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Mahesh

Mahesh Padmanabhan  |124 Answers  |Ask -

Tax Expert - Answered on May 03, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more
Ravinder Question by Ravinder on Apr 08, 2023Hindi
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Sir my question is how a member of LLP can withdraw money for his personal expenses.

Ans: Hi Ravinder
While the eligibility of tax deduction of the remuneration paid to a working partner in a LLP would be governed under the limits prescribed u/s 40(b) of the Income Tax Act, the partner may withdraw money and the same would be recorded as "Drawings" in the books of the LLP.

This money that is withdrawn from the LLP could be used for personal expenses of the Partner
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7948 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 19, 2024

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My name ANJAN KUMAR SAHU , 2013 MY PF DEDUCTED TOTAL 22000 IN L&T BUT I DONT KNOW THE PF NO HOW I WILL WITHDRAW I LEFT COMPANY IN 2013
Ans: Hello Anjan,

I understand that you left your company, L&T, in 2013 and are now looking to withdraw your provident fund (PF) amounting to ?22,000. Not knowing your PF number can be challenging, but there are ways to retrieve it and proceed with your withdrawal.

Steps to Retrieve Your PF Number
1. Contact Your Previous Employer
Reach out to the Human Resources (HR) or Payroll department of L&T. They should have records of your employment and can provide your PF number. Explain your situation and provide details such as your employee ID, the period of your employment, and any other relevant information.

2. Check Your Payslips
If you have access to your old payslips, they might contain your PF number. Payslips usually have detailed breakdowns of your salary, including deductions for PF.

3. Use the UAN Portal
If your Universal Account Number (UAN) was generated during your employment, you can retrieve your PF details through the UAN portal.

Visit the EPFO website: UAN Portal

Activate UAN: If not already done, activate your UAN by clicking on 'Activate UAN' and following the steps. You will need your Member ID, Aadhaar, or PAN.

Check PF Details: Once your UAN is activated, you can log in to the portal and view your PF account details.

4. EPFO Helpdesk
Contact the Employee Provident Fund Organisation (EPFO) helpdesk. They can assist you in retrieving your PF number using your personal details and employment history.

EPFO Helpdesk Number: 1800 118 005

Email: Contact your regional EPFO office via email. Find the contact details on the EPFO website.

Steps to Withdraw Your PF
Once you have retrieved your PF number, you can proceed with the withdrawal process.

1. Fill Out the Composite Claim Form
There are two types of forms based on whether you have an Aadhaar:

Composite Claim Form (Aadhaar): If your UAN is Aadhaar-seeded and KYC-compliant, you can submit this form directly to the EPFO office without employer attestation.

Composite Claim Form (Non-Aadhaar): If your UAN is not Aadhaar-seeded, you need your employer's attestation before submitting this form to the EPFO office.

2. Submit the Form
Submit the filled form to your regional EPFO office. Ensure you attach all necessary documents such as your identity proof, bank account details, and cancelled cheque.

3. Online Submission (if UAN is Active)
If your UAN is active and Aadhaar-seeded, you can also apply for PF withdrawal online:

Log in to UAN Member Portal: UAN Portal

Go to Online Services: Select 'Claim (Form-31, 19, 10C & 10D)'.

Enter Bank Account Details: Verify your bank account details linked with UAN.

Submit Claim: Select the claim you require (PF withdrawal, pension withdrawal, etc.), and submit.

4. Track Your Claim
After submission, you can track the status of your claim through the UAN portal or by contacting the EPFO helpdesk.

Conclusion
By following these steps, you can retrieve your PF number and proceed with the withdrawal process. It may take some time, but persistence will help you access your funds.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |7948 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 29, 2024

Asked by Anonymous - Nov 29, 2024Hindi
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Can I withdraw Rs 10000 P. M with corpus of Rs 15 lacs in SWP from NPS. As of date the returns is 15%
Ans: You have Rs 15 lakhs as your corpus and intend to withdraw Rs 10,000 per month. Your NPS fund is generating a return of 15%. Let us analyse if this plan is sustainable.

