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 (SC)- 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 purposes of the Provide...

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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 Seeding Services by EPFO offices for KYC Seeding

No. CAIU/011(27)2016/KYC/34320 - (24/03/2017) - In pursuance to the policy of the Government of India, of optimum use of information technology for efficient service delivery and widening the reach of EPF benefits, appropriate guidelines have been issued from this once for installation and operatonalisation of proper infrastructure in the field o...

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PF & withdrawal benefit on date of leaving service to International Worker

File No. IWU/7/)(25)/2017 /Payment of PF and Withdrawal Benefits/34140 - (23/03/2017) - In order to facilate payment of Provident Fund and withdrawal benefit under EPS, 1995 to International Workers on the date of leaving service in India, the following instructions are issued:-...

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Determination of pensionable salary exceeding statutory wages ceiling

No: Pension-I/12/33/EPS Amendment/96/VoI.II/34007 - (23/03/2017) - Allowing members of the Employees' Pension Scheme, 1995 the benefit of the actual salary in the Pension Fund exceeding wage limit of either Rs. 5000/- or Rs. 6500 per month from the effective date respectively as per the Hon'ble Supreme Court's order in SLP No.33032-33033 of 2015 ...

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EPFO Empanelment of retired officers for departmental Inquiries

HR/AVS/10(2)16/ERO/21447 - (22/03/2017) - Employees’ Provident Fund Organization (EPFO) proposes to setup a panel of retired officers as Inquiry Officers for conducting departmental inquires...

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Reduction in EPF & EDLI administrative charges

No. WSU/44(2)97/Administrative Charges/33959 - (22/03/2017) - The expenditure incurred in administering the Employees' Provident Fund is met from the administrative and inspection charges collected from the employers of un-exempted and exempted establishments respective...

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Recent Posts in "Provident Fund"

Aadhaar Seeding Services by EPFO offices for KYC Seeding

No. CAIU/011(27)2016/KYC/34320 (24/03/2017)

In pursuance to the policy of the Government of India, of optimum use of information technology for efficient service delivery and widening the reach of EPF benefits, appropriate guidelines have been issued from this once for installation and operatonalisation of proper infrastructure in the field offices of ERR) to help and facilitate ou...

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PF & withdrawal benefit on date of leaving service to International Worker

File No. IWU/7/)(25)/2017 /Payment of PF and Withdrawal Benefits/34140 (23/03/2017)

In order to facilate payment of Provident Fund and withdrawal benefit under EPS, 1995 to International Workers on the date of leaving service in India, the following instructions are issued:-...

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Determination of pensionable salary exceeding statutory wages ceiling

No: Pension-I/12/33/EPS Amendment/96/VoI.II/34007 (23/03/2017)

Allowing members of the Employees' Pension Scheme, 1995 the benefit of the actual salary in the Pension Fund exceeding wage limit of either Rs. 5000/- or Rs. 6500 per month from the effective date respectively as per the Hon'ble Supreme Court's order in SLP No.33032-33033 of 2015 ...

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EPFO Empanelment of retired officers for departmental Inquiries

HR/AVS/10(2)16/ERO/21447 (22/03/2017)

Employees’ Provident Fund Organization (EPFO) proposes to setup a panel of retired officers as Inquiry Officers for conducting departmental inquires...

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Reduction in EPF & EDLI administrative charges

No. WSU/44(2)97/Administrative Charges/33959 (22/03/2017)

The expenditure incurred in administering the Employees' Provident Fund is met from the administrative and inspection charges collected from the employers of un-exempted and exempted establishments respective...

Read More

5 steps taken by EPFO for speedy settlement of claims

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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Posted Under: Corporate Law |

Employees’ Enrolment Campaign launched by EPFO

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. ...

Read More
Posted Under: Corporate Law |

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

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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Posted Under: Corporate Law |

Admin charges payable by employer on EPF wef 01.04.2017

Notification No. S.O. 827(E) (15/03/2017)

CG fixes administrative charges payable by the employer for the purposes Employee Provident Fund Scheme with effect from 1st April, 2017 at 0.65 per cent (zero point six five per cent.) of the pay as referred to in said paragraphs subject to a minimum sum of seventy-five rupees per month for every non-functional establishment having no co...

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EPF contribution exemption to Singapore citizens working in India

File No. IWU/7(14)2008/Singapore/20803 (14/03/2017)

Special Provision in respect of International Workers-- Exemption granted under the Comprehensive Economic Cooperation Agreement between the Republic of India and the Republic of Singapore (CECA-2005) to Singapore citizens working in India from contributing to social security schemes in India - Clarification regarding....

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