EPFO

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

Corporate Law - 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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EPFO issues Circular clarifying TDS on interest on PF contributions

Corporate Law - EPFO issues Circular clarifying TDS on interest on PF contributions > Employee Provident Fund Organisation (EPFO) issued a circular dated 06th Apr 2022 which clarifies about the calculation and deduction of tax on taxable interest which is relating to contribution in provident fund pursuant to CBDT Notification No. 95 of 2021-Income Ta...

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Updation/Correction of date of birth online in EPFO records

Corporate Law - Employee having valid UAN, need to make sure that his or her date of birth (DOB) details are true and correct in Employees’ Provident Fund (EPF) records and also similar as mentioned in the Aadhaar database. In case of mismatch, the UAN holder may face delay in EPF withdrawal claims. According to EPFO: A. EPF […]...

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Withdraw of Fund from EPF account related to Covid

Corporate Law - The government has notified the amendment in EPF scheme rules regarding withdrawal of funds from the EPF account to deal with coronavirus-related financial exigencies. The government had allowed employees to withdraw from their provident fund account in case they needed emergency funds due to financial stress caused by the covid-19 pandem...

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EPS Scheme 1995, Eligibility & Its Benefits

Corporate Law - The Central Government had launched Employees’ Pension Scheme, 1995 in exercise of the powers conferred by Section 6A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952).  The EPS’95 scheme applies to all the employees of factories and other establishments to which the Employees Provident Funds...

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CBI Arrests EPFO Enforcement Inspector for Accepting Bribe of Rs. 3 Lakh

Corporate Law - The Central Bureau of Investigation has arrested an Enforcement Inspector, EPFO, Kanpur (Uttar Pradesh) for demanding & accepting bribe of Rs. Three Lakh from the Complainant....

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EPFO adds 15.29 lakh net subscribers during in January, 2022

Corporate Law - EPFO payroll data: EPFO adds 15.29 lakh net subscribers during the month of January, 2022 The provisional payroll data of EPFO has been released today, i.e., 20th March 2022, which highlights that EPFO has added 15.29 lakh net subscribers during January 2022. Month-on-month comparison of payroll data also indicates an increase of 2.69 la...

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

Corporate Law - 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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Empanelment of CA Firms for Audit of PF Trusts/Exempted Establishments with EPFO

Corporate Law - Employees' Provident Fund Organisation (Ministry of Labor & Govt. of India) Regional Office Jaipur (Raj) invites Expression of Interest for Empanelment of Chartered Accountant Firms for re-audit of books of Accounts of the Exempted establishment and their Provident Fund Trusts following under its jurisdiction....

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EPFO onboards Air India for social security coverage

Corporate Law - EPFO onboards Air India for social security coverage to service the Social Security needs of their employees. Air India Ltd applied for voluntarily covered u/s 1(4) of the EPF & MP Act 1952 which has been allowed vide gazette notification dated 13.01.2022 w.e.f. 01-12-2021. The social security benefits will be provided to around 7,453...

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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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Deduction u/s 43B for EPF / ESIC paid after due date

M.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...

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UOI & others vs. Ogale glass Works – Supreme Court -1971 AIR 2577

Union of India & Anr. Vs Ogale Glass Works (Supreme Court of India) - Hon’ble Supreme Court in the case of Union of India and others v Ogale glass Works 1971 AIR 2577 held that the award of industrial tribunal cannot stand in the way of enforcing the statutory provision cast on the Regional Provident Fund Commissioner under the Employees’ Provident Funds and Misc...

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Clarification regarding final withdrawal of PF for International Workers (IWs)

No. IWU/12061/1/2022-IWU/72/3 - (27/04/2022) - An audit observation has been brought to the notice of the Head Office regarding settlement of claims for final withdrawal of PF in respect of IWs who are from countries not having a Social Security Agreement with India (Non-SSA Countries), along with some grievances on the subject....

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Contribution to provident fund – Calculation & deduction of taxable interest

Circular No. WSU/6(1)2019/IncomeTax/Part-I (E-33306) - (05/04/2022) - DS will be applicable in case of PF final settlement, transfer claims, on transfer from Exempted establishments to EPFO and vice versa, on transfer from one Trust on another, past accumulations transfer, at the time of annual accounts processing, on back period accounting after accounts for year 202...

