I am directed to inform that Ministry of Labour and Employment, Govt. of India, vide its letter No. R-11018/1/2013.SS-II dated 15.05.2013 has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 for crediting interest @ 8.50% on EPF accumulation for the financial year 2012-13 to the account of each member of the EPF Scheme.

New Delhi: Over 50 million subscribers of the retirement fund body EPFO will be able to apply online for transfer and withdrawal of their provident fund from July 1, a move aimed at speedy settlement of claims.

After considering the rival submissions and perusing the relevant material on record it is observed that the due date for filing the return of income by the assessee under section 139(1) for the relevant year is 30.11.2006. The AO has drawn a chart at page-4 of the assessment order showing the dates of actual deposits [...]

The EPFO’s board discussed the rate of interest for 2012-13. After detailed discussion, the board decided to recommend a rate of interest of 8.5% for the year. Decision to pay 8.5% interest rate was taken unanimously by the board.

The EPFO has decided to keep the circular No. HO No. 7(1)2012/RCs Review Meeting/345 dated 30/11/2012  on Guidelines for Quasi-judicial proceedings under Section 7A of the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 in abeyance with immediate effect and till further orders. The guideline, among other matters, had stated that basic wage should encompass all payments except [...]

The schemes of the EPFO involving transfer of benefits to the beneficiaries namely Pension, withdrawal of Provident Fund, premature withdrawal of Pension, Payment related to EDLI have been identified by Government for implementation of Direct Cash Transfers from 1StJanuary, 2013 in 43 pilot districts (list enclosed) and in all districts thereafter.

The Central Provident Fund Commissioner has circulated Notification No. 7(1)2012/RCs Review Meeting/345 dated 30 November 2012 [read with No. 7(1)2012/RCs Review Meeting/ dated 5 December 2012] for streamlining and standardizing the assessment procedures under Section 7A of the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (EPF Act), with a view to minimize the hardship on the employers.

Retirement fund body EPFO has tightened the norms for initiation of its inquiries against employers and also set a time bar of seven years for such proceedings, a move which the trade unions have described as anti-worker. The circular, which was issued by Central Provident Fund Commissioner (CPFC) R C Mishra on his last day [...]

Over 50 million PF subscribers can now access their accounts online as retirement fund body EPFO launched its e-Passbook service today. Active subscribers whose electronic challan-cum-return is already uploaded, can download their e-Passbook every month under the service launched by the EPFO’s Central Provident Fund Commissioner R C Mishra today.

Consequent upon inclusion of special provisions in respect of International Workers (IWs) and signing of Social Security Agreements (SSAs) with a number of countries by the Government of India, the benefit of “detachment” is being availed by the posted Indian employees by obtaining a Certificate of Coverage (COC) on the basis of which they are exempted from making contributions in other country up to a certain period.