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- Employers can submit EPF subscription online
- Early planning key to build corpus for retirement
- NRO account
| Employers can submit EPF subscription online Posted: 04 Oct 2012 04:36 AM PDT Download Mutual Fund Application Forms
ENDING hassles of employers in payment of employees provident fund (EPF) subscription of employees, the government on Tuesday started an electronic mechanism that promises to bring transparency and accessibility.
The initiative, launched by labour and employment minister Mallikarjun Kharge, offers an opportunity to employers to file their returns online from anywhere and anytime.
"The hassles of preparing various monthly and annual paper returns and visiting the EPFO offices for submitting them will become a thing of the past," Kharge said.
He said provisions are being made under the scheme so that employees can also check their accounts for updates.
He said Employees Provident Fund Organisation (EPFO) offices would not have to manually enter the returns in the system to update information and make several communications in case of mistakes or deficiencies in paper returns. EPFO commissioner RC Mishra said with the updating of the new employee and existing employee details under the new online initiative, the claims settlement process would become much quicker. This will also do away with the need of annual accounts preparation at the end of the year.
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| Early planning key to build corpus for retirement Posted: 04 Oct 2012 02:32 AM PDT Download Mutual Fund Application Forms
Long time period for the purpose of accumulation of the corpus gives you adequate time for preparations and timely actions
WHEN it comes to the question of retirement planning, there are two aspects of completing the entire process. The distinction between these two aspects is important for making plans in a specific way that will tackle both these aspects effectively. Here are some of the details to consider.
Planning till the time of retirement: The first aspect of retirement planning involves planning for the period till you reach retirement. The main goal is to build a corpus that can be used at the time of retirement to meet the monetary needs after the flow of regular income stops.
Long time period available for the purpose of accumulation of the corpus gives you adequate time to make the necessary preparations and then act on this over a period of time.
If you start planning at a young age, this accumulation phase can go for as long as 25-30 years. There is an advantage of starting early because there will be a long time frame during which even small amounts of savings will lead to the accumulation of a large corpus. However, what is seen in real life is that people keep postponing this for as long as possible, as they think that it is not necessary to save from a young age because there is a lot of time left to undertake this activity.
Another advantage of this time period is that investor can use multiple routes to achieve what they actually want, minimising the possible restrictions coming there way. Thus, use of equities, debt, commodities, real estate, as well as some other alternative investments can be undertaken.
Planning after retirement: Once the time period for retirement has arrived, it is essential that there has to be a replacement ratio that is worked out. This is nothing but the extent of the income that is earned after retirement, compared with the figure before retirement. The higher this is, the better it is.
The main issue at this point is to get a regular flow of income to replace the working income.
There are annuities and pension payments that will meet this specific requirement, but this has to be chosen in such a manner that it will provide specific returns to the investor and is also able to generate the required amount of cash flow.
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| Posted: 04 Oct 2012 01:33 AM PDT Download Mutual Fund Application Forms
Non-Resident Ordinary (NRO) account
This account can hold income earned in India (dividends, pension or rent. NRO helps make payments in rupees and, hence, those with dependents in India. the NRO account does not allow withdrawing the deposited funds.
This, too, is a rupee account like NRE accounts, so currency risk exists. It allows only up to $1 million (~5.5 crore) to be repatriated per financial year. Most banks are paying between seven and nine per cent.
Any remittance done from an NRO account is subject to tax deduction at source (TDS), at 30 per cent. In case of a double taxation avoidance agreement (DTAA) between India and other countries, the TDS rate can be lower, like it is 15 per cent in the case of India and the US. NRO deposits may also be taxed in the NRI's resident country. NRO accounts can be jointly held even with an Indian resident.
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