conditions - Rightsofemployees.com

SEBI allows mutual funds to invest in foreign funds with conditions

Jyoti — Tue, 05 Nov 2024 04:30:23 +0000

New Delhi: The Securities and Exchange Board of India (Sebi) on Monday allowed mutual fund companies (MFs) to invest in foreign mutual funds or unit trusts that invest a certain portion of their assets in Indian securities, subject to the condition that the total investment of such foreign funds in Indian securities does not exceed 25 per cent of their net assets.

The Securities and Exchange Board of India said in a circular that the move is aimed at simplifying investments in foreign MFs/unit trusts, bringing transparency in the method of investment and enabling MFs to diversify their foreign investments. SEBI said the new framework will be implemented with immediate effect.

This condition has to be followed

According to the circular, mutual fund schemes have to ensure that the contributions of all investors in the foreign MF / unit trust are included in a single investment vehicle without any associate entity. The fund of the foreign MF / unit trust should be such that there are no separate portfolios to ensure that all investors have equal and proportionate rights in the fund.

This has to be kept in mind that the market regulator has banned advisory agreements between Indian mutual funds and underlying foreign mutual funds to prevent conflict of interests. SEBI said in its circular, “Indian mutual fund schemes can also invest in foreign MFs / unit trusts that have investments in Indian securities.

The only condition for this is that the total investment of these foreign MFs / unit trusts in Indian securities should not exceed 25 percent of their assets.” If this limit is violated after investment, then a period of 6 months will be given to balance the portfolio with foreign funds, but during this time no new investment will be made in it.

PF account : Check Before terms and conditions for withdrawing money from pf account, otherwise so much tax will be deducted

Pravesh Maurya — Sun, 24 Jul 2022 07:35:35 +0000

Money should be withdrawn from PF account only in emergency. There are also terms and conditions for this. If you withdraw money without following the terms and conditions, then you may have to pay tax on it. That’s why we are giving you all the information.

Employees have the option to withdraw money from their Provident Fund (PF) when needed. Many times people withdraw money from PF account. But there are some terms and conditions for this also. If money is withdrawn from the PF account prematurely and the rules are not followed, then tax may have to be paid. Therefore, it is important to know the rules related to PF. Know about the rules related to PF account.

When
to withdraw money from PF If it is necessary for you to withdraw money from PF account, then it should be done only after 5 years. If you withdraw more than Rs 50,000 before 5 years, 10% TDS has to be paid. That’s why it is important that you keep the money in PF for 5 years.

Why does it take TDS
to withdraw money from PF account before 5 years, the employer’s contribution comes under the income from salary category. At the same time, the contribution of the employee comes in income from other sources. The interest earned on these two is taxed. If someone’s income is less than Rs 2.5 lakh and he withdraws money from PF account, he should submit Form 15GH. TDS is not deducted on doing so.

Keep these things in mind
that tax is levied on withdrawing money from PF account before 5 years. 10% TDS is deducted on withdrawal of more than Rs 50,000. To avoid TDS, money should be withdrawn from PF account after 5 years. Interest is earned on the deposited amount.

When withdrawal of money is not taxed
, in some situations, tax is not levied on withdrawing money from PF account. If the employee has lost his job and he is withdrawing money, then there will be no tax. Withdrawal from PF account will not attract tax even in the event of company closure. After the death of the employee, there is no tax on withdrawing money from PF. At the same time, there is no tax on transfer of PF along with joining in a new company.

According to the rules of EPF, a member can withdraw
75 percent of the total amount deposited during the job after one month of job loss. At the same time, if the person remains unemployed for more than two months, then he can withdraw the entire amount from the PF account.

When to pay tax on
PF, there are four components of contribution in PF – the contribution of the employee, the amount deposited by the employer and the interest received on both. Of these four, three have to be taxed. This tax is levied on the contribution of the employee and the interest earned on them.

Tax Basis
The calculation of tax on investment in PF also depends on whether the employee has availed deduction under section 80C of the Income Tax Act at the time of filing ITR or not. According to the Income Tax Act, if the employee deposits the amount in PF, then his contribution is exempted from income tax.

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Income Tax Return Filing: These people are not required to fill ITR, know what are the conditions

Pravesh Maurya — Thu, 21 Jul 2022 12:56:44 +0000

Income Tax Return Filing: Under the new rule of the Government of India in the year 2021, people above the age of 75 years earning income are not required to file ITR, although some terms and conditions have also been fixed for this.

The last date for filing Income Tax Return is 31st July. According to the rules, it is mandatory for every person earning income to file ITR. But do you know that according to the rules of the Government of India, some people earning income are not required to file ITR. Yes, under the new rule of the Government of India in the year 2021, people above the age of 75 years earning income are not required to file ITR, although some terms and conditions have also been fixed for this.

Exemption to these senior citizens above the age of
75 years According to the rules of the government, all those senior citizens above the age of 75 years, whose source of income is pension or interest on bank deposits, then it is not necessary to file ITR. A new section has been added in the Income Tax Act, 1961 under the Finance Act-2021. This is the new section 194-P.

This condition should be
that for the exemption of senior citizens above the age of 75 years from filing ITR, it has been considered a necessary condition to have a pension account and FD account in the same bank. Keep in mind that tax is deposited on the interest earned on FD, then in that case the benefit of this exemption cannot be taken.

Only senior citizens who fulfill all the necessary conditions have been kept in the purview of this exemption. Senior citizens above the age of 75 years can visit the bank to take advantage of this exemption . For this, it will be mandatory for the applicant to fill and submit the 12-BBA form in the bank.

In this form, the applicant has to share the information related to FD and pension. After filling the tax amount given in the form, the applicant gets the benefit of this exemption. That is, there is no need to fill ITR separately after this.

The post Income Tax Return Filing: These people are not required to fill ITR, know what are the conditions first appeared on Rightsofemployees.com.

conditions - Rightsofemployees.com

SEBI allows mutual funds to invest in foreign funds with conditions

This condition has to be followed

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PF account : Check Before terms and conditions for withdrawing money from pf account, otherwise so much tax will be deducted

Income Tax Return Filing: These people are not required to fill ITR, know what are the conditions