Provident Fund

Contribution to Provident Fund- Tax ability- Employer’s View

Income Tax - According to section 36(1)(iv) any sum paid by the assessee as an employer by way of contribution towards a recognized provident fund shall be allowed as a deduction in computing the income referred to in section 28 (income under PGBP)....

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Practical Understanding of ESI & PF – Present & Future Scenario

Income Tax - Provident Fund– An act which provides establishment of provident fund, pension fund & deposit linked insurance fund for eligible employee in eligible establishment and factories. 1) Applicability – All establishments employing 20 or more persons (5 or more for Cinema Theaters) are brought under preview of the Employee prov...

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Income Tax Exemption in Respect of retirement benefits

Income Tax - 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

Income Tax - 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

Income Tax - 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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Collections of EPF started with 4 more banks in addition to SBI

Income Tax - ollections of EPF dues have been started with PNB, Allahabad Bank, Indian Bank, Union Bank of India in addition to State Bank of India through direct online mode. ...

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5 steps taken by EPFO for speedy settlement of claims

Income Tax - 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

Income Tax - 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

Income Tax - 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

Income Tax - 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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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

Coal Mines Provident Fund Commissioner through Board of Trustee Vs. Ramesh Chandra Jha (Supreme Court of India) - 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

Regional Provident Fund Commissioner Vs The Hooghly Mills Co. Ltd. & Ors. (Supreme Court of India) - 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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Aadhaar enabled online filings of claims by EPF members

No: Manual/Amendment/2011/293 - (07/07/2017) - A new facility has been launched in employee's Member Interface of Unified Portal for the employees/members to submit Online Claims based on Composite Claim Form (Aadhar) for availing the benefits under EPF (Form-19), Pension (Form-10C) & PF Part Withdrawals (Form-31)....

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Revised Application Form for Certificate of Coverage of Indian Worker

Notification No. File No. IWU/731)/ Application for COC - (30/06/2017) - The different application forms for Certificate of Coverage (COC) in respect of Indian Worker (having Indian Passport) going to work in a country with which India is having Social Security Agreement (SSA) has been revised into a single form keeping in view the new COC application software being deve...

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Benefit of two years weightage of service to the EPF members

No: Pension-Pen-I/3/4/2016/MOL&E/2/5684 - (21/06/2017) - Several references have been received from the field offices that cases where two years weightage was given where the past service comes out to 20 years, the new application software while generating the worksheet has reduced the past service benefits in comparison to that calculated in legacy softw...

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Definition of International Worker under EPF scheme 1952

Notification No. File No. IWU/7/(25)/2017/ Clarification reg. Para 83/ - (08/06/2017) - An Indian employee will be treated as International Worker only when (i) he has worked or is going to work in a foreign country with which India has entered into Social Security Agreement and (ii) he is eligible to avail the benefits under a social security programme of the said foreign country....

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Disbursement of benefits to eligible EPF members under PMRPY/PMPRPY Schemes

Notification No. CAIU/011(71)2016/MOT - (08/06/2017) - EPFO has been nominated as the nodal organisation for implementation of the PMRPY/PMPRPY Scheme vis-à-vis verification of the credentials of the eligible beneficiaries and payment of benefits to them in accordance with the guidelines of PMRPY/PMPRPY schemes besides creating awareness for maximum ou...

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Recent Posts in "Provident Fund"

Contribution to Provident Fund- Tax ability- Employer’s View

According to section 36(1)(iv) any sum paid by the assessee as an employer by way of contribution towards a recognized provident fund shall be allowed as a deduction in computing the income referred to in section 28 (income under PGBP)....

Read More
Posted Under: Corporate Law |

Aadhaar enabled online filings of claims by EPF members

No: Manual/Amendment/2011/293 (07/07/2017)

A new facility has been launched in employee's Member Interface of Unified Portal for the employees/members to submit Online Claims based on Composite Claim Form (Aadhar) for availing the benefits under EPF (Form-19), Pension (Form-10C) & PF Part Withdrawals (Form-31)....

Read More

Collections of EPF started with 4 more banks in addition to SBI

ollections of EPF dues have been started with PNB, Allahabad Bank, Indian Bank, Union Bank of India in addition to State Bank of India through direct online mode. ...

Read More
Posted Under: Corporate Law |

Revised Application Form for Certificate of Coverage of Indian Worker

Notification No. File No. IWU/731)/ Application for COC (30/06/2017)

The different application forms for Certificate of Coverage (COC) in respect of Indian Worker (having Indian Passport) going to work in a country with which India is having Social Security Agreement (SSA) has been revised into a single form keeping in view the new COC application software being developed by IS division....

Read More

Practical Understanding of ESI & PF – Present & Future Scenario

Provident Fund– An act which provides establishment of provident fund, pension fund & deposit linked insurance fund for eligible employee in eligible establishment and factories. 1) Applicability – All establishments employing 20 or more persons (5 or more for Cinema Theaters) are brought under preview of the Employee prov...

Read More
Posted Under: Corporate Law |

Benefit of two years weightage of service to the EPF members

No: Pension-Pen-I/3/4/2016/MOL&E/2/5684 (21/06/2017)

Several references have been received from the field offices that cases where two years weightage was given where the past service comes out to 20 years, the new application software while generating the worksheet has reduced the past service benefits in comparison to that calculated in legacy software. The matter has been examined and th...

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Definition of International Worker under EPF scheme 1952

Notification No. File No. IWU/7/(25)/2017/ Clarification reg. Para 83/ (08/06/2017)

An Indian employee will be treated as International Worker only when (i) he has worked or is going to work in a foreign country with which India has entered into Social Security Agreement and (ii) he is eligible to avail the benefits under a social security programme of the said foreign country....

Read More

Disbursement of benefits to eligible EPF members under PMRPY/PMPRPY Schemes

Notification No. CAIU/011(71)2016/MOT (08/06/2017)

EPFO has been nominated as the nodal organisation for implementation of the PMRPY/PMPRPY Scheme vis-à-vis verification of the credentials of the eligible beneficiaries and payment of benefits to them in accordance with the guidelines of PMRPY/PMPRPY schemes besides creating awareness for maximum outreach of the PMRPY/PMPRPY...

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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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