Provident Fund

Income Tax Exemption in Respect of retirement benefits

Corporate Law - Article discusses Tax Treatment of Various retirement benefits i.e Gratuity, Leave Encasement, Commuted Pension, Uncommuted Pension, Statutory Provident Fund, Recognised Provident Fund and Unrecognised Provident Fund. ...

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Social Security Agreement signed between India-Japan

Corporate Law - Foreign assignments involving mobility of international workers has always been entangled in the complexities of two legislations. To ease out the hindrances and protect the interest of cross border workers of India and Japan, India has signed social security agreement (SSA) with Japan w.e.f. Oct 1, 2016....

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Provident Fund in India – An Overview

Corporate Law - Article tries to explain applicability, contribution rates, various methods for calculation of contribution, types of provident fund, taxability of contribution to various funds and so on....

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Investments which qualifies for deduction u/s. 80C

Corporate Law - Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

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Govt Withdraw notification amending PF withdrawal Conditions

Corporate Law - Government had issued a notification dated 10th February 2016 regarding rules for withdrawal from EPF Funds by the members. Under the revised rules, the employee was permitted to withdraw the employees’ share from the fund (which is 12% of the wages). However, it was prescribed that the employers’ share of contribution towards the Pro...

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5 steps taken by EPFO for speedy settlement of claims

Corporate Law - The Employees’ Provident Funds Organization (EPFO) has taken various steps for speedy settlement of claims which inter alia include: 1. Composite Claim Form (Aadhaar) and Composite Claim Form (Non-Aadhaar) has been introduced by replacing the erstwhile Claim Forms No. 19, 10C and 31, with a view to simplify the submission of claims by t...

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Employees’ Enrolment Campaign launched by EPFO

Corporate Law - An Employees’ Enrolment Campaign has been launched by Employees’ Provident Fund Organisation during the period 01.01.2017 to 31.03.2017, in order to extend social security benefits to all the eligible workers in the country. During the Campaign, various financial incentives are being offered to establishments to enroll their workers. ...

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Govt to enable Withdrawal upto 90% for Purchase of House from EPF

Corporate Law - Government to Amend EPF Scheme, 1952 to Enable EPF Members to Withdraw upto 90 Percent Fund for purchase of dwelling house/flat or construction of dwelling house/acquisition of site....

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Last date of Digital Life Certificate submission extended to 31.03.2017

Corporate Law - Last date of submission of Digital Life Certificate through Jeevan Pramaan Patra extended upto 31st March 2017. EPF & MP Act, 1952 made applicable to all staff employed in ECHS on contractual basis. A single page composite claim form in death cases replaces Form 20, form 5-IF and Form 10-D...

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Employees enrolment campaign 2017: Voluntary employee detail declaration

Corporate Law - Employees Enrolment Campaign 2017 offers opportunity to employers to voluntarily declare details of all employees. EPFO settles 19,114 grievances in January, 2017...

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Contribution to unrecognized Provident fund not eligible for deduction U/s. 80C

M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin) - Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...

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Coal Mines Provident Fund Commissioner is a Public Officer / Servant – Supreme Court

Having considered the submissions made on behalf of the Appellant and the Respondent appearing in-person, we are of the view that the judgment and order of the High Court does not require any interference, particularly when the issue raised in this Appeal has already been decided by this Court in Ci...

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In case of default by the employer by an exempted establishment, in making its contribution to the Provident Fund Section 14B of the Act will be applicable – SC

RPFC Vs. The Hooghly Mills Co. Ltd. & Ors.(SC) - .The question which falls for consideration before this Court in this case is whether the employer of an establishment which is an ‘exempted establishment’ under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (hereinafte...

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SC allows clubbing of two establishments as one for the purposes of the PF as there was unity of ownership, management, control, finance, labour and functional integrity

L. N. Gadodia & Sons & ANR. Vs. Regional Provident Fund Commissioner (Supreme Court of India) - L. N. Gadodia & Sons & ANR. Vs. Regional Provident Fund Commissioner (Supreme Court of India)- When two establishments are run by the same family under a common management with common work force and with financial integrity, they are expected to be treated as branches of one establishment for the pu...

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Amendment to Section 43B is retrospective -SC

CIT Vs. Alom Extrusions (Supreme Court) - Whether amendment to Section 43B (Section) of Income Tax Act,1961, enacted with effect from 1 April 2004, is retrospectively applicable? This amendment was introduced to rationalize the tax deduction of the employer's contribution to provident fund, superannuation fund, gratuity fund and such other...

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Coverage of Beedi establishments & workers under EPF & MP Act, 1952

No. C-I/3(6)2017/Special drive Beedi Workers/4098 - (24/05/2017) - It is advised to identify the uncovered Beedi establishments as well as unenrolled employees, and ensure social security benefits to all the eligible and left out employees under the schemes of EPF & MP Act, 1952....

