Interview Questions

Finance

How to know the EFP Balance ?

Use the following URL to know the EPF Balance.

EPF Balance

1.) First register in the site, using ID Proof and Mobile Number.
2.) Login to the site using the credentials provided.
3.) Clicke on Download E Passbook menu link, provide your EPF details.
4.) Download the E Passbook, which contains details about the EPF Balance.

Public Provident Fund

Public Provident Fund (PPF) is a boon to employees (for that matter anybody who wants to save) who do not have Employee Provident Fund as a measure of financial safety for their future.

PPF is a scheme where in a citizen can open an account (for as low as Rs.500/-) in SBI or Post Offices and start depositing money (monthly/yearly) through a financial year.

What is the benefit?

Form 16 Explained

Your Form 16, provided by your employer is the proof for TDS. Lets see how this form can be decoded…

Usually it spans 2 – 3 pages. Lets see them one by one.

First page:
It contains the name and address of employer, your name, your designation with the employer. As already explained, it also has the PAN number of the employer and your PAN number.

Voluntary Provident Fund

Have you heard of "Voluntary Provident Fund"? Not all employers provide the same to employees.

Actually Section 80C of IT provides you a facility to show the provident fund (monthly deduction) for a FY as exemption (subject to a maximum of 1,00,000/-).

But usually PF = 12% Basic and hence it will not reach Rs.1,00,000/- in most cases unless you are super honcho to receive this much as a PF.

Filing Tax Return

Do you know details about filing your “returns”? There are various ways of doing that. Before we see those ways, let us first understand the basics.

Any individual earning income beyond prescribed limits for a financial year has to file a return. These limits have changed over the years and at present stand like this: