Now just log on to EPFO website to check your monthly balance

Over 50 million subscribers of the retirement fund body EPFO can obtain e-passbook along with details of their updated accounts online from on Wednesday.

"The EPFO subscribers can get their statement of accounts online from today," Central Provident Fund Commissioner R C Mishra said while addressing a seminar on Employees' Provident Fund Act by the PHDCCI here.

In order to avail this facility, the active subscribers would have to register themselves on the EPFO portal by furnishing their account details.

The facility to obtain e-passbook will be available only for active members of the Employees' Provident Fund Organisation (EPFO) and would not be extended to those whose accounts are inoperative, settled or have negative balance.

The members of exempted provident fund trusts regulated by the EPFO, too will not be entitled for this facility through its portal. The e-passbook will also have additional information like name, date of birth and account number.

Mishra also informed that the EPFO is in the process of introducing the facility of online settlement of provident fund claims in a couple of months.

At present, the subscribers who are either superannuated or applied for withdrawals, can apply only manually and is time consuming. As per the EPFO citizen charter, such claims should be settled within a month, though it takes longer than that.

Mishra said in order to provide the facility of online application of claims, EPFO would require a central database. At present, all regional EPFO offices maintain their database separately.

"These works including fund transfers, settlement of PF accounts and withdrawals constitute over 80 per cent of our work," he said, adding online claim settlement will save time and improve efficiency.

Income Tax: No need to file returns if salary not exceeding Rs 5 lakh

NEW DELHI: Salaried employees earning up to Rs 5 lakh a year need not file income tax returns from this year, the Finance Ministry said today.
The exemption from filing I-T returns is applicable only if "the total income of the employee does not exceed Rs 5 lakh ... (and) the annual interest earned from savings bank account is less than Rs 10,000" for assessment year 2012-13.

Filing I-T returns is, however, necessary to claim refunds.
The last date for filing tax returns is July 31. There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs 5 lakh.
The exemption will be permitted only if the assessee has received a certificate of tax deduction in Form 16 from the employer. The employees have to report income from interest on savings bank account to the employer to become eligible for exemptions.
Earlier, it was obligatory for all salaried persons to file income tax returns under the Income Tax Act, 1961.
Meanwhile, the tax department said special counters will be set up in Delhi and 'Tax Kiosks' in various parts of Mumbai to assist people in filing income tax returns.
Unlike the previous years, the tax department will not set up any return receipt counters are at Pragati Maidan in New Delhi.
"Instead returns will be received at Civic Centre, opposite Ramlila Ground, New Delhi, from July 26 to 31.
The Mumbai Income Tax Department will set up 'Tax Kiosks', manned by Tax Return Preparers, at various locations in city to assist individual and HUF taxpayers in preparation and filing of the returns. A tax payer will have to pay Rs 250 to avail services of TRPs.
'Tax Kiosks' will be functional in certain residential areas on July 22 and in certain offices on July 24 and 25.
At present, income of Rs 2-5 lakh attracts 10 per cent tax, Rs 5-10 lakh 20 per cent and above Rs 10 lakh, 30 per cent.