EPF

Taxability of Interest on Excess PF Contribution-New Threshold Limit & Manner of Tax Computation

Income Tax - 1. Further to my article Taxability of Interest on Excess PF Contribution dated 11.02.2021, an attempt has been made in this article , to explain the new threshold limit of tax exemption and the manner of tax computation. The Government has increased the deposit threshold limit to ₹5 lakh per annum in the provident fund […]...

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PF & UAN related employees’ issues & problems and its resolutions

Income Tax - This is normally seen that most of the employees and workers not properly aware about how properly maintain his or her UAN and PF account.  Also, they are operating this causally not understand the importance of its. But when they very need of it found them helpless and in very problematic situations. Some of basic […]...

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Retirement Planning: Five key milestones to check before you turn Fifty

Income Tax - Retirement planning is not an easy task. It requires an organized approach to ensure that life post retirement for a person remains worry free for an individual. Since in our country, social security is conspicuous by absence for majority of people, it becomes very important for a person to prepare for retirement as early as […]...

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Investment options available post EPF taxability

Income Tax - Until now, one of the best savings and investment option for a salaried person was investment in the employees’ provident fund (EPF) scheme. It inculcates the habit of compulsory savings with a relatively higher interest rate backed by government when compared to other similar investment options. It also provided tax-free income in the ...

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Tax implication on delay deposit of PF/ESIC Contribution:

Income Tax - In the intimation processed u/s 143(1) of Income Tax Act, 1961, the Centralize Processing Center makes addition of income as per the amount reported in certain clauses of Tax Audit Report. Assessee is left with no choice but to go for appeal with higher authorities.  We have noticed that the disallowance includes along various other [&he...

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How To Activate UAN on EPFO Website?

Income Tax - Ministry of Labour & Employement (Government of India) Step 1: Visit www.epfindia.gov.in Step 2: Select ‘Our Services’ and click on For employees’ Step 3: Click on ‘Member UAN/ Online Services’ Step 4: Click on ‘Activate your UAN’ (located under ‘Important Links’ on the right-hand ...

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EPFO extends social security benefits to J&K & Ladakh subscribers

Income Tax - EPFO stands committed to serve its stakeholders in J&K and Ladakh, who are covered under EPF& MP Act, for providing social security cover in the form of provident fund, pension and insurance benefits to its members in a hassle-free manner....

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8.50 % rate of interest for EPF subscribers for year 2020-21

Income Tax - The Central Board recommended 8.50% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2020-21. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into the subscribers’ accounts....

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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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Employees contribution to ESIC & PF allowable when payment is made

DCIT Vs Dee Development Engineers Ltd. (ITAT Delhi) - DCIT Vs Dee Development Engineers Ltd. (ITAT Delhi) The assessee company has not deposited the employees’ contribution within the due date which is prescribed under the said statute i.e. Provident Fund and ESIC. This issue is dealt by the Hon’ble Delhi High Court in case of CIT vs. M/s Bharat Ho...

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PF & ESI contribution allowable if Paid before Tax return due date

Shishir Kumar Das Vs DCIT (ITAT Hyderabad) - Shishir Kumar Das Vs DCIT (ITAT Hyderabad) Decision of the Hon’ble Supreme Court in the case of CIT vs. Alom Extrusions Ltd is applicable to both the employer as well as employee’s contribution to Provident Fund and ESI and if the assessee has not remitted the amount collected from the employees...

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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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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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Employer can’t camouflage basic wages as part of allowance to avoid EPF deduction & contribution

Carewell Security Services Private Limited Vs Employees Provident Fund Organization (Madhya Pradesh High Court) - Carewell Security Services Private Limited Vs Employees Provident Fund Organization (Madhya Pradesh High Court) Conclusion: Employer could not camouflage basic wage as part of allowance so as to avoid deduction and contribution under the EPF Act. Held: Assessee was company incorporated under the pro...

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Timely payment of retirement benefits to the retiring employees

No. 3(6)/2021-P&PW(H)-7083 - (09/03/2021) - The undersigned is directed to say that timelines have been prescribed under the CCS (Pension) Rules, 1972 for each activity involved in the processing of a pension case and for payment of pension and gratuity to a retiring Government servant. As per this timeline, the process of verification of ser...

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

Notification No. Pension.I/17(3)19/RRB - (15/02/2021) - It is hereby informed that the matter regarding exclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952 has been examined at the Head Office and it is observed that RRBs got excluded from purview of EPF & MP Act, 1952 in the consequence of judgement dated 25.4.2018 of H...

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EPFO guideline for correction in name father/spouse/gender

Circular No. WSU/KYC/Correction process (E-15189) /2874 - (12/02/2021) - Correction in member profile has been allowed to rectify the errors in name, father/husband name, DOB and gender. However, it has been observed that complete name and profile change has been made in certain cases leading to fraudulent withdrawals....

