Month: June 2018

Categories
80C Deductions

NSC Calculator – National Savings Certificate Calculator in Excel for 2018

Click here to download NSC Interest Calculator in Excel for deduction under section 80C of Income Tax Act, 1961. Interest earned on NSC purchased of last 5 years is taxable in hand of assesses and it laso deductable under section 80C up to limit of section ( currently 80 max. limit is 150000).

 

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What is NSC:

National Savings Certificate is a popular mode of small savings investment in India. The NSC rate of interest has been fixed by the government. The NSC (National Saving Certificate) Calculator allows you to calculate the return on your investment when saving using the National Savings Certificate Scheme.

 

NSC Restrictions

The National Saving Certificate Scheme (NSC) is an excellent investment opportunity but there are some restrictions you should be aware of.

  1. The National Saving Certificate (NSC) scheme has a minimum investment threshold of ₹100.00
  2. National Saving Certificates are issued at a minimum of ₹100.00 certificates though you can also purchase ₹500.00, ₹1,000.00, ₹5,000.00, ₹10,000.00 denomination certificates.
  3. There is no limit on the number of National Saving Certificates that you can buy.

 

Type of NSC Certificates

There are 3 different types of National Savings Certificate

  1. Single holder Type Certificate: Issued to an individual (the holder) or to an individual on behalf of a minor.
  2. Joint A type Certificate: Issued jointly to two adults. On maturity, the NSC is paid to both of the joint holders
  3. Joint B type Certificate: Issued jointly to two adults in the same way as Joint A type NSC (see above) withe the difference that on maturity, the NSC is paid to one (either one) of the joint holders.

 

Categories
Payroll

Chandigarh Labour Welfare Fund Amendment

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The Central Government extends the applicability of Punjab Labour Welfare Amendment Act,2014 to the Union territory of Chandigarh from the 10th April’2018. Click here to download Notification.

 

The modifications in Punjab Labour Welfare Fund (Amendment) Act’2014 would be as below:-

 

  1. In Sub section (1) of Section 1, after the words “the Punjab Labour Welfare Fund (Amendment) Act,2014” the words “as extended to the Union territory of Chandigarh” shall be inserted.

 

  1. In Section (2), after the words “the Punjab Labour Welfare Fund Act,1965” the words “as in force in the Union Territory of Chandigarh” shall be inserted.

 

Click here to download Notification.

 

Categories
India Payroll Salary

SBI Lending Rates for Loan Perquisite Calculation 2018-19 in Salary

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Valuation of Interest free / concessional loan to employee is called Loan perk, SBI Lending Interest rate apply while calculating loan perk. Loan perk calculation sheet can be download from here. and Calculation will as :

 

Click here to Download Loan Perk Calculator in Excel

 

SBI Lending Rates for Loan Perquisite Calculation 2018-19

 

SBI Lending Rate 2018-19 loan perk
SBI Lending Rate 2018-19 loan perk

 

Check SBI Website for more updates : https://www.sbi.co.in/portal/web/home/interest-rates-as-on-01-04-2017

 

 

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Categories
Provident Fund (PF)

PF Admin Charges reduced and EDLI Admin Charges waived by EPFO

PF Admin charges have been further reduced to 0.5% applicable w.e.f. 1 June 2018, subject to a minimum of Rs. 500/ Rs. 75 in the case of functional/ non-functional organisations. Besides, EDLI Admin charges have already been waived w.e.f. 1 Apr. 2017.

 

PF Admin Charges reduced to 0.5% w.e.f. 1 June 2018

Click here to Download Notification.

In exercise of the powers conferred by the Explanation to paragraph 30 read with paragraph 39 of the Employees’ Provident Funds Scheme, 1952, and in supersession of the notification of the Government of India in the Ministry of Labour and Employment published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii) vide number S.O. 827(E), dated the 15th March, 2017, except as respects things done or omitted to be done before such supersession, the Central Government, after consulting the Central Board and having regard to the resources of the Employees’ Provident Fund available for meeting its normal administrative expenses, hereby fixes the administrative charges payable by the employer for the purposes of paragraph 30 and sub-paragraph (1) of paragraph 38 of the said Scheme with effect from 1st June, 2018 at 0.50 per cent (zero point five zero per cent.) of the pay as referred to in the said paragraphs subject to a minimum sum of seventy-five rupees per month for every non-functional establishment having no contributory member and five hundred rupees per month per establishment for other establishments.

2. For the removal of doubts, it is hereby notified that nothing contained in this notification shall affect the administrative charges payable in respect of the period up to and inclusive of the 31st May, 2018 in respect of which the notification referred to in paragraph 1 herein shall continue to apply as if the same had not been superseded.

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