EPF

Monthly (May 2022) Legal Obligations for India

Income Tax - Article contains Monthly (May 2022) Legal Obligations  for India which includes compliance under Income Tax Act, 1961, GST Act, 2017, FEMA,1999, ESI, 1948, Provident Fund, 1952, LLP Act 2008 and Companies Act, 2013.  Monthly (May 2022) Legal Obligations  for India (A) Income Tax Act, 1961 S.NO Event Date Form/Challan Period Particular...

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What Is EPF – Employees’ Provident Fund?

Income Tax - A Provident Fund is essentially a retirement scheme. The Employee Provident Fund (EPF) is closely monitored by the Employee Provident Fund Organisation of India. The Government plays a supervisory role through the Ministry of Labour and Employment. Commonly known as the Employee Provident Fund scheme, this savings scheme was introduced...

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Tax Compliance & Statutory Due dates for May 2022

Income Tax - Individuals or businesses, be it a small scale business or a business having its operations on a large scale, are bound to adhere to the tax and statutory compliance prevailing in India. It is important for all the businesses, in any form, (Private Limited Company, Public Limited Company, Limited Liability Partnership, Partnership or Sole...

Read More

EPFO Issued Circular Clarifying TDS on Interest on PF Contributions in Excess of Threshold Limit

Income Tax - The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable. Any interest on contribution made during the FY 2021-22 in excess of amount of Rs. 2.50 Lakhs […]...

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Tax Compliance and Statutory due dates for April, 2022

Income Tax - Compliance Calendar for the month of April 2022 A new Financial Year 2022-23 has begun and being the first month of the new Financial Year, April 2022 is an important month if we look at it from the Tax Compliance and other Statutory Compliance’ point of view. There are multiple Statutory Due Dates falling in […]...

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8.10% rate of interest for EPF subscribers for year 2021-22

Income Tax - Central Board recommended 8.10% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2021-22. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into its subscribers’ accounts....

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EPFO Payroll data: EPFO added 13.95 lakh net subscribers in Nov, 2021

Income Tax - The provisional payroll data of EPFO released on 20th January 2022 highlights that EPFO has added 13.95 lakh net subscribers during the month of November 2021, showing an increase of around 2.85 lakh net additions over the previous month of October, 2021 with a growth rate of 25.65%....

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8 Steps to Submit EPF/EPS Nomination Digitally!

Income Tax - Members should file e-nomination today to ensure social security of their family. Follow these easy steps to file EPF/EPS enrollment digitally. Submit EPF/EPS Nomination Digitally! Steps to submit EPF/EPS Nomination Digitally: Step 1- Visit EPFO website i.e. https://www.epfindia.gov.in > > Services > For Employees > > Click...

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EPFO added new validation point in Form 11

Income Tax - In the New Form : 11 – Declaration Form, EPFO has added new validation point at Serial No. 12 asking employee to confirm whether he/she was EPF/EPS member on or before September 2014 and if he/she has withdrawn this amount or not.  Format of Form 11 is as follows:- New Form : 11 – Declaration […]...

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Principal Employers can now View EPF Compliances of their Contractors

Income Tax - Ministry of Labour & Employment (Government of India) EPFO LAUNCHES ELECTRONIC FACILITY FOR PRINCIPAL EMPLOYERS TO VIEW EPF COMPLIANCES OF THEIR CONTRACTORS Now, EPFO registered employer engaging employees through contractor(s) can add the details of contractor(s) & contract employees at EPFO’s Unified Portal: https://unifie...

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Amended provisions of Section 43B r.w.s. 36(1)(va) are not retrospective

Ajeet Singh Vs ITO (ITAT Jaipur) - Ajeet Singh Vs ITO (ITAT Jaipur) ITAT held that the amendment brought in the statue i.e., by Finance Act, 2021, the provisions of Section 36(1)(va) r.w.s. 43B of the Act amended by inserting explanation 2 is prospective and not retrospective. Hence, the amended provisions of Section 43B r.w.s. 36(1)...

