Provident Fund Contribution to be on Contributory Wages

The Labour Ministry has proposed few changes/amendments in the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 which would result in increasing your retirement corpus but at the cost of foregoing current take home salary. The ministry sought to calculate the Provident Fund contribution on the “Contributory Wages” which includes house rent allowance, gratuity, travelling allowance and other allowances along with the basic wages rather than calculating only on the basic wages which is currently in practice. What is “Contributory Wages”? As per the amended bill the Contributing Wages means “All remuneration paid or payable to an employee in terms […]

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Benami Transaction Bill 2015 at Glance

In an attempt to restrain the generation of black money in domestic market, the Government has introduced a bill to target Benami Transactions in real estate sector. The Parliament has already cleared the much awaited Black Money Bill to nab those stashing black money abroad. The Benami Transaction Bill aims to nab those enters in benami transaction to evade tax or to avoid payment to creditors, in domestic market. The Benami Transaction (Prohibition) Act was first conceded in 1988 but had several loopholes and finally withdrawn. Later on, UPA 2 government introduced the bill in parliament but could not be […]

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Axis Bank offers Instant Personal Loan through Mobile App

Banking has been transforming from standing in queues to your fingertips. Gone are the days when you have to wait for hours to do banking transaction, now you can do almost every transaction through your smart phone. While public sector banks are lagging behind in adopting new technology, private sector banks increasing its customer base by making full use of the new technology. Keeping pace with the changing trend, Axis bank has taken a leap by launching an instant personal loan service called “24X 7 Instant Personal Loan” which can be availed through mobile app. Customers are required to download […]

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Jeevan Jyoti Bima Yojana (PMJJBY) vs Suraksha Bima Yojana (PMSBY)

Difference between Jeevan Jyoti Bima Yojana (PMJJBY) and Suraksha Bima Yojana (PMSBY) Many of our blog readers are getting confused in between the latest launched Government Social Security Schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Since both of the schemes offer same insurance coverage with same mode of payment, people are not getting clear picture of the benefits of the schemes. In this article I have tried to clarify the difference between both the schemes by putting it in a tabular form. Jeevan Jyoti Bima Yojana (PMJJBY) vs Suraksha Bima Yojana (PMSBY) […]

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LIC Jeevan Tarun Child Money Back Plan 834 Review

LIC Jeevan Tarun: Child Insurance Plan 834 Review LIC is soon going to launch Child Money Back Plan with limited premium payment term under the name of “Jeevan Tarun” (Plan no. 832). This plan aims to cater various financial needs such as for education, marriage etc. Couple of months back LIC had come out with similar plan for children (LIC New Children’s Money Back Plan (Table No. 832)) but Jeevan Tarun (plan 834) has some additional options and rider over the previous plan 832. LIC Jeevan Tarun Plan Eligibility and Other Features: Minimum Entry Age: 90 days Maximum Entry Age: […]

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