The Employees Provident Fund (EPF) is a mandatory saving and retirement scheme designed for salaried employees.

The present rules specify that an employee contributes 12% of his basic salary per month to this fund and the employer is obligated to contribute the same amount every month.

The funds in the Provident Fund (PF) account gains interest on an annual basis as per the rate of interest decided and declared by the Government. 

Let us now understand how you can utilise the funds lying in your PF account to fund any eventualities in your life.

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Giving is another way of saving tax

Many people have lost their livelihoods during this pandemic and it is our moral responsibility to monetarily help those in need.

Donations made to help people can help you save income tax as well.

Under Section 80G of the Income Tax Act, the Government provides some tax deduction on the donations given. A deduction of 50% or 100% of the amount contributed can be availed as a deduction.

Let us understand how Section 80G of the Income-tax Act can help you save taxes.

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