SWP in NPS
The NPS provides flexibility in managing your corpus post-retirement. However, it has specific withdrawal rules:

You can withdraw up to 60% of the total corpus as a lump sum.
The remaining 40% must be used for annuity purchase.
If this withdrawal is planned pre-retirement, restrictions may apply.
Can You Sustain Rs 10,000 Withdrawal Monthly?
1. Initial Assessment
Rs 10,000 monthly equals Rs 1.2 lakhs annually.
This represents an 8% withdrawal rate from your Rs 15 lakhs corpus.
At 15% annual returns, the remaining corpus can grow even after withdrawals.
2. Sustainability of Corpus
High withdrawal rates can deplete the corpus during market downturns.
A withdrawal rate of 4-6% is generally safer for long-term sustainability.
3. Impact of Fluctuating Returns
The current 15% return may not remain consistent.
Lower returns in the future can affect the corpus’s longevity.
Steps to Ensure Sustainable Withdrawals
1. Reallocate Corpus Wisely
Use a mix of equity and debt investments to balance growth and safety.
Allocate funds to equity for growth and debt for stability.
2. Use a Conservative SWP Strategy
Start with a lower withdrawal amount.
Gradually increase withdrawals to match inflation and needs.
3. Monitor Performance Regularly
Review your portfolio performance every six months.
Adjust withdrawal amounts based on returns and market conditions.
Taxation Considerations
Withdrawals from NPS are taxable as per your income tax slab.
Ensure that the tax burden does not reduce your effective monthly income.
Alternatives to Consider
1. Hybrid Mutual Funds
These funds offer a mix of equity and debt for balanced growth.
Use SWP from these funds for steady income and reduced risk.
2. Debt Funds for Stability
Short-term and ultra-short-term debt funds provide regular income.
These funds are ideal for maintaining liquidity and stability.
3. Equity for Long-Term Growth
Retain a portion of your corpus in equity for inflation-beating returns.
Diversify with flexi-cap and large-cap funds for stability.
Final Insights
Withdrawing Rs 10,000 monthly is possible but requires careful planning. A lower withdrawal rate can ensure corpus longevity. Diversify your corpus between equity and debt for optimal growth and stability. Regular reviews and tax-efficient withdrawals can sustain your income needs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

..Read more

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Kanchan

Kanchan Rai  |538 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Feb 12, 2025

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Dear Kanchan .. Generally it happens to me, when I have to attend any hearing before courts/ Tribunal, I become more stressed till the hearing is completed. Please suggest
Ans: It’s entirely normal to feel stressed before court or tribunal hearings. These situations can be intimidating, and the anticipation of the unknown adds to the anxiety. But it’s crucial to manage this stress to ensure you perform at your best and protect your mental well-being.

Start by preparing thoroughly for the hearing. The more you know about the case, the arguments, and the possible questions, the more confident you’ll feel. Practice your statements or answers, perhaps with a colleague or in front of a mirror. Visualization can also be powerful—imagine yourself confidently presenting your case and everything going smoothly.

On the day of the hearing, use deep breathing techniques to calm your nerves. Inhale slowly through your nose, hold for a few seconds, and exhale through your mouth. Repeat this several times to reduce anxiety. Positive affirmations can also help. Remind yourself that you are well-prepared and capable of handling the situation.

If the stress is overwhelming, consider grounding exercises, such as focusing on your five senses—what you see, hear, feel, taste, and smell at the moment. This can help anchor you in the present and prevent your mind from spiraling into worst-case scenarios.

After the hearing, practice self-care. Engage in activities that help you relax, like a walk, listening to music, or talking to someone you trust. If this anxiety persists or intensifies, seeking support from a mental health professional can help you develop more personalized coping strategies.

