Latest news with #EPF
The Star
10 hours ago
- The Star
RM17.9mil lost to online scams in Terengganu from January to June
KUALA TERENGGANU: Terengganu police have recorded 940 cases of online fraud involving losses amounting to RM17.9 million from January to June this year. State police chief Datuk Mohd Khairi Khairuddin said the highest losses were from phone scams, which accounted for RM7.68 million of the total, followed by non-existent investment schemes (RM5.47 million), online purchase frauds (RM1.95 million), and parcel scams (RM1.57 million). "There were also cases of cybercrime or money siphoned out from accounts (RM501,583.34), loan scams (RM470,907.91), love scams (RM260,200), and Ah Long (illegal moneylender) frauds totalling RM2,960,' he said after the handover ceremony of case items by the Narcotics Criminal Investigation Department at the Terengganu Police Contingent Headquarters on Tuesday (July 22). Mohd Khairi revealed that the most recent case involved a former employee of an oil exploration company who lost RM892,000 to a phone scam syndicate. The 56-year-old male victim was contacted by suspects posing as a representative of an online sales platform and a Penang police officer, alleging that he was involved in money laundering and drug trafficking. "Panicked by the accusation, the victim made 10 transactions to seven different accounts between Jan 7 and Feb 10, using his retirement and Employees Provident Fund (EPF) savings to 'clear' his name,' said Mohd Khairi. The victim lodged a report on Monday (July 21). He urged the public to remain vigilant against fraud syndicate tactics that target victims regardless of age or social background. – Bernama
Mint
10 hours ago
- Business
- Mint
Top 5 income tax saving options with low or no lock-in periods
As the date of income tax submission nears, taxpayers across the country are actively seeking ways to bring down their taxable income without locking in their funds for years. While many popular investment instruments such as Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS) among others require long term commitments, several provide quick liquidity, lower risk and efficient Section 80C or other related deductions, thus making them ideal for those aspiring to prioritise financial flexibility. Keeping the same factors in mind below are five tax saving options that investors can avail without decadal or very long lock in periods and ensure that they are able to save money smartly. Several banking institutions provide 5 year tax saving fixed deposits (FDs) under Section 80C. Given these fixed deposits do have a five year lock in period, still they also provide premature liquidity in emergencies through a personal loan or overdraft, unlike PPF or NPS. Do keep in mind, the interest earned on such deposits is taxable, but the principal invested qualifies for deduction up to ₹ 1.5 lakh. Health insurance continues to be a reputable tax saving recommendation by banking institutions and financial advisors. Premiums of up to ₹ 25,000 ( ₹ 50,000 in case of senior citizens) are deductible under Section 80D. It is also important to note that there is no lock in and deductions can be claimed every year upon renewal, making it one of the most lucrative and flexible options. For salaried individuals, all contributions made to the Employee Provident Fund (EPF) automatically qualify for Section 80C deductions. Though EPF has a retirement oriented vision and structure, still partial withdrawals are permitted for marriage, education, home ownership and medical emergencies such as serious surgeries and procedures. Thus providing partial liquidity without breaking the investment. The repayment of home loan principal amount qualifies under Section 80C. The interest up to ₹ 2 lakhs is deductible under Section 24(b). There's no fixed lock in and deductions can be claimed yearly throughout the tenure of the home loan. It remains one of the most utilised tax saving strategies for home owners. National Pension System (NPS) provides deductions under Section 80CCD(1B) of up to ₹ 50,000 over and above the deduction provided under Section 80C. Though tier I is long term, tier II accounts offer flexible withdrawals. Do keep in mind that tier II is tax exempt only for government employees. Withdrawal of partial amounts are also permitted after three years under specific terms and conditions. Disclaimer: This article is for informational purposes only and should not be considered financial or tax advice. Please consult a qualified tax advisor or financial planner before making any investment or tax-saving decisions.
