employee provident fund - ravi vadgama

8/10/2019 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

employee provident fund - ravi vadgama

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