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Belated payment of employees contribution to EPF & ESI allowable

Nestor Pharmaceuticals Ltd. Vs CPC (ITAT Delhi) - Nestor Pharmaceuticals Ltd. Vs CPC (ITAT Delhi) The issue in this appeal is related to disallowance of expenditure on account of delay in deposit of employees contribution related to EPF & ESI. The issue is squarely covered by the judgement of Hon’ble Jurisdictional High Court of Delhi in the ...

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ITAT deletes disallowance of employees contribution towards PF & ESI paid belatedly

M/s. Shiv Veg Pro Private Limited Vs The CPC BENGALURU/ACIT (ITAT Jaipur) - The assessee filed its return of income on 15.10.2019 which was processed u/s 143(1) of the Act whereby an adjustment was made on account of disallowance of claim of deduction with respect to employees’ contribution towards PF and ESIC deposited belatedly....

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PF/ESI payment after respective statue due date but before ITR filing allowable

Superlite Jointings Private Ltd Vs Circle -2 (2) (ITAT Delhi) - Superlite Jointings Private Ltd Vs Circle-2 (2) (ITAT Delhi) The sum and substances of the grievance in the captioned appeal pertains to the disallowance of PF and ESI payments on account of these payments being made beyond the due date specified under the specific parent legislation but before fili...

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Deduction of employees’ contribution to PF/ESI made prior to due date of filing ITR

Google India Private Limited Vs The DCIT (ITAT Bangalore) - Google India Private Limited Vs DCIT (ITAT Bangalore) ITAT held that assessee would be entitled to deduction of employees’ contribution to PF and ESI provided that the payments were made prior to the due date of filing of the return of income u/s 139(1) of the I.T.Act. It was further held by the I...

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Employees’ State Insurance (Central) Amendment Rules, 2022

Notification No. G.S.R. 176(E). - (07/03/2022) - Provided also that in case of an insured woman who is in receipt of maternity benefit and due to reason of which a shorter contribution period is available to her in the contribution period in which the maternity benefit falls, she shall be qualified to claim sickness benefit in the corresponding be...

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Income Tax on contribution in PF account exceeding Rs. 5 lakh per annum

TA-3-07001/7/2021-TA-III-Part (1)/cs-8084/81 - (04/03/2022) - Income Tax payable on the contribution in a PF account exceeding Rs. 5 lakh per annum w.e.f. financial year 2021-22-reg. Ministry of Finance Department of Expenditure O/o Controller General of Accounts, GPO Complex, E-Block, INA New Delhi. TA-3-07001/7/2021-TA-III-Part (1)/cs-8084/81 | Dated: 04.03....

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Clarification on Exclusion of employees of Regional Rural Banks from purview of EPF & MP Act, 1952

No. Pension.I/17(3)19/RRB (e-file: 22941) - (28/02/2022) - Some RRB have paid EPS Contribution up to January 2020. The number of full year’s contribution period exceeds more than 24 years in respect of several employees who are in service prior to 1996....

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Air India agreed to be governed by EPF Act

Notification No. ACC/DL&UK/VC/1(4)/2009/1556 - (13/01/2022) - M/s Air India Limited and the majority of its employees have agreed that the provisions of the Employees’ Provident Fund & Miscellaneous Provisions Act, 1952 (19 of 1952)should be made applicable them. OFFICE OF THE ADDITIONAL CENTRAL PROVIDENT FUND COMMISSIONER (DELHI & UTTARAKHAND) (Empl...

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Mandatory seeding of Aadhaar Number with UAN for filing of ECR

No. BKG-27/7/2020-BKG-Part(1)/E-40100/173 - (11/11/2021) - Mr Harsh Kaushik, Deputy Director (Information Services); E-mail Id- [email protected]; has been nominated as grievance redressal officer who can be contacted by any employer to mitigate any technical problem in filling of ECR arising due to Aadhaar seedings/non-seedings with UANs....

