EPFO has launched new unified UAN portal for Employees and EPF employers. This unified UAN portal will help you to check your EPF balance, download your UAN card and passbook. In addition to that, you can also check and update KYC status. In this post, we will go through key feature and usage of New Unified EPF UAN Portal.
New Unified EPF UAN Portal – Key Features
Key Features of New Unified EPF UAN Portal are given below.
Download and Print EPF Passbook anytime
Print UAN Card
Update and check your KYC Status
Change your Mobile Number and E-mail ID
Step by step process to check EPF balance and download EPF passbook / UAN Card is given below.
Go to new unified UAN portal on https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and login to Site using UAN number and password. First time user can also activate UAN by means of using this website. Once you login to UAN portal you will a see the clean interface and easy to navigate menu items. The link related to action items like “View Passbook”, “UAN Card” and “Account setting” will be available on front page only. At right-hand side, you will see member profile.
Download and Print EPF Passbook
Click on View passbook link.
You will be diverted to page for Member Passbook Download.
On clicking on Download Passbook link you will be able to see your EPF passbook.
Passbook will show all information like deposit, withdrawal and pension contribution.
Sample screen shot from EPF Passbook is shown below.
Print UAN Card
Click on UAN Card.
You will be able to see UAN Card.
You can download your UAN card by clicking on Download button (Top right side).
The front portion of UAN card contains information like UAN Number, Name of Employee, Father or Husband name, and KYC Status. The back side of UAN card will display QR code which contains information about your account.
KYC Status
In order to see and modify your KYC detail click on Manage >> KYC link.
You will be diverted to a page where you can see pending and approved KYC status.
If your KYC is approved no need to do anything. However, if you want you can add KYC detail like Bank account detail, PAN card number, Passport, Driving license or election card details.
Once you add these details are added you will able to see it in pending KYC section.
Hope New Unified UAN portal will help you in knowing and updating your PF information.
TDS on Rent is deducted under what condition? My father is a senior citizen, he has income from pension and rental income from the property. His annual income from rented property is above 1.8 Lac, a tenant is deducting 10% TDS on rent under section 194I. Is it correct? This query was posted on my e-mail address. My answer to the query is TDS is not applicable in above case as a father is not eligible for tax audit under section 44AB. There are many people who get confused when it comes to TDS on rent. So, today let’s demystify TDS on rent and applicable rules.
TDS on Rent Income – Rules
TDS on Rent is applicable only if total rent amount exceeds 1.8 Lakh per annum. The limit of 1.8 Lakh per annum is per taxpayer.
The rate of TDS is either @10% or @2%, which is based on the type of asset given on rent. In the case of land, car or property is given on rent 10% TDS is applicable. However, if plant or machinery is given on rent 2% TDS is applicable.
Rate of Tax Deduction
In case any advance rent is paid by the tenant, it is subject to tax deduction.
Any service charges payable is covered under definition of rent and TDS is applicable on the same.
No TDS is applicable if the property is given on rent to individual for the residential purpose.
No TDS is applicable if the property is given on rent to individual for commercial purpose and total business turnover of the person is less than 1 Cr per year.
In case the landlord collects any advance payment as a deposit which will be refunded at the time of vacating the property. No TDS is applicable on such deposit amount.
TDS on rent is not required if the amounts paid or payable by an individual or Hindu Undivided Family. (HUF).
There is no requirement to deduct income-tax at source on income by way of ‘rent’ if the payee is the governmental agency.
Once a tax is deducted you need to deposit the tax amount on or before 7 days from the end of the month in which the deduction is made. It is compulsory to issue TDS certificate on a quarterly basis for tax deducted on rent. This certificate is issued as From 16A.
Other Points –
TAN number is necessary in order to deduct Tax.
If Nil Tax is applicable on the income of the person receiving rent, he/she can file Form 15G/15H for no deduction of TDS.
If the receiver of rent is unable to produce PAN card. TDS is required to be deducted @20%.
