Country's largest lender SBI's pension corpus could be regulated by the Pension Fund Regulatory and Development Authority, opening a new area for the interim regulator. "We have given approval to SBI for management of its pension corpus by our fund managers and now they are talking with its trust," a PFRDA official said. Regulating the corpus of companies is a new area for the interim regulator. Till now, PFRDA-appointed fund managers, under the New Pension System (NPS), were handling only the corpus of individuals. Six PFRDA-appointed fund managers IDFC Mutual Fund, Kotak Mahindra, SBI, UTI Asset Management, ICICI Prudential Life Insurance and Reliance MF are handling the corpus under the NPS, which was thrown open to all citizens from May 1 this year. There are 22 contact and collection centres including SBI, ICICI Bank, the Postal Department, IDBI Bank, Oriental Bank of Commerce, Axis Bank and Union Bank of India for all citizens' scheme.
The TDS rate doubles to 20% from 10% if you fail to mention your Personal Account Number IF you run a glance through your pay slip, you will come across something called TDS, which is tax deduction at source. In most cases, the employer deducts this amount at the time of payment of salary itself and pays the total tax amount to the government on behalf of all the employees. If you are a self- employed or practicing professional s, you have to pay this amount yourself. Tax deducted at source is one of the modes of income tax collection by the government. Under the income-tax laws, income tax at specified rates is required to be deducted while making certain payments. The rate of deduction of tax at source on interest and rent payment is 10%. For salary payments, the employers deduct income tax at source on a monthly basis after computing income tax liability on estimated annual taxable income of the employee. Tax benefits on housing loan, investments, etc are consid...
