Employee Provident Fund - Ravi Vadgama
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Transcript of Employee Provident Fund - Ravi Vadgama
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A
PRESENTATION
ON
EMPLOYEES PROVIDENT FUNDAWARNESS
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A member can view online the status of his
Claim submitted to PF Office
A member can also check whether or not his PFdeductions are deposited by the employer
A member can register himself on the Member
Portal and download his e-passbook havingtransaction wise details in PF Account.
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Employee Provident Fund (EPF) is one of the
main platforms of savings in India for nearly all
people working in Government, Public or Private
sector Organizations. Thus employers and employees both contribute
@ 12% of salary (Basic+ DA) in Contribution
accounts.
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You can opt for food coupons instead of lunch
allowances, as they are exempt from tax
Include medical allowance, transport allowance,education allowance, uniform expenses (if any),
and telephone expenses as part of salary.
Ask for bills of expenses incurred for theseallowances to reduce tax
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Section 80C offers a maximum deduction of up
to Rs. 1,00,000.
Public Provident Fund Life Insurance Premium
National Savings Certificate
Equity Linked Savings Scheme
5 year fixed deposits with banks and post office Tuition fees paid for children's education, up to a
maximum of 2 children
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Section 80DAllow deduction of Rs. 15,000 for
medical insurance of self, spouse and dependent
children and Rs. 20,000 for medical insurance of
parents above 65 years
Section 80CCF- Deduction of Rs. 20,000, in
addition to the Rs.1,00,000 under 80C, for
investments in notified infrastructure bonds
Section 80G- Donations to specified funds or
charitable institutions.
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Are you paying rent, yet not receiving any HRA
from your company?
The least of the following could be claimed under
Section 80GG:
25 per cent of the total income or
Rs. 2,000 per month orExcess of rent paid over 10 per cent of total
income
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Use your home loan efficiently to save more tax.
The principal component of your loan, is included
under Section 80C, offering a deduction upto Rs. 1,00,000.
The interest portion offers a deduction up
to Rs. 1,50,000 separately under Section 24.
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Leave Travel Allowance is available twice in a
block of four years
In case you have been unable to claim thebenefit in a particular four- year block.
you could now carry forward one journey to the
succeeding block and claim it
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A bonus from your employer is fully taxable in
the year in which you receive it. However
request your employer for the following:
Give your tax investment details well before, to
prevent your employer from deducting tax on
bonus before handing it over
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Keep in mind the below points, to avoid the
hassles of last minute tax planning.
Give your employer details of loans and taxsaving investments beforehand, to prevent any
excess deduction
Check the Form 16 received at the end of eachyear from your employer thoroughly
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THANK YOU