No education Cess is applicable on TDS on Rent.
No surcharge is applicable on TDS amount, except rent is paid to a foreign country and amount of rent is exceeding 1 Cr.
If municipality tax is paid by the tenant, no tax would be deducted from such amount.
I hope that I was able to clarify your doubts about TDS on rent. If you have any further queries on the subject feel free to post it in the comment section.
How many types of credit card charges are applicable to your credit card? Is it possible to minimize your credit card charges? Well before answering these question let me ask you one simple question. What to do in case a credit card company is offering you free credit card? Obviously, you will accept the offer without asking any question. Free word attracts us a lot. We end up accepting a free offer without doing due diligence and suffer badly at a later stage. If you are planning to avail new credit card here is detail about 20 types of credit card charges that you should be aware of.
20 Credit Card Charges you should be aware of
Joining Fee – The initial fees applicable for the availing credit card is known as a joining fee. Many credit card company offers a credit card without any joining fee. However, after one year they start charging annual fees.
Annual Fees – The fees charged by credit card companies annually is known as annual fees. This fee can be waived off by spending pre-fixed amount every year. The annual credit card charges are usually in the range of Rs.1000 to Rs.3000.
Duplicate Statement Fees – Monthly statements are delivered to the customer place free of cost. However, a duplicate statement in the physical form attract charges which are usually fixed.
Late payment charges – Every time you default on the payment you need to bear late payment charges. These charges are over and above interest rate charged by credit card companies. The late payment charges are either fixed or variable and depend upon credit card companies.
Interest on Overdraft – If you spend money beyond your credit limit fees charged is known as interest on overdraft. It is fixed interest on overdraft amount.
Cash Withdrawal – You can use a credit card to withdraw money from ATM. The credit card charges applicable under this case is known as cash withdrawal or transaction fees.
Foreign Currency Transaction – If you buy any product or pay for any services in foreign currency the charges applicable is known as foreign currency transaction charges. This credit card charges are in the range of 3-5% of transaction amount.
Outstation cheque fees – In case you settle your credit card dues using an outstation cheque. You need to pay an additional fee which is known as outstation cheque fees.
Service Charges – The charges applied by the vendor on the use of payment gateway is known as service charges. This fee is also known as user fee or convenience charges.
Cost of revolving credit – The credit card charges imposed on the customer if the payment due is not clear within specified time limit is known as the cost of revolving credit or revolving interest rate. The charges are the in the range of 1.99% to 4%.
Petrol Transaction Surcharge – Transaction surcharge or fees applicable when you use a credit card for filling up petrol is known as petrol transaction surcharge. These charges are waived off by certain credit card companies in case your usage in petrol is beyond a certain limit.
Card replacement Fees – In case you lost your credit card fees applicable for the replacement of card is known as card replacement fees.
Cheque Pickup Fee – You can opt for cheque pickup services for paying your credit card dues. This fee is known as cheque pickup fees.
Payment Dishonor Fees – In case, you make a payment of credit card dues via cheque and it bounces or there is a failure of ECS, the penalty payable is known as cheque bounce or payment dishonor fees.
Additional Card Fees – If you opt for additional card along with your primary card, you need to pay additional card fees.
Cash Processing Fees – If you decide to clear your dues by making a card payment in cash at ATM, you need to pay extra fees called as cash processing fees.
Railway Ticket Purchase Fees – In case you use a credit card for purchasing railway ticket you need to pay credit card charges known as railway ticket purchase fees.
Emergency Card replacement Fees when overseas – In case you opt for replacement of credit card in an emergency when you are at overseas you need to pay additional fees.
Mobile Alert for Transactions – You can opt to get transaction alert on mobile. Few credit card companies also impose charges for these services.
Other Charges – In addition to above credit card charges you are liable to pay other charges and tax such as service tax, swachh bharat cess and krishi kalyan tax.
How to Minimize Credit Card Charges?
All credit card charges mentioned above are defined in the document called as “Most Important terms and conditions”. You must go through this document when you decide to purchase credit card. In order to minimize credit card charges follow the tips given below.
