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Corporate Law - 1. The Union Budget 2021 has proposed taxing the income on provident fund contributions of over Rs. 2.5 lakh a year. As per clause 5 of Finance Bill 2021, the interest on any contribution above Rs 2.5 lakh by an employee to a recognized provident fund will be taxable from 01 April 2021. 2. Existing […]...
Read MoreCorporate Law - Employees’ Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued and launches electronic facility for PRINCIPAL EMPLOYERS to view EPF compliances of their contractors. EPFO has introduced a facility for interlinking of Principal Employers with respective contract employers fo...
Read MoreCorporate Law - Aatmanirbhar Bharat Rozgar Yojana (ABRY) For Employees Provident Fund Organisation (EPFO) Registered Employees As a part of Aatmanirbhar Bharat 3.0 package, the Central Government has launched the Aatmanirbhar Bharat Rozgar Yojana on 12th November 2020 to incentivize creation of new employment opportunities during the COVID-19 recovery ph...
Read MoreCorporate Law - CS Lily Bali We all know that provident fund is a welfare scheme for employees and where both employer and employee contribute their part but it’s a liability of employer to deposit whole part. Employer deducted the employee share from the salary of the employee. PERCENTAGE OF CONTRIBUTION: Both employee and employer are required to...
Read MoreCorporate Law - THE EMPLOYEES’ PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952 An Act to Provide for the institution of provident funds, Pension Fund and deposit- linked insurance fund for employees in factories and other establishments. Section 1(3) of the act defines the Eligibility criteria for EPF registration: 1. Establishment which is ...
Read MoreCorporate Law - 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 MoreCorporate Law - 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 MoreCorporate Law - 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 MoreCorporate Law - The Finance Minister on Thursday 12/11/2020 announced the Atmanirbhar Bharat Rojgar Yojana to incentivise job creation during Covid-19 recovery phase. This is eligible for EPFO (EPF) registered companies hiring new workers at monthly wages (Wages as per Supreme Court rule) less than Rs.15000/- per month. The scheme is as under, 1. Central...
Read MoreCorporate Law - 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...
Read MoreCarewell 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...
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 MoreThe Madras High Court bench here has ruled that the Employees Provident Fund Organisation (EPFO) cannot claim damages from employers for delayed payment of their contribution "if there is no intention to commit a prohibited act or actus reus" (action...
Read MoreUnion 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...
Read MoreCircular 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....
Read MoreNotification 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...
Read MoreCirculars 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...
Read MoreNotification 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...
Read MoreFile 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...
Read MoreCircular No. WSU/KYC/Correction process (E-15189) /2874 - (12/02/2021) -
Carewell Security Services Private Limited Vs Employees Provident Fund Organization (Madhya Pradesh High Court) -
Notification No. C-I/011(16)2020-21/ABRY/1179 - (01/02/2021) -
Circulars No. C-I/3(28)2016/7A & 14B/1189 - (19/01/2021) -
Notification No. S.O. 28(E) - (04/01/2021) -
File No. INV-11/1/2020-INV - (04/01/2021) -
Notification No. CAIU/011(16)2020-21/ABRY/1179 - (31/12/2020) -
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