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All about EPFO Housing Scheme for PF members

No. WSU/39(1)2017/Housing Scheme/3988 - (19/05/2017) - EPFO Housing Scheme for PF members-Salient Feature- 1. To facilitate housing needs of EPF Members 2. Insertion of new provision- Para 68-BD in EPF Scheme, 1952 3. Applicable from 12th April 2017- Date of Notification...

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In disputed matter evidence can be taken from video graphing: EPFO

H.O. NO. C-I-1(4)2017/Capital Dyeing/3274 - (11/05/2017) - EPF Department in order to avoid disputes relating to number of employees employed by the employer and if there is no co-operation from employer or its agent / manager / any person in such circumstance, department has to utilise recording of panchanama by video graphing and insisting for installatio...

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Interest rate on Staff Provident Fund in EPFO (01.04.2017 to 30.06.2017)

Circular No. HRD/3(2)2012/SPF/71 - (09/05/2017) - Accumulations at the credit of subscribers to the Staff Provident Fund shall carry interest at the rate of 7.9% (Seven point nine per cent) w.e.f. 01.04.2017 to 30.06.2017....

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Employees’ Provident Funds (Sixth Amendment) Scheme, 2017

Notification No. G.S.R. 436(E) - (04/05/2017) - The payment may be made to the person, to whom payment is to be made, through electronic or digital funds transfer system of any Scheduled commercial bank or any post office...

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Recent Posts in "Provident Fund"

Coverage of Beedi establishments & workers under EPF & MP Act, 1952

No. C-I/3(6)2017/Special drive Beedi Workers/4098 (24/05/2017)

It is advised to identify the uncovered Beedi establishments as well as unenrolled employees, and ensure social security benefits to all the eligible and left out employees under the schemes of EPF & MP Act, 1952....

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All about EPFO Housing Scheme for PF members

No. WSU/39(1)2017/Housing Scheme/3988 (19/05/2017)

EPFO Housing Scheme for PF members-Salient Feature- 1. To facilitate housing needs of EPF Members 2. Insertion of new provision- Para 68-BD in EPF Scheme, 1952 3. Applicable from 12th April 2017- Date of Notification...

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In disputed matter evidence can be taken from video graphing: EPFO

H.O. NO. C-I-1(4)2017/Capital Dyeing/3274 (11/05/2017)

EPF Department in order to avoid disputes relating to number of employees employed by the employer and if there is no co-operation from employer or its agent / manager / any person in such circumstance, department has to utilise recording of panchanama by video graphing and insisting for installation of CCTV in and around factory premises...

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Interest rate on Staff Provident Fund in EPFO (01.04.2017 to 30.06.2017)

Circular No. HRD/3(2)2012/SPF/71 (09/05/2017)

Accumulations at the credit of subscribers to the Staff Provident Fund shall carry interest at the rate of 7.9% (Seven point nine per cent) w.e.f. 01.04.2017 to 30.06.2017....

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Employees’ Provident Funds (Sixth Amendment) Scheme, 2017

Notification No. G.S.R. 436(E) (04/05/2017)

The payment may be made to the person, to whom payment is to be made, through electronic or digital funds transfer system of any Scheduled commercial bank or any post office...

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Aadhaar not must for pension claim in North Eastern states till 30.09.2017

No: Pension- Pen-I/17(10)2016-17/Jeevan Pramaan/2609 (04/05/2017)

It has been decided that aadhaar may not be insisted for pension (10 D) claims for members working in establishments located in the North Eastern states till 30.09.2017....

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EPFO: Revised delegation of financial powers for claim settlement

Circular No. Manual/Amendment/2011/pt/1948 (01/05/2017)

Since the settlement of claim is done from two different schemes/accounts (A/c-1 for F-19 and A/c-10 for F-10C), for accounting & reporting purpose, two separate receipt numbers are required and may be entered on the single composite claim form. The member would be required to submit a single Composite Claim Form....

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EPF: Medical certificate not required for advance for illness and to physically handicapped members

Notification No. G.S.R.404(E) (27/04/2017)

A member would only be required to submit a self-declaration, which has already been included in the Composite Claim Form, to avail advance from the provident fund for illness in certain A member would no longer be required to submit any medical certificate or any other certificate or document or any proforma whatsoever to avail advance u...

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EPFO Introduces real time system in EPFO Default management

No.: CAIU/011(52)16/Principal employer Portal & CAW/722 (25/04/2017)

EPFO has introduced the ECR 2.0 for online collection of remittances through multi-banking. After introduction of the Unified Portal system for remittance of contributions, real time monitoring of the remittance position of the establishments has become a reality....

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Requirements for credit of first pension to his/ her account by bank

CPAO/IT&Tech/ Simplification/2016-17/11Vol-VI/18 (24/04/2017)

It is observed that banks are still insisting upon the pensioners for completion of formalities like submission of life certificate, letter of Undertaking and certificate of non-employment to credit their first payment and other dues to their pension account resulting into inconvenience to the pensioners defeating the very purpose of simp...

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