Provident Fund

Benefit of Contribution in Provident fund Job ke sath bhi job ke Baad bhi

Income Tax - During life time as person has to achieve lot of mile stone i.e His own marriage, marriage of his son and daughter, higher education, Medical exigencies, construction and Purchase of House. Besides these requirement he has also have to save money for his old age requirement when he will become to old and not able […]...

Read More

All About ESIC and PF with New Rates of ESIC

Income Tax - Applicability of the ESI scheme  The ESI scheme is applicable to all factories and other establishments as defined in the Act with 10 or more persons employed in such establishment and the beneficiaries’ monthly wage does not exceed Rs 21,000 are covered under the scheme. Whether the employer has employed 10 or more employees, all [&he...

Read More

Employee Provident Fund (EPF) Registration

Income Tax - WHAT IS EPF? Employee Provident Fund (EPF) is a scheme regulated by central government under ‘The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952′ which came into effect from 1951 which extends to whole of India except Jammu & Kashmir. EPF is one of the most beneficial investment methods for salaried em...

Read More

SC judgement holding allowances as part of basic wages- contradictory?

Income Tax - Is the recent SC judgement holding allowances as part of basic wages for the purpose of determination of PF contribution, in contradiction with the stand of the Law makers and implementeors? In its recent judgement in the case of RPFC vs. Vivekananda Vidyamandir and others & Surya Roshni Ltd & Ors. vs. The State of […]...

Read More

Disallowance of Contribution of PF, ESIC etc u/s 36(1)(va) – A Comparative Study between Section 36(1)(va) Vs. Section 43-B

Income Tax - Section 36(1)(va) Vs. Section 43-B If the assessee fails to deposit the PF, ESIC etc Contribution before the due dates as per the respective Acts. Effect of Section 43B on unpaid liability towards contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees’ State Insurance Act,...

Read More

CBT Approves Proposal to Recommend Amendment in EPS 1995

Income Tax - In a major decision, the Central Board of Trustees (CBT) EPF in a meeting held at Hyderabad on 21 August 2019, approved the proposal to recommend for amendment in Employees' Pension Scheme(EPS) 1995 for restoration of commuted value of pension to the Pensioners after 15 years of drawing commutation which will benefit approx. 6.3 lakh...

Read More

Govt gives opportunity to employees of Public Sector Insurance Companies to opt for Pension

Income Tax - Government decides to allow one more opportunity to employees of Public Sector Insurance Companies who joined on or before 28th June, 1995 The Government of India has decided to allow one more opportunity to employees of Public Sector Insurance Companies (PSICs) who joined on or before 28th June 1995, to opt for Pension, as a […]...

Read More

75% Advance to PF Members after leaving employment for one month proposed

Income Tax - Central Board of Trustees, EPF, approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share)...

Read More

Pensioner’s Portal at EPFO website

Income Tax - EPFO has launched the pensioner’s portal https://mis.epfindia.gov.in/PensionPaymentEnquiry. The pensioner’s portal is recently launched service, available at EPFO website by which all EPFO pensioners may get the details of pension related information like Pension payment order number, Pensioner’s Payment Order details, Pensioner’...

Read More

7.8% interest on General Provident Fund for Oct 17 to Dec 17

Income Tax - Government of India has announced that during the Financial Year 2017-18, accumulations at the credit of subscribers to the General Provident Fund (GPF) and other similar funds shall carry interest at the rate of 7.8% (Seven point eight per cent) with effect from 1st October, 2017 to 31st December, 2017. This rate will be in force w.e.f. ...

Read More

Implication of Supreme Court Verdict on Provident Fund

Regional Provident Fund Vs Vivekananda Vidyamandir And Others  (Supreme Court of India) - Supreme Court's (SC) ruling on Provident Fund on Thursday (28 February, 2019) states that employers can't segregate special allowances from basic salary. It has to be included for PF deductions under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, said a bench of Justices Arun...

Read More

PF is applicable on Basic salary plus all allowances except HRA: SC

Regional Provident Fund Commissioner (II) West Bengal Vs Vivekananda Vidyamandir and Others (Supreme Court) - Regional Provident Fund Commissioner Vs. Vivekananda Vidyamandir and Others (Supreme Court) Basic wage, would not ipso­facto take within its ambit the salary breakup structure to hold it liable for provident fund deductions when it was paid as special incentive or production bonus given to more mer...

Read More

Belated deposit of employees contribution to PF / ESIC is not allowable

Kalyan Silks Trichur (P) Ltd. Vs. Joint Commissioner Of Income Tax (Kerala High Court) - The solitary common issue that arose in these appeals was with regard to the legality of dis-allowance of deduction made towards belated deposit of employees contribution of Provident Fund/Employees State Insurance. A reading of the order passed by the Tribunal shows that the first appellate authori...

Read More

Contribution to unrecognized Provident fund not eligible for deduction U/s. 80C

M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin) - Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...

Read More

Coal Mines Provident Fund Commissioner is a Public Officer / Servant – Supreme Court

Coal Mines Provident Fund Commissioner through Board of Trustee Vs. Ramesh Chandra Jha (Supreme Court of India) - Having considered the submissions made on behalf of the Appellant and the Respondent appearing in-person, we are of the view that the judgment and order of the High Court does not require any interference, particularly when the issue raised in this Appeal has already been decided by this Court in Ci...

Read More

 Provision of e-Nomination at Member Interface at Unified EPFO Portal

No NDC/2017/UAN/Pt./3143 - (06/06/2019) - A facility for filing of online e-nomination is available at Member Interface of Unified Portal. In order to make this functionality compatible with online Form 10D claim to be filed by members and online composite claim Form 10D/20/5IF to be filed by nominees, some modifications have been ...

