “Kisan Vikas Patra Rules 2014″ GSA- 705(E).— In exercise of the powers conferred by section 12 of the Government Saving Certificates Act, 1959 (46 of 1959) and in suppression of the Kisan Vikas Patra Rules, 1988 except as respects things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely:— 1. Short title and commencement (1) These rules may be called the Kisan Vikas Patra Rules, 2014 (2)They shall come into force on the day of their publication in the Official Gazette. 2. 2. Definitions In these rules, unless the context otherwise requires,

Read More...

Employee Provident Fund New Rules Applicable from 1st Sept 2014 Employee Provident Fund Organization (EPFO) has amended the Employee Provident Fund (EPF) rules by inserting some major changes. These changes have been made applicable from 1st Sept 2014. 1. Employee Provident Fund contribution made mandatory for salary less than Rs.15,000 Earlier, salaried person whose monthly salary was below Rs.6,500 were covered under Employee Provident Fund scheme and mandatorily required to contribute towards Employees Provident Fund but now this salary limit has been increased from Rs.6,500 to Rs.15,000, which means now any person getting salary up to Rs.15,000 per month should get his PF deducted and deposited with the Government. 2. Minimum Monthly Pension to Rs.1,000 Under new rules, pensionable salary shall be average of 60

Read More...

LIC Jeevan Shagun Review On the Completion of 58 years, LIC has launched a new single premium plan “Jeevan Shagun” which is a non-market linked, with-profit money-back plan. This policy is quite similar to the “Jeevan Raksha” but it is a close ended plan which means this plan is open to buy only for 90 days starting from 1st September, 2014. The risk in Jeevan Shagun is a minimum of 10 times of single premium. Eligibility for LIC Jeevan Shagun Policy: Minimum Entry Age is 8 Years (Completed). Maximum Entry Age is 45 Years. Single Premium Payment i.e. One Time Payment. Minimum Maturity Sum Assured (MSA) is Rs. 60,000/-. No Limit of Maximum Maturity Sum Assured (MSA) Policy Term is of 12 Years. LIC Jeevan

Read More...

After discontinuing tax-saving bonds last Budget, the finance ministry might now draw the curtains on tax-free bonds, designed to encourage long-term investments in the infrastructure sector. Tax-free bonds are those bonds issued for long term, for investment horizon of 10 to 15 years, in which interest earned is exempt from tax. Tax-free bonds do not provide any benefit of tax savings but only interest earned on these bonds is tax exempt. Since there is no tax on interest earned, these bonds are touted as much more attractive than bank fixed deposits. General Features of Tax-free bonds: (i) Tenor of Bonds: The tenor of the bonds shall be for 10 or 15 years. (ii) Permanent Account Number: It shall be mandatory for the subscribers of such

Read More...

Fixed Maturity Plans loses sheen after recent Budget has taken away the tax advantage it had, thus leaving it in a neck to neck competition with fixed deposits. Read: Taxation of Fixed Maturity Plans after Budget 2014 Fixed Maturity Plans vs. Fixed Deposits Particulars Defining Basic Structure and Tenure Fixed Maturity Plan is a close-ended debt mutual fund in which investments can only be done when it offers for subscription. The tenure of FMPs ranges from minimum of 15 days to several days such as 369 days, 542 days 1100 days etc. Dividend can be paid out regularly by opting for dividend payout option but a dividend distribution tax is levied on it. In case dividend payout is not opted than dividend will be paid

Read More...

Pradhan Mantri Jan Dhan Yojana (PMJDY), which was announced on the eve of Independence by the India’s Prime Minister Narendra Modi, has been launched today. The main motto of this scheme is to bring every household into the ambit of banking. The name “Jan Dhan Yojana” which means People Wealth Scheme was chosen by the evaluation team from the 6000 entries received in an online competition on the MyGov Platform. The tag line or the slogan of Pradhan Mantri Jan Dhan Yojana is “Mera Khata – Bhagya Vidhaata”, which means “My Bank Account is Creator of My Good Fortune”. Features of Pradhan Mantri Jan Dhan Yojana 1. Pradhan Mantri Jan Dhan Yojana is a financially inclusive scheme which aims at opening a bank account for

Read More...

Revised Rate of Interest on Delayed payment of Service Tax Central Government vide notification No 12/2014-ST dated 11.7.2014 has increased the rate of interest chargeable on the late payment of service tax dues w.e.f. 1st October, 2014. Earlier the rate of interest on the delayed payment of service tax was 18% p.a. irrespective of the time i.e. there was only one interest rate. But in budget 2014 has made changes in the rates as well as in the time period of payment of dues. Earlier even if the payment of service tax was made after 1 month or 1 year, the rate was same i.e. 18% p.a. but now the time slabs has been formed.   The interest rates on delayed payment of service tax

Read More...

86 queries in 1.233 seconds.