New Straits Times
13 hours ago
- New Straits Times
Retiree in Kuala Terengganu loses RM892,000 in police impersonation scam
KUALA TERENGGANU: An oil company retiree lost RM892,000 after falling victim to a scam involving an individual impersonating a police officer. Kuala Terengganu district police chief Assistant Commissioner Azli Mohd Noor said the 56-year-old male victim received a call on Dec 30 last year from someone pretending to be a representative from an online shopping platform, as well as a police officer from the Penang police contingent headquarters, in an attempt to deceive him. The person who contacted him falsely accused him of being involved in money laundering and drug trafficking activities. "To avoid arrest and legal action, the victim was instructed to transfer money into accounts specified by the syndicate. "In addition, the victim was also told to reveal his online banking information, which allowed the syndicate to access and transfer funds out of his account," he said. Azli said the victim began making transfers into seven different accounts belonging to the syndicate between Jan 7 and Feb 10, amounting to RM892,000, before lodging a police report at the Kuala Terengganu police station at 4.08pm yesterday. He said the case is being investigated under Section 420 of the Penal Code for cheating, and the victim's funds came from his personal savings and Employees Provident Fund (EPF) contributions. "The public are advised to remain vigilant against scam syndicates and to consult the relevant authorities if they have any doubts about calls they receive," he added.
Fashion Network
19 hours ago
- Business
- Fashion Network
Beauty: EcoBeautyScore, the environmental rating system, enters the deployment phase
After three years of development, the initiative, supported by a consortium of beauty industry players, is now operational. This rating system is now used by several consumer brands, including L'Oréal Paris, Neutrogena, Nivea and Eucerin, which have begun publishing their product scores in several mainland European markets, as well as in the UK. The project was initiated in 2021 by L'Oréal, LVMH, Henkel and Unilever, and has since been joined by some 40 other players, including Coty, Estée Lauder, Puig, Shiseido, Sisley, Amorepacific, Febea, Cosmetic Valley and Cosmetics Europe. Structured as a non-profit association, the EcoBeautyScore system aims to create a common framework for assessing the environmental footprint of skincare and personal care products. Like Nutriscore in the food sector, it awards a grade from A to E, based on 16 impact indicators (carbon, water, natural resources, pollution, etc.), over the product's entire life cycle. The system is based on the European Union's Environmental Product Footprint (EPF) methodology, and has been validated by Ecocert. Participating brands will undergo regular audits, with certification by an independent third party. "EcoBeautyScore provides the beauty sector with a much-needed transparency tool. For the first time, brands can communicate their environmental impact in a coherent, digestible way, based on scientific data," explains Jean-Baptiste Massignon, Managing Director of the EcoBeautyScore association. Initially, EcoBeautyScore is being deployed in four segments: shampoos, conditioners, shower gels and facial care products. Interested brands can access a trial version of the system free of charge, as well as resources to help them implement it. The consortium plans a gradual extension to other product categories, with an international opening in the coming months.
Fashion Network
19 hours ago
- Business
- Fashion Network
Beauty: EcoBeautyScore, the environmental rating system, enters the deployment phase
After three years of development, the initiative, supported by a consortium of beauty industry players, is now operational. This rating system is now used by several consumer brands, including L'Oréal Paris, Neutrogena, Nivea and Eucerin, which have begun publishing their product scores in several mainland European markets, as well as in the UK. The project was initiated in 2021 by L'Oréal, LVMH, Henkel and Unilever, and has since been joined by some 40 other players, including Coty, Estée Lauder, Puig, Shiseido, Sisley, Amorepacific, Febea, Cosmetic Valley and Cosmetics Europe. Structured as a non-profit association, the EcoBeautyScore system aims to create a common framework for assessing the environmental footprint of skincare and personal care products. Like Nutriscore in the food sector, it awards a grade from A to E, based on 16 impact indicators (carbon, water, natural resources, pollution, etc.), over the product's entire life cycle. The system is based on the European Union's Environmental Product Footprint (EPF) methodology, and has been validated by Ecocert. Participating brands will undergo regular audits, with certification by an independent third party. "EcoBeautyScore provides the beauty sector with a much-needed transparency tool. For the first time, brands can communicate their environmental impact in a coherent, digestible way, based on scientific data," explains Jean-Baptiste Massignon, Managing Director of the EcoBeautyScore association. Initially, EcoBeautyScore is being deployed in four segments: shampoos, conditioners, shower gels and facial care products. Interested brands can access a trial version of the system free of charge, as well as resources to help them implement it. The consortium plans a gradual extension to other product categories, with an international opening in the coming months. This article is an automatic translation. Click here to read the original article.
