The Employees’ Provident Fund Organisation (EPFO) is likely to (at the time of writing) announce the interest rate on PF deposit for 2015-16 at its trustees’ meeting on 24 November 2015. EPFO had given 8.75% interest on PF deposits for 2013-14 and 2014-15. Speculation is rife that interest rate on savings schemes may come down in view of the rate cuts effected by the Reserve Bank of India earlier. The sole authority for fixing the interest rate on EPF is its central board of trustees headed by the Union labour minister.
The Central Board of Direct Taxes (CBDT) asked principal chief commissioners of income-tax to set up local committees to deal with grievances relating to ‘high pitched and unreasonable’ tax assessments. CBDT observed that, despite asking field authorities to be fair, objective and rational while framing scrutiny assessment orders, the tendency to issue unreasonable orders “is still persisting due to which grievances are being raised by the taxpayers.” The local committee would be set up at various offices of the chief commissioners of income-tax and would consist of three senior members. It will endeavour to dispose of each grievance petition within two months.
Bearish sentiment is likely to continue in the residential real estate sector for the next six months and the pricing situation will remain stagnant, or may even worsen, while an uptick in office space rentals will give a boost to commercial realty, says a survey. According to a FICCI-Knight Frank report on sentiment index for July-September 2015 period, the festive season has not dented the bearish sentiment in the residential real estate market. The stakeholder sentiment declined to 59 in Q3FY15-16 from 71 in June-September 2014. According to the survey, nearly 82% of respondents feel that residential prices will remain stagnant or worsen in the coming six months.