Income Tax - The Employees Provident Fund (EPF) is a saving scheme introduced, under the Employees Provident Fund and Miscellaneous Act, 1952, with an aim to promote savings which can be used post-retirement of an employee. Section 192A was inserted vide the Finance Act 2015 applying the tax deduction at source (TDS) provisions in case of the prematur...
Read MoreIncome Tax - Is the recent SC judgement holding allowances as part of basic wages for the purpose of determination of PF contribution, in contradiction with the stand of the Law makers and implementeors? In its recent judgement in the case of RPFC vs. Vivekananda Vidyamandir and others & Surya Roshni Ltd & Ors. vs. The State of […]...
Read MoreIncome Tax - List of documents required for closure of ESI account In case of company the following documents may be an evidence for closure of your ESI code No: 01. Proof of Sale of your machinery; 02. Full & final Settlement of workers along with evidence, such as acquitance of all the discharged employees towards full and […]...
Read MoreIncome Tax - The Employee Provident Fund (EPF) is an investment and more beneficial scheme enacted by the Government in the common interest of employees. In this scheme, the employer and employee, both are required to contribute an amount which is calculated on the basic wages, dearness allowance and retaining allowance (if any). Employer Contribution...
Read MoreIncome Tax - The EPF was established by the Employees Provident Fund Organization (EPFO) of India, a statutory body of the Government. It states that every organization having 20 or more permanent employees across different departments working, should compulsorily register with the EPFO. In the case of an organization which employs less than 20 employ...
Read MoreIncome Tax - The ESI Act, 1948 is applicable to all factories and notified establishments in an implemented area employing 10 or more employees employed for wages. a) For Factory:‑ The threshold for coverage of “factory”, as per section 2(12) of the ESIC Act is 10 which are located in implemented areas. At present the Act is extended [&h...
Read MoreIncome Tax - Government decides to allow one more opportunity to employees of Public Sector Insurance Companies who joined on or before 28th June, 1995 The Government of India has decided to allow one more opportunity to employees of Public Sector Insurance Companies (PSICs) who joined on or before 28th June 1995, to opt for Pension, as a […]...
Read MoreIncome Tax - Central Board of Trustees, EPF recommends crediting of 8.65% rate of interest on Accumulations in the EPF Member’s Account for the year 2018-19 ...
Read MoreIncome Tax - In order to empower Insured Persons and their beneficiaries and create awareness among other Stakeholders, ESIC has come up with two new user friendly initiatives. The initiatives include the facility of ‘IVR (Interactive Voice Response)/Help Desk’ for ESIC Toll Free No. – 1XXX-XX-2526 and production of seven Audio-Visual cl...
Read MoreIncome Tax - Central Board of Trustees, EPF, approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share)...
Read MoreHigh 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...
Read MoreRegional 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...
Read MoreRegional Provident Fund Commissioner (II) West Bengal Vs Vivekananda Vidyamandir and Others (Supreme Court) - Regional Provident Fund Commissioner Vs. Vivekananda Vidyamandir and Others (Supreme Court) Basic wage, would not ipsofacto take within its ambit the salary breakup structure to hold it liable for provident fund deductions when it was paid as special incentive or production bonus given to more mer...
Read MoreKalyan Silks Trichur (P) Ltd. Vs. Joint Commissioner Of Income Tax (Kerala High Court) - The solitary common issue that arose in these appeals was with regard to the legality of dis-allowance of deduction made towards belated deposit of employees contribution of Provident Fund/Employees State Insurance. A reading of the order passed by the Tribunal shows that the first appellate authori...
Read MoreM.V.S Engineering Ltd Vs The CIT (Delhi High Court) - In this case high court held that payment of employees contribution under the Employees Provident Fund and Misc. Provision Act, 1952 and the Employees State Insurance Act, 1948 is allowable if paid before the due date of filing Income Tax Return or filing of Income Tax Return whichever is earlier e...
Read MoreNo NDC/2017/UAN/Pt./3143 - (06/06/2019) - A facility for filing of online e-nomination is available at Member Interface of Unified Portal. In order to make this functionality compatible with online Form 10D claim to be filed by members and online composite claim Form 10D/20/5IF to be filed by nominees, some modifications have been ...
Read MoreNo. WSU/Grievances/2019/19201 - (22/03/2019) - In order to increase transparency in respect of provident fund settlement withdrawal and to reduce the confusion & grievances of the subscribers, it has been decided that calculation worksheet of provident fund withdrawal of each member is to be provided either on their registered mobile number or t...
Read More68HH. Non-refundable advance to a member in case of continuous un-employment for a period of not less than one month.- The Commissioner or, where so authorised by the Commissioner, any other officer subordinate to him, may permit a member, on ceasing to be an employee in any factory or establishment...
Read MoreNotification No. C-III/1/2018/Cir/KYC - (29/11/2018) - UIDAI has clarified that EPFO may continue to avail Aadhaar based authentication services for the schemes for which notification under Section 7 of the Aadhaar Act, 2016 has been issued and duly published in the Official Gazette....
Read MoreFile No. IWU/7(30)2012/Return in R/O IWU/1191 - (28/11/2018) - As you may be aware that facility for online submission of IW-1 return by employers has started from 1st November 2018. It is observed that such returns are not being submitted online by concerned employers of establishments employing International Workers...
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No NDC/2017/UAN/Pt./3143 - (06/06/2019) -