EPF

Taxability of Employees Provident Fund under Income-tax Act

Income Tax - 1. Applicability of Employees Provident Fund Scheme a. As per section 1 read with section 6 of The Employees Provident Funds and Miscellaneous Provisions Act, 1952, an employer of establishment including factory employing 20 or more persons shall required to contribute 12 percent of the basic wages [including dearness allowance and retain...

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Delay in payment of Employee Contribution to PF/ESI, etc. – In dilemma to claim or not?

Income Tax - Delay in payment of Employee Contribution to PF/ESI, etc. – In dilemma to claim or not? Section 2(24)(x) of the Income tax Act 1961 (‘Act’) while defining Income, includes the sum received by taxpayer/employer from employees as contribution towards PF, ESI or any other welfare schemes/fund. Once such sum is treated as Income in hand...

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Mistakes MSMEs Should Avoid While Filing Provident Fund Returns

Income Tax - EPF has been issuing notices left right & center. Leveraging data from co departments such as ESI, INCOME TAX & PT they are finding creative ways to slap notices and fines. Ambiguity in law & various interpretations of the law has also led to many companies being fined. But one thing is clear. It is […]...

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Withdrawal of Provident Fund

Income Tax - WITHDRAWAL OF PROVIDENT FUND Employee Provident Funds Scheme, 1952 Chapter VIII of the Employees’ Provident Funds Scheme, 1952 provides the purposes for which Provident Fund (PF) can be withdrawn by the member employee, such as: Para 68 B/BB/BC Housing Loan/ Purchase of site/House/Flat or for construction/ Addition, alteration in existi...

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Four changes applicable from 1st August, 2020

Income Tax - From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that monthly […]...

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EPFO extends time limit for submission of Jeevan Pramaan Patra

Income Tax - EPFO has extended the time limit up to 28th February 2021 for submission of Life Certificate (Jeevan Pramaan Patra-JPP) in respect of the Pensioners drawing pension under EPS 1995 and whose Life certificate is due in any month till February 28, 2021. Presently a Pensioner can submit JPP anytime during the year upto 30th November,  which ...

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EPFO’s clarification on misleading article published in newspaper

Income Tax - EPFO) stated that an article was published in a section of media on 18.11.2020 under the caption EPFO subscribers, firms down in Oct. In this regard, EPFO has categorically clarified that the information contained in the article is incorrect and unsubstantiated....

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EPFO facilitates multiple options for submission of Digital Life Certificate by EPS pensioners

Income Tax - All pensioners of Employees’ Pension Scheme 1995 (EPS’95) are required to submit Jeevan Pramaan Patra (JPP) / Digital Life certificate (DLC) each year to continue drawing pension. In the current scenario of COVID-19 pandemic, the Employees’ Provident Fund Organization (EPFO) has facilitated multiple options for EPS pensioners to sub...

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Whatsapp helpline Number of Registered EPFO Offices Across India

Income Tax - The Employees’ Provident Fund Organisation (EPFO), is an organisation tasked to assist the Central Board of Trustees. Employees’ Provident Fund is a statutory body established by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Empl...

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Launch of virtual hearing in quasi-judicial cases under EPF & MP Act, 1952

Income Tax - Launch of virtual hearing in quasi-judicial cases under EPF & MP Act, 1952 has now heralded an era of providing expeditious and affordable adjudication....

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SC decision in Surya Roshni Ltd. Vs. EPF has retrospective effect

GMMCO Limited Vs Regional Provident Fund CommissionerI (Madras High Court) - GMMCO Limited Vs Regional Provident Fund Commissioner (Madras High Court); The Madras High court held that is not possible to countenance the contention raised by the Learned Counsel for the Petitioner in W.P. No. 949 of 2020 that the decision of the Hon’ble Supreme Court of India in Surya Ros...

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EPF Act Applicable to Private Security Agency proving expert service of providing Personnel: SC

Panther Security Service Private Limited Vs Employees’ Provident Fund Organisation And Another (Supreme Court of India) - Panther Security Service Private Limited Vs Employees’ Provident Fund Organisation And Another (Supreme Court of India) We have no doubt in our mind that the appellant is engaged in the specialised and expert services of providing trained and efficient security guards to its clients on payment bas...

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Contractual employees entitled to Employee Provident Fund benefit: SC

Pawan Hans Limited & Ors. Vs Aviation Karmachari Sanghatana (Supreme Court) - Pawan Hans Limited & Ors. Vs Aviation Karmachari Sanghatana (Supreme Court) Members of the Respondent ­Union have been in continuous employment with the Company for long periods of time. They have been receiving wages/salary directly from the Company without the involvement of any contractor si...

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Applicability of amended Section 43B on employees contribution to PF

High Volt Electricals (P.) Ltd. Vs ACIT (ITAT Mumbai) - Since both the employee’s and employer’s contribution to Provident Fund was covered under the amended provision of section 43B, therefore Employees contribution to Provident fund (EPF), beyond the due date stipulated under the Provident Fund Act but before the due date of filing return of income...

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Implication of Supreme Court Verdict on Provident Fund

Regional Provident Fund Vs Vivekananda Vidyamandir And Others  (Supreme Court of India) - Supreme Court's (SC) ruling on Provident Fund on Thursday (28 February, 2019) states that employers can't segregate special allowances from basic salary. It has to be included for PF deductions under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, said a bench of Justices Arun...

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EPFO amends conditions for Amount to be invested in Debt & Related Investments

Notification No. S.O. 28(E) - (04/01/2021) - Units of Debt Exchange Traded Funds (ETFs) regulated by the Securities and Exchange Board of India and managed by an asset management company appointed as per an agreement with Government of India, specifically meant to invest in the bonds of the Central Public Sector Enterprises, Central Public Sec...