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Payment of Pension to EPS ’95 pensioners on last working day of month

Circular No. 42761 - (13/01/2022) - It has been decided that all field offices may send the monthly BRS to banks in such a way that pension gets credited to pensioners account on or before last working day of the month (except for the month of March that shall continue to be credited on or after 1st April). Further, it may simultaneou...

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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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Extension of time for submission of life certificate for pensioners

No.18/1/2020-P&PW(H)-III-6786 - (31/12/2021) - Now, all Central Government pensioners may submit Life Certificate till 28.02.2022. During this extended period, the pension will be continued to be paid by Pension Disbursing Authorities....

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Recent Posts in "EPFO"

Clarification regarding final withdrawal of PF for International Workers (IWs)

No. IWU/12061/1/2022-IWU/72/3 27/04/2022

An audit observation has been brought to the notice of the Head Office regarding settlement of claims for final withdrawal of PF in respect of IWs who are from countries not having a Social Security Agreement with India (Non-SSA Countries), along with some grievances on the subject....

Read More

CBI Arrests EPFO Enforcement Inspector for Accepting Bribe of Rs. 3 Lakh

The Central Bureau of Investigation has arrested an Enforcement Inspector, EPFO, Kanpur (Uttar Pradesh) for demanding & accepting bribe of Rs. Three Lakh from the Complainant....

Read More
Posted Under: Corporate Law |

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: Corporate Law |

EPFO issues Circular clarifying TDS on interest on PF contributions

EPFO issues Circular clarifying TDS on interest on PF contributions > Employee Provident Fund Organisation (EPFO) issued a circular dated 06th Apr 2022 which clarifies about the calculation and deduction of tax on taxable interest which is relating to contribution in provident fund pursuant to CBDT Notification No. 95 of 2021-Income Ta...

Read More
Posted Under: Corporate Law |

Contribution to provident fund – Calculation & deduction of taxable interest

Circular No. WSU/6(1)2019/IncomeTax/Part-I (E-33306) 05/04/2022

DS will be applicable in case of PF final settlement, transfer claims, on transfer from Exempted establishments to EPFO and vice versa, on transfer from one Trust on another, past accumulations transfer, at the time of annual accounts processing, on back period accounting after accounts for year 2021­22 are processed....

Read More

EPFO adds 15.29 lakh net subscribers during in January, 2022

EPFO payroll data: EPFO adds 15.29 lakh net subscribers during the month of January, 2022 The provisional payroll data of EPFO has been released today, i.e., 20th March 2022, which highlights that EPFO has added 15.29 lakh net subscribers during January 2022. Month-on-month comparison of payroll data also indicates an increase of 2.69 la...

Read More
Posted Under: Corporate Law |

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

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....

Read More
Posted Under: Corporate Law |

Empanelment of CA Firms for Audit of PF Trusts/Exempted Establishments with EPFO

Employees' Provident Fund Organisation (Ministry of Labor & Govt. of India) Regional Office Jaipur (Raj) invites Expression of Interest for Empanelment of Chartered Accountant Firms for re-audit of books of Accounts of the Exempted establishment and their Provident Fund Trusts following under its jurisdiction....

Read More
Posted Under: Corporate Law | ,

Updation/Correction of date of birth online in EPFO records

Employee having valid UAN, need to make sure that his or her date of birth (DOB) details are true and correct in Employees’ Provident Fund (EPF) records and also similar as mentioned in the Aadhaar database. In case of mismatch, the UAN holder may face delay in EPF withdrawal claims. According to EPFO: A. EPF […]...

Read More
Posted Under: Corporate Law |

EPFO onboards Air India for social security coverage

EPFO onboards Air India for social security coverage to service the Social Security needs of their employees. Air India Ltd applied for voluntarily covered u/s 1(4) of the EPF & MP Act 1952 which has been allowed vide gazette notification dated 13.01.2022 w.e.f. 01-12-2021. The social security benefits will be provided to around 7,453...

Read More
Posted Under: Corporate Law |

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