As you are looking to set up a retirement plan and reap its benefits, you would want to understand the tax implications of the Employee Provident Fund (EPF), more popularly known as PF.
In India, approximately 12% of base salary and Dearness Allowance (DA) is deducted from the Employee’s Provident Fund. Keep reading to learn the tax implications of PF withdrawal and how to deal with your finances accordingly.
Understanding the EPF tax implications for a salaried employee is vital for a sound financial plan. As a salaried employee working in a company of 20 or more employees, you are automatically eligible and legally bound by the company to be enrolled in the scheme. But it is important to understand how and when to withdraw from your PF or EPF account so that you don’t get taxed unnecessarily. Knowing the terms and conditions of EPF or PF withdrawal and its tax implications can help you manage your funds more efficiently, which is exactly the focus of this article.

Your credit score indicates your overall financial health. The Reserve Bank of India (RBI) has made it mandatory for every bank to check a loan applicant’s credit score before sanctioning loans. Notably, credit score is a three-digit score indicating an individual’s financial behaviour, which, in turn, indicates whether the person is worthy of receiving credit or not.
Follow this guide to avoid 10 common mistakes that can decrease your credit score.

Credit Score is a 3-digit number between 300 and 900 that summarises an individual's current financial circumstances and credit history. By doing so, it determines the capacity of an individual or organisation to meet its financial obligations.

In India, a credit score is provided by institutions such as CIBIL TransUnion, Equifax, Experian and CRIF Highmark. A high credit score closer to 900 is preferable for individuals as it improves the chances of getting approved for new credit in the form of loans or credit cards.

This is why you must be aware of the critical factors impacting your credit score. Read on to learn about 8 key factors affecting your credit score!

A good credit score is a prerequisite for getting loans under favourable terms and conditions. Every bank checks credit scores while evaluating loan applications. CIBIL is a leading credit rating agency in India which issues a report detailing an individual’s personal and financial information. Based on the information, the individual receives a CIBIL score, a three-digit score between 300 and 900.

But, what should you do if you have a low CIBIL score? There’s no need to get worried as here are 7 simple tips to improve your CIBIL score.

All individuals with taxable income must pay income taxes under various categories. Among the available options, Tax Deducted at Source (TDS) and self assessment tax are two ways income tax is paid to the government. The self assessment tax mechanism is most commonly how self-employed tax payers to ensure they pay their due tax prior to completion of the financial year and before filing their tax returns.

Note that the Income Tax Return (ITR) filing is not considered complete unless the full tax amount is paid under these heads. An invalid submission of returns often leads to a high-interest rate on the tax amount due and other kinds of penalties.

Let’s know more about the self-assessment tax in this article.