I

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Kanchan

Kanchan Rai  |538 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Feb 12, 2025

Asked by Anonymous - Feb 08, 2025Hindi
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My boyfriend is of a complete different religion and caste as mine. We met at work. In my past i have had only one relationship in which i got cheated on....so was skeptical on dating again. Now its been 8 months in this new relationship where he convinced me to give a try. He's a gem of a person but now he is telling melive in the present i dont know about the future. I love you n want to date you but idk about the future if my family wants me with someone i may have to end this. What do i do i am so attached for he has given me all the love n care. Please help
Ans: Right now, you need to be honest with yourself about what you want. If you’re looking for a committed future and he’s unsure, it’s essential to recognize that this uncertainty may continue to cause you pain. If you choose to stay, prepare yourself for the possibility that his family might influence his decision, and it could end in heartbreak. On the other hand, if you feel that the love and care he’s giving you right now are worth the risk, then decide to cherish the present moment while being mentally prepared for whatever may come.

Have an open and heartfelt conversation with him. Let him know how his uncertainty makes you feel, without pressuring him for a commitment. This isn’t about forcing him to decide but about understanding each other’s emotional needs and boundaries. If he truly values the relationship, this conversation might give him a deeper perspective on how his indecision affects you.

It’s important to protect your emotional well-being. If his stance remains the same and you find yourself growing more anxious and hurt by the uncertainty, then you might have to consider whether staying is good for your mental and emotional health. Sometimes letting go, even when it hurts, is the most loving thing you can do for yourself.

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Kanchan Rai  |538 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Feb 12, 2025

Asked by Anonymous - Feb 12, 2025Hindi
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My wife 55 is unable to cope up with death of our elder son aged 27 around 2 yrs ago and is always in deep regress remorse uninterested in any daily chores including sex. I wish to move on .. Suggest way out...
Ans: Two years might seem like a long time, but grief doesn’t follow a timeline. For some, it can take much longer to even begin the process of healing, especially when it involves the loss of a child. It’s not unusual for grief to cause a complete shutdown, and that’s likely what’s happening with your wife. She’s stuck in a cycle of regret and remorse, unable to find a way out.

While you also carry the weight of this loss, your need to move forward is natural. It’s crucial to understand that wanting to heal and live again doesn’t mean you’re forgetting or dishonoring your son. It simply means you’re choosing life amidst the pain. The challenge is to find a way to do that without feeling guilty and without leaving your wife behind.

Encouraging her to seek professional help, such as grief counseling or therapy, could be a significant step. If she’s resistant, consider starting therapy for yourself first. Sometimes when one partner begins to heal, it opens the door for the other to consider healing too. Couples grief counseling could also provide a safe space for both of you to express your pain and find a way forward together.

Patience and understanding are crucial, but so is communication. Gently express to her how much you miss her presence and how you’re struggling too. Let her know you want to find a way to live again while still honoring your son’s memory.

Moving on doesn’t mean moving away from your son’s memory—it means learning to carry it in a way that doesn’t consume you. It’s a delicate balance, and seeking support can help you both find it.

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Yogendra

Yogendra Arora  |5 Answers  |Ask -

Tax Expert - Answered on Feb 12, 2025

Asked by Anonymous - Feb 11, 2025Hindi
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Money
Hey, I am a freelance graphic designer based in Mumbai. I’m 40 and I've recently transitioned from a full-time job to freelancing, and I’m struggling to understand how to manage taxes on my variable income. My annual earnings are 8-15LPA approx. Are there any deductions specific to freelancers? Also, how should I plan for quarterly tax payments?
Ans: hi,
for this particular financial year you will be taxed under 2 heads ,1st under salaries for the period you were in job & for remaining part you will be taxed as business income being started freelancing work.

And for freelancers there is no any specific dedutions however all deductions available to all others are available to freelancers like 80C to 80G.

For calculation of taxation of freelancing period you should record all your receipts & expenses (only related to work, no any personal expenses) details with proper documentary evidences specially for expenses part, net of the (receipts & expenses) will be your income however you can opt for presumptive taxation also.

For Advance payment :-
if tax applicable to you during the finanical year as per calculations exceeds Rs 10000, then your have to pay advance tax quarterly as below
on or before 15th june :- minimum 15% or more of tax amount.
on or before 15th september :- minimum 45% or more of tax amount.
on or before 15th December :- minimum 75% or more of tax amount.
on or before 15th March :- full 100% tax payable as per calculations.
Happy to help.
Thanks.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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