Read More

EPFO Facilitating Aadhaar number seeding in UAN

Notification No. C-III/1/2018/Cir/KYC - (29/11/2018) - UIDAI has clarified that EPFO may continue to avail Aadhaar based authentication services for the schemes for which notification under Section 7 of the Aadhaar Act, 2016 has been issued and duly published in the Official Gazette....

Read More

Non Submission of Online monthly IW1 return- Reg.

File No. IWU/7(30)2012/Return in R/O IWU/1191 - (28/11/2018) - As you may be aware that facility for online submission of IW-1 return by employers has started from 1st November 2018. It is observed that such returns are not being submitted online by concerned employers of establishments employing International Workers...

Read More

Submission of Form-11 & seeding KYC in UAN Portal- Reg.

Notification No: LC-4(115)2018/Aadhar/LO/13478 - (18/10/2018) - In view of the Hon’ble Supreme Court order on the Aadhar Act, 2016, dated 26.09.2018, it is advised to avoid any coercive action by way of prosecution till further orders....

Read More

Tribunal cannot condone Delay in Filing Appeal of more than 120 days under EPF & MP Act

No,LC-7(94)2018/PB/CGIT/imp judgment/8820 - (08/10/2018) - Tribunal does not have powers to condone the delay beyond the period of 120 days as mentioned in Rule 7(2) of the Rules. As sequel of above discussion, it is held that appeal filed by the appellant herein is hopelessly time barred as such the delay in filing the appeal is uncondonable in view of the...

Read More

Recent Posts in "Provident Fund"

Benefit of Contribution in Provident fund Job ke sath bhi job ke Baad bhi

During life time as person has to achieve lot of mile stone i.e His own marriage, marriage of his son and daughter, higher education, Medical exigencies, construction and Purchase of House. Besides these requirement he has also have to save money for his old age requirement when he will become to old and not able […]...

Read More
Posted Under: Income Tax |

CBT Approves Proposal to Recommend Amendment in EPS 1995

In a major decision, the Central Board of Trustees (CBT) EPF in a meeting held at Hyderabad on 21 August 2019, approved the proposal to recommend for amendment in Employees' Pension Scheme(EPS) 1995 for restoration of commuted value of pension to the Pensioners after 15 years of drawing commutation which will benefit approx. 6.3 lakh...

Read More
Posted Under: Income Tax |

All About ESIC and PF with New Rates of ESIC

Applicability of the ESI scheme  The ESI scheme is applicable to all factories and other establishments as defined in the Act with 10 or more persons employed in such establishment and the beneficiaries’ monthly wage does not exceed Rs 21,000 are covered under the scheme. Whether the employer has employed 10 or more employees, all [&he...

Read More
Posted Under: Income Tax |

Employee Provident Fund (EPF) Registration

WHAT IS EPF? Employee Provident Fund (EPF) is a scheme regulated by central government under ‘The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952′ which came into effect from 1951 which extends to whole of India except Jammu & Kashmir. EPF is one of the most beneficial investment methods for salaried em...

Read More
Posted Under: Income Tax |

SC judgement holding allowances as part of basic wages- contradictory?

Is the recent SC judgement holding allowances as part of basic wages for the purpose of determination of PF contribution, in contradiction with the stand of the Law makers and implementeors? In its recent judgement in the case of RPFC vs. Vivekananda Vidyamandir and others & Surya Roshni Ltd & Ors. vs. The State of […]...

Read More
Posted Under: Income Tax |

 Provision of e-Nomination at Member Interface at Unified EPFO Portal

No NDC/2017/UAN/Pt./3143 (06/06/2019)

A facility for filing of online e-nomination is available at Member Interface of Unified Portal. In order to make this functionality compatible with online Form 10D claim to be filed by members and online composite claim Form 10D/20/5IF to be filed by nominees, some modifications have been incorporated in consultation with the ...

Read More

Disallowance of Contribution of PF, ESIC etc u/s 36(1)(va) – A Comparative Study between Section 36(1)(va) Vs. Section 43-B

Section 36(1)(va) Vs. Section 43-B If the assessee fails to deposit the PF, ESIC etc Contribution before the due dates as per the respective Acts. Effect of Section 43B on unpaid liability towards contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees’ State Insurance Act,...

Read More
Posted Under: Income Tax |

Maharshtra Minimum Wages/ work hours/PT/MLWF/Holiday-2019

Working Hours for Maharashtra Normal Working Hours Nine hours in a day and forty eight hours in a week Interval For Rest After five hours of work interval of rest of at least half and hour Maximum Over Time Hours One hundred and twenty five hours in a period of three months Spreadover Hours Ten […]...

Read More
Posted Under: Income Tax |

Need to re-visit Salary Structure

Each & Every Employer will have to be 100% statutory compliant w.r.t. all labour laws including but not limited to The Employees Provident Funds & Miscellaneous Provisions Act 1952, Minimum Wages Act 1948, Bonus Act 1965, Employee State Insurance Act 1948 and all other labour laws. Decisions of recent judgements w.r.t. PF, ESIC, M...

Read More
Posted Under: Income Tax |

All about EPF Series-1

The EPF was established by the Employees Provident Fund Organization (EPFO) of India, a statutory body of the Government. It states that every organization having 20 or more permanent employees across different departments working, should compulsorily register with the EPFO. In the case of an organization which employs less than 20 employ...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,294)
Company Law (5,010)
Custom Duty (7,386)
DGFT (3,998)
Excise Duty (4,260)
Fema / RBI (3,836)
Finance (4,010)
Income Tax (30,773)
SEBI (3,192)
Service Tax (3,470)

Search Posts by Date

September 2019
M T W T F S S
« Aug    
 1
2345678
9101112131415
16171819202122
23242526272829
30