Provident Fund

Withdrawal of tax exemption for interest accrued on EPF in specified cases

Corporate Law - Withdrawal of tax exemption for interest accrued on Employees Provident Fund (EPF) in specified cases Finance minister Nirmala Sitharaman in her budget speech had proposed to cap the tax exemption for interest accrued on Employees Provident Fund (EPF) and Voluntary Provident Fund (VPF) in the third Union Budget she presented. The Income...

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Method for Computing Interest on P.F. Contribution

Corporate Law - Finance Act 2021 made an amendment in sub-sections (11) and (12) of section 10 of the Income Tax Act to provide that interest accrued on a provident fund account of any person to the extent it relates to the contribution made by the employee over and above Rs. 2,50,000 (Rs. 5,00,000 in case where employer is not […]...

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Rules For Taxable Interest on PF Contribution

Corporate Law - 1. The