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Recent Posts in "EPF"

Amended provisions of Section 43B r.w.s. 36(1)(va) are not retrospective

Ajeet Singh Vs ITO (ITAT Jaipur)

Ajeet Singh Vs ITO (ITAT Jaipur) ITAT held that the amendment brought in the statue i.e., by Finance Act, 2021, the provisions of Section 36(1)(va) r.w.s. 43B of the Act amended by inserting explanation 2 is prospective and not retrospective. Hence, the amended provisions of Section 43B r.w.s. 36(1)(va) of the Act are not applicable [&hel...

Read More

Monthly (May 2022) Legal Obligations for India

Article contains Monthly (May 2022) Legal Obligations  for India which includes compliance under Income Tax Act, 1961, GST Act, 2017, FEMA,1999, ESI, 1948, Provident Fund, 1952, LLP Act 2008 and Companies Act, 2013.  Monthly (May 2022) Legal Obligations  for India (A) Income Tax Act, 1961 S.NO Event Date Form/Challan Period Particular...

Read More
Posted Under: Income Tax |

What Is EPF – Employees’ Provident Fund?

A Provident Fund is essentially a retirement scheme. The Employee Provident Fund (EPF) is closely monitored by the Employee Provident Fund Organisation of India. The Government plays a supervisory role through the Ministry of Labour and Employment. Commonly known as the Employee Provident Fund scheme, this savings scheme was introduced...

Read More
Posted Under: Income Tax |

Belated payment of employees contribution to EPF & ESI allowable

Nestor Pharmaceuticals Ltd. Vs CPC (ITAT Delhi)

Nestor Pharmaceuticals Ltd. Vs CPC (ITAT Delhi) The issue in this appeal is related to disallowance of expenditure on account of delay in deposit of employees contribution related to EPF & ESI. The issue is squarely covered by the judgement of Hon’ble Jurisdictional High Court of Delhi in the case of PCIT vs Pro Interactive [&hellip...

Read More

Tax Compliance & Statutory Due dates for May 2022

Individuals or businesses, be it a small scale business or a business having its operations on a large scale, are bound to adhere to the tax and statutory compliance prevailing in India. It is important for all the businesses, in any form, (Private Limited Company, Public Limited Company, Limited Liability Partnership, Partnership or Sole...

Read More
Posted Under: Income Tax |

ITAT deletes disallowance of employees contribution towards PF & ESI paid belatedly

M/s. Shiv Veg Pro Private Limited Vs The CPC BENGALURU/ACIT (ITAT Jaipur)

The assessee filed its return of income on 15.10.2019 which was processed u/s 143(1) of the Act whereby an adjustment was made on account of disallowance of claim of deduction with respect to employees’ contribution towards PF and ESIC deposited belatedly....

Read More

EPFO Issued Circular Clarifying TDS on Interest on PF Contributions in Excess of Threshold Limit

The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable. Any interest on contribution made during the FY 2021-22 in excess of amount of Rs. 2.50 Lakhs […]...

Read More
Posted Under: Income Tax |

Tax Compliance and Statutory due dates for April, 2022

Compliance Calendar for the month of April 2022 A new Financial Year 2022-23 has begun and being the first month of the new Financial Year, April 2022 is an important month if we look at it from the Tax Compliance and other Statutory Compliance’ point of view. There are multiple Statutory Due Dates falling in […]...

Read More
Posted Under: Income Tax |

PF/ESI payment after respective statue due date but before ITR filing allowable

Superlite Jointings Private Ltd Vs Circle -2 (2) (ITAT Delhi)

Superlite Jointings Private Ltd Vs Circle-2 (2) (ITAT Delhi) The sum and substances of the grievance in the captioned appeal pertains to the disallowance of PF and ESI payments on account of these payments being made beyond the due date specified under the specific parent legislation but before filing of the Income Tax Return. After [&hel...

Read More

Deduction of employees’ contribution to PF/ESI made prior to due date of filing ITR

Google India Private Limited Vs The DCIT (ITAT Bangalore)

Google India Private Limited Vs DCIT (ITAT Bangalore) ITAT held that assessee would be entitled to deduction of employees’ contribution to PF and ESI provided that the payments were made prior to the due date of filing of the return of income u/s 139(1) of the I.T.Act. It was further held by the ITAT that […]...

Read More

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