Financial year 2024-25: April marks the beginning of the new financial year 2024-25, bringing along several money-related changes that could affect your spending and investment habits. As reported by ET, here are five of these important financial changes set to take effect in April 2024. New NPS rule: Enhanced security measures The Pension Fund Regulatory … Read more
New NPS Aadhaar authentication: The Pension Fund Regulatory and Development Authority (PFRDA) has taken a significant step to bolster the security of the National Pension System (NPS). Effective April 1, 2024 all users accessing the Central Recordkeeping Agency (CRA) system must undergo mandatory two-factor authentication using Aadhaar credentials. As per an ET report, this measure … Read more
MUMBAI: The pensions regulator has requested increased tax breaks on employer contributions to employees’ pensions, aiming to align it with the tax treatment of employer contributions to the provident fund.Currently, the employer’s provident fund contribution, for the employee’s benefit, is deductible up to 12% of the salary (basic + DA), capped at Rs 7.5 lakh, … Read more
Mumbai: Sounding a note of caution, a Reserve Bank report has said that reverting to the DA-linked Old Pension Scheme (OPS) will exert huge pressure on state finances and restrict their capacity to undertake developmental expenditure. The Reserve Bank’s report on ‘State Finances: A Study of Budgets of 2023-24’ also said the provision of non-merit … Read more