PF

Investments which qualifies for deduction u/s. 80C

Income Tax - Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

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Provision of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952

Income Tax - Provident Fund scheme was started by few concerns even before the enactment of the act. The government in 1952 framed this act for the benefit and welfare of the employees. This act is applicable to employees drawing pay not more than Rs. 6,500 pm but at the time of registration the same employee pay should not exceed Rs. 5,000....

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Ruling on PF deductions from leave encashment

Income Tax - Allowing a batch of writ petitions filed by various factories, Justice K. Chandru said leave encashment could not be considered part of the basic wage for deducting provident fund contributions. Employees usually did not exhaust their earned leave; they chose to encash them at the time of retirement, or the sum was paid to their heirs in ...

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EPFO to seek legal view on nationwide implementation of HC order not allowing splitting of wages for calculation of PF

Income Tax - Retirement fund manager EPFO will seek the legal opinion on implementation of the order of the MP High Court throughout the country under which employers and employees will be required to increase their contributions to the provident fund. 'We will seek legal opinion and also the opinion of Ministry of Law and Justice Ministry, through La...

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EPFO not to look at past performance while appointing new Asset Management Companies (AMCs)

Income Tax - Retirement fund body EPFO will not take into account the past performance of previously engaged ICICI Pru, HSBC AMC, SBI and Reliance Capital while finalising the new asset management companies (AMCs) for managing its Rs 3 lakh crore corpus. Since the returns on investment provided by four fund managers was above the bench mark level of ...

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FM may soon allow 9.50 Per Cent Interest on PF deposits for financial Year 2010-11

Income Tax - Finance Minister Pranab Mukherjee will soon give the green signal to the payment of 9.5 per cent interest rate on provident fund deposits during 2010-11, a senior government official said on Tuesday. "We can get ratification on 9.5 per cent for th...

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Soon PF account Number will be Replaced by UID

Income Tax - The retirement fund manager EPFO plans to replace PF account number with unique identification number, a move which will help in speedy transfer of subscribers' funds in case of job change and allow them to track their accounts online. At present whe...

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Entire 9.50 percent interest income on Employees Provident Fund to be tax-exempt

Income Tax - The finance ministry has assured the Employees Provident Fund Organisation , or EPFO, that the entire 9.5% interest on the accumulated corpus of account holders for the current fiscal will not be taxed, ending speculation that the government would st...

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TDS on withdrawal from PF wef 1st June 2015

WSU/6(1)2011/IT/Vol-IV/5931 - (21/05/2015) - The Finance Act, 2015 (20 of 2015) has Inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The Provision Shall Take effect from 01st June 2015. Income Tax should be deducted at source (TDS) at the following rates if at the time of payment of th...

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Govt. reduces PF Administrative Charges

S.O. 323(E) and S.O. 324(E) - (01/01/2014) - EPFO (Employees Provident Fund Organisation) has cut the administrative fee it charges under the ambit of its social security schemes, effective from January 1st 2015. The administrative charges have been reduced to 0.85% of basic wage from 1.10% as per a Labour Ministry Notification No. S.O. 323(E)...

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Splitting of Minimum Wages for the purpose of PF contribution not permissible

NA - (25/05/2011) - he EPFO has issued an inter-department clarification on May 23, 2011 indicating that splitting of minimum wages for the purposes of PF contributions is not permissible. This Clarification, which has been issued in view of the lack of a uniform approach followed by the PF authorities in different st...

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Recent Posts in "PF"

Investments which qualifies for deduction u/s. 80C

Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

Read More

TDS on withdrawal from PF wef 1st June 2015

WSU/6(1)2011/IT/Vol-IV/5931 (21/05/2015)

The Finance Act, 2015 (20 of 2015) has Inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The Provision Shall Take effect from 01st June 2015. Income Tax should be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or...

Read More

Govt. reduces PF Administrative Charges

S.O. 323(E) and S.O. 324(E) (01/01/2014)

EPFO (Employees Provident Fund Organisation) has cut the administrative fee it charges under the ambit of its social security schemes, effective from January 1st 2015. The administrative charges have been reduced to 0.85% of basic wage from 1.10% as per a Labour Ministry Notification No. S.O. 323(E) and S.O. 324(E) both dated 02.02.2015....

Read More

Provision of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952

Provident Fund scheme was started by few concerns even before the enactment of the act. The government in 1952 framed this act for the benefit and welfare of the employees. This act is applicable to employees drawing pay not more than Rs. 6,500 pm but at the time of registration the same employee pay should not exceed Rs. 5,000....

Read More
Posted Under: Corporate Law |

EPFO to seek legal view on nationwide implementation of HC order not allowing splitting of wages for calculation of PF

Retirement fund manager EPFO will seek the legal opinion on implementation of the order of the MP High Court throughout the country under which employers and employees will be required to increase their contributions to the provident fund. 'We will seek legal opinion and also the opinion of Ministry of Law and Justice Ministry, through La...

Read More
Posted Under: Corporate Law | ,

Splitting of Minimum Wages for the purpose of PF contribution not permissible

NA (25/05/2011)

he EPFO has issued an inter-department clarification on May 23, 2011 indicating that splitting of minimum wages for the purposes of PF contributions is not permissible. This Clarification, which has been issued in view of the lack of a uniform approach followed by the PF authorities in different states, seems to be an attempt by the labo...

Read More

EPFO not to look at past performance while appointing new Asset Management Companies (AMCs)

Retirement fund body EPFO will not take into account the past performance of previously engaged ICICI Pru, HSBC AMC, SBI and Reliance Capital while finalising the new asset management companies (AMCs) for managing its Rs 3 lakh crore corpus. Since the returns on investment provided by four fund managers was above the bench mark level of ...

Read More
Posted Under: Corporate Law |

FM may soon allow 9.50 Per Cent Interest on PF deposits for financial Year 2010-11

Finance Minister Pranab Mukherjee will soon give the green signal to the payment of 9.5 per cent interest rate on provident fund deposits during 2010-11, a senior government official said on Tuesday. "We can get ratification on 9.5 per cent for th...

Read More
Posted Under: Corporate Law |

Soon PF account Number will be Replaced by UID

The retirement fund manager EPFO plans to replace PF account number with unique identification number, a move which will help in speedy transfer of subscribers' funds in case of job change and allow them to track their accounts online. At present whe...

Read More
Posted Under: Corporate Law |

Entire 9.50 percent interest income on Employees Provident Fund to be tax-exempt

The finance ministry has assured the Employees Provident Fund Organisation , or EPFO, that the entire 9.5% interest on the accumulated corpus of account holders for the current fiscal will not be taxed, ending speculation that the government would st...

Read More
Posted Under: Corporate Law |
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