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Rate of Interest for EPF Members for year 2019-20 declared

File No. INV-11/1/2020-INV - (04/01/2021) - The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees' Provident Fund Scheme, 1952 to credit interest @ 8.50 % for the year 2019-20 to the account of each member of the EPF Scheme as per the provisions under Para...

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EPFO: Attachment of bank accounts for enforcing appearance

File No: LC 4(42) 2020/ E- 26035/794 - (14/09/2020) - Instances have been noticed in which the officers conducting inquiries u/s 7A have issued orders to attach/freeze bank accounts of the establishments/ personal accounts of the employers for alleged non-appearance in such inquiries. Such practices have attracted a lot of adverse observations from Con...

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Implications of AI on the Indian Economy

No.13/07/2020-2021/PDNASS/Misc./ - (26/08/2020) - NASSCOM, a not-for-profit industry association, is the apex body for the 180 billion dollar IT BPM industry in India, an industry that had made a phenomenal contribution to India's GDP, exports, employment, infrastructure and global visibility. In India, this industry provides the highest employment...

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EPFO to Settle of death claims on priority basis in events of industrial accidents etc

No: EDLI/3(39)SOM/2020/246 - (17/07/2020) - It is directed that in the events of any incidents of industrial accidents resulting in death of employees of a covered establishment, the concerned RPFC (in-charge of RO) is required to take immediate initiative to settle death claims of the concerned members....

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Recent Posts in "EPF"

Taxability of Employees Provident Fund under Income-tax Act

1. Applicability of Employees Provident Fund Scheme a. As per section 1 read with section 6 of The Employees Provident Funds and Miscellaneous Provisions Act, 1952, an employer of establishment including factory employing 20 or more persons shall required to contribute 12 percent of the basic wages [including dearness allowance and retain...

Read More
Posted Under: Corporate Law |

EPFO amends conditions for Amount to be invested in Debt & Related Investments

Notification No. S.O. 28(E) (04/01/2021)

Units of Debt Exchange Traded Funds (ETFs) regulated by the Securities and Exchange Board of India and managed by an asset management company appointed as per an agreement with Government of India, specifically meant to invest in the bonds of the Central Public Sector Enterprises, Central Public Sector Undertakings, Central Public Financi...

Read More

Rate of Interest for EPF Members for year 2019-20 declared

File No. INV-11/1/2020-INV (04/01/2021)

The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees' Provident Fund Scheme, 1952 to credit interest @ 8.50 % for the year 2019-20 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952....

Read More

SC decision in Surya Roshni Ltd. Vs. EPF has retrospective effect

GMMCO Limited Vs Regional Provident Fund CommissionerI (Madras High Court)

GMMCO Limited Vs Regional Provident Fund Commissioner (Madras High Court); The Madras High court held that is not possible to countenance the contention raised by the Learned Counsel for the Petitioner in W.P. No. 949 of 2020 that the decision of the Hon’ble Supreme Court of India in Surya Roshni Ltd. -vs- Employees Provident Fund [...

Read More

EPF Act Applicable to Private Security Agency proving expert service of providing Personnel: SC

Panther Security Service Private Limited Vs Employees’ Provident Fund Organisation And Another (Supreme Court of India)

Panther Security Service Private Limited Vs Employees’ Provident Fund Organisation And Another (Supreme Court of India) We have no doubt in our mind that the appellant is engaged in the specialised and expert services of providing trained and efficient security guards to its clients on payment basis. The contention that the appellant me...

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EPFO extends time limit for submission of Jeevan Pramaan Patra

EPFO has extended the time limit up to 28th February 2021 for submission of Life Certificate (Jeevan Pramaan Patra-JPP) in respect of the Pensioners drawing pension under EPS 1995 and whose Life certificate is due in any month till February 28, 2021. Presently a Pensioner can submit JPP anytime during the year upto 30th November,  which ...

Read More
Posted Under: Corporate Law |

EPFO’s clarification on misleading article published in newspaper

EPFO) stated that an article was published in a section of media on 18.11.2020 under the caption EPFO subscribers, firms down in Oct. In this regard, EPFO has categorically clarified that the information contained in the article is incorrect and unsubstantiated....

Read More
Posted Under: Corporate Law |

EPFO facilitates multiple options for submission of Digital Life Certificate by EPS pensioners

All pensioners of Employees’ Pension Scheme 1995 (EPS’95) are required to submit Jeevan Pramaan Patra (JPP) / Digital Life certificate (DLC) each year to continue drawing pension. In the current scenario of COVID-19 pandemic, the Employees’ Provident Fund Organization (EPFO) has facilitated multiple options for EPS pensioners to sub...

Read More
Posted Under: Corporate Law |

Delay in payment of Employee Contribution to PF/ESI, etc. – In dilemma to claim or not?

Delay in payment of Employee Contribution to PF/ESI, etc. – In dilemma to claim or not? Section 2(24)(x) of the Income tax Act 1961 (‘Act’) while defining Income, includes the sum received by taxpayer/employer from employees as contribution towards PF, ESI or any other welfare schemes/fund. Once such sum is treated as Income in hand...

Read More
Posted Under: Corporate Law |

Mistakes MSMEs Should Avoid While Filing Provident Fund Returns

EPF has been issuing notices left right & center. Leveraging data from co departments such as ESI, INCOME TAX & PT they are finding creative ways to slap notices and fines. Ambiguity in law & various interpretations of the law has also led to many companies being fined. But one thing is clear. It is […]...

Read More
Posted Under: Corporate Law |

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