Before opting for a credit card do a thorough research and make a comparison sheet to select the best credit card.
Understand all credit card charges by going through terms and condition document.
Avoid using credit card and at all places.
Pay your credit card dues before time. If possible opt for auto payment services.
Never spend beyond your credit limit.
Review your credit card statement on regular basis.
Remember “There is no free lunch in this world”. Everything has associated cost and credit card is not an exception. So, when you opt for a credit card don’t forget to carry out due diligence. It will surely help you to save more money.
NRI selling property in India can legally repatriate money abroad. However, it is generally seen that NRI transfer money obtained from property sell via private money transfer method or unauthorized channel. This may be due to lack of knowledge or ignorance. The private money transfer method used for transferring money earned from property sell is illegal. In this post, I will explain the rules applicable to the repatriation of a fund by NRI post property sale.
How NRI can transfer money abroad from property sale?
NRI can buy or sell any property in India without any restriction except agriculture land, plantation property or farm house. When it comes to a repatriation of fund source or channel via which this fund was infused for buying a property is important.
Case 1 – Property was purchased from fund received in India towards Inward remittance
The repatriation of a principal fund to the home country is allowed without any lock-in period if a property was purchased by NRI from the inward remittance fund. No permission from RBI is required for such case. There is no upper limit on the amount which can be repatriated under such case.
The case mentioned above is applicable up to two residential properties and unlimited commercial properties. From third residential property onwards, the NRI has to deposit money into NRO account. The money deposited in NRO account can be repatriated to home country with an applicable limit of 1 Million USD per financial year.
TDS is applicable on the profit earned by selling a property. If a property is sold after three years from the date of purchase long term capital gain tax @20% is applicable. The gains are calculated as a difference between sale value and indexation cost of purchase.
The TDS can be waived off in case NRI re-invest capital gains for the purchase of another property.
Example – 30,000 US$ are sent from the USA by NRI to purchase property in India. After few years the property is sold by NRI with a price of 40,000 US$. The principal amount 30,000 US$ can be transferred to USA immediately. The remaining amount needs to be deposited in NRO account.
Case 2 – Property was purchased from fund lying in NRO account in India
The repatriation of fund up to limit of USD 1 million is allowed per financial year if a property was purchased from the fund lying in NRO account in India. In this case, NRI has to deposit both principal and profit amount into NRO account. The tax treatment applicable in this case will be same as that of case 1.
In a case when NRI has inherited property from a person residing in India repatriation of money is allowed without taking permission from RBI. However, if a property is inherited from a person residing outside India specific permission from RBI is required for repatriation of a fund. In addition to that certificate from Chartered accountant in a specific format is also required.
Procedure and Rules to repatriate money abroad by NRI
Rules
The property must be procured by NRI in accordance with a provision of foreign exchange law.
The amount of repatriation should not exceed the amount paid for the purchase of property.
The maximum repatriation amount should not exceed 1 million USD per financial year.
The repatriation is allowed up to maximum two residential properties.
Documentary evidence is required in support of acquisition or inheritance.
A tax clearance or NOC is required from Income Tax authority.
The certificate from CA as well as bank account statement is required.
Procedure
Step -1
The first step towards repatriation is a requirement of a certificate from CA. This certificate is also called as form 15CB.
The form 15CB can be downloaded from Income Tax Website. The CA will fill this form and sign it. This form is evidence that money intended to send abroad is obtained from the property sale and all tax dues were paid.
The second step is to visit Income tax e-filing portal and login. After login go to e-file and select “Prepare and submit Online Form (other than ITR)”. Select 15CA from the drop down option.
Step-3
Select Part C under section 15CA and provide acknowledgment number of uploaded 15CB. Once you press continue button Form 15CA will appear, Fill the mandatory details and submit the form. On submission, e-mail will be triggered with acknowledgment number to your email address.
You can view status by navigating to My account > View Form 15CA.