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Deployment of electronic facility at Employer Interface of EPFO’s Unified Portal

Notification No. C-I/011(16)2020-21/ABRY/1179 - (01/02/2021) - Deployment of electronic facility at Employer Interface of EPFO’s Unified Portal for Principal Employers to view EPF compliances of their Contractors & contract workers EMPLOYEES PROVIDENT FUND ORGANISATION (Ministry of Labour & Employment, Govt. of India) Bhavishya Nidhi Bhawan, 14, Bhika...

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Instructions for conduct of quasi judicial proceedings under EPF & MP Act, 1952

Circulars No. C-I/3(28)2016/7A & 14B/1189 - (19/01/2021) - All quasi judicial proceedings under the EPF & MP Act, 1952 for which functionality has been created in the 'e proceedings portal' must be conducted through the portal. If conduct of proceedings is not possible in any case through the portal for functional or technical reasons must be brought to the...

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Recent Posts in "EPF"

Taxability of Interest on Excess PF Contribution-New Threshold Limit & Manner of Tax Computation

1. Further to my article Taxability of Interest on Excess PF Contribution dated 11.02.2021, an attempt has been made in this article , to explain the new threshold limit of tax exemption and the manner of tax computation. The Government has increased the deposit threshold limit to ₹5 lakh per annum in the provident fund […]...

Read More
Posted Under: Income Tax |

PF & UAN related employees’ issues & problems and its resolutions

This is normally seen that most of the employees and workers not properly aware about how properly maintain his or her UAN and PF account.  Also, they are operating this causally not understand the importance of its. But when they very need of it found them helpless and in very problematic situations. Some of basic […]...

Read More
Posted Under: Income Tax |

Retirement Planning: Five key milestones to check before you turn Fifty

Retirement planning is not an easy task. It requires an organized approach to ensure that life post retirement for a person remains worry free for an individual. Since in our country, social security is conspicuous by absence for majority of people, it becomes very important for a person to prepare for retirement as early as […]...

Read More
Posted Under: Income Tax |

Investment options available post EPF taxability

Until now, one of the best savings and investment option for a salaried person was investment in the employees’ provident fund (EPF) scheme. It inculcates the habit of compulsory savings with a relatively higher interest rate backed by government when compared to other similar investment options. It also provided tax-free income in the ...

Read More
Posted Under: Income Tax |

Employees contribution to ESIC & PF allowable when payment is made

DCIT Vs Dee Development Engineers Ltd. (ITAT Delhi)

DCIT Vs Dee Development Engineers Ltd. (ITAT Delhi) The assessee company has not deposited the employees’ contribution within the due date which is prescribed under the said statute i.e. Provident Fund and ESIC. This issue is dealt by the Hon’ble Delhi High Court in case of CIT vs. M/s Bharat Hotels Ltd. 410 ITR 417 […]...

Read More

Tax implication on delay deposit of PF/ESIC Contribution:

In the intimation processed u/s 143(1) of Income Tax Act, 1961, the Centralize Processing Center makes addition of income as per the amount reported in certain clauses of Tax Audit Report. Assessee is left with no choice but to go for appeal with higher authorities.  We have noticed that the disallowance includes along various other [&he...

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Posted Under: Income Tax |

PF tax-exemption limit hiked to Rs 5 lakh, which employees stand to benefit

FM increased the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt, if there is no employer contribution. It was made clear that the threshold limit will not be enhanced in the cases where employer is contributing towards EPF....

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Posted Under: Income Tax |

Taxability of Interest on P.F. Contribution

The Lok Sabha has passed the Finance Bill, 2021 on March 23, 2021, with finance minister Nirmala Sitharaman introducing 127 amendments with a view to boost ease of doing business and easing compliance burden. Among the major changes is a tweak in the proposal to tax income on P.F. contribution above Rs. 2.50 lakhs in […]...

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Posted Under: Income Tax |

How To Activate UAN on EPFO Website?

Ministry of Labour & Employement (Government of India) Step 1: Visit www.epfindia.gov.in Step 2: Select ‘Our Services’ and click on For employees’ Step 3: Click on ‘Member UAN/ Online Services’ Step 4: Click on ‘Activate your UAN’ (located under ‘Important Links’ on the right-hand ...

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Posted Under: Income Tax |

Tax on income out of excess employer contribution to specified funds – Computation methodology prescribed

Tax on income out of excess employer contribution to specified funds – Computation methodology prescribed The Finance Act 2020 introduced a new provision under the Income-tax Act, 1961 (the Act) by virtue of which employer contribution exceeding Rs. 7.5 lakhs p.a. (i.e. excess contribution) in aggregate to the following funds is now tax...

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Posted Under: Income Tax |

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