What is a zero balance savings account? A Zero Balance Savings Account is a type of account where you are not required to maintain a minimum balance, i.e. your account balance can go down to Rs. 0 and it won’t attract any penalties. It is one of the most difficult tasks to maintain a minimum…
The Income Tax Department has changed the design of the PAN card. It has made a few additions to it to make it more user-friendly and secure. The IT Department has started providing new PAN cards post July 7, 2018. It is worth noting that PAN cards issued prior to the aforementioned date will also…
The Supreme Court has finally pronounced the judgement on a bunch of petitions challenging the constitutional validity of Aadhaar as 4:1in favour of the Aadhaar Act. In this article, we will discuss in detail about the key takeaways from the judgement on Aadhaar. Aadhaar Linking Mandatory · PAN · ITR Filing · Welfare Schemes Aadhaar…
Employees’ Provident Fund Organisation (EPFO) manages and maintains the provident fund account of all subscribers. It has made a few changes recently and has tweaked some of its processes to make it more user-friendly and less time consuming. Earlier, EPF was one of the most complex schemes which is being modified and revamped by the…
Aadhaar is the biggest biometric identity proofing system of the world. Issued and managed by Unique Identification Authority of India (UIDAI), Aadhaar has been made mandatory for availing government subsidies and verifying other documents and instruments. UIDAI has dynamically made improvements in Aadhaar to make it full-proof and safe from hacking and phishing. It has…
The Ministry of Civil Aviation, in Addendum to AVSEC Circular No. 15/2017 dated 27th October 2018, has directed that government documents/id proofs issued in the DigiLocker app such as Aadhaar, PAN and driving license shall be accepted as valid identity proof for entering the airport premises at the time of departure. This move by the…
Employees’ Provident Fund Organisation (EPFO) manages three important retirement schemes for employees – Employees’ Provident Fund (EPF), Employees’ Pension Scheme (EPS) and Employees’ Deposit-Linked Insurance Scheme (EDLI). Once a member of EPFO retires at the age of 58 years, he receives a lump sum of EPF corpus. If employed for at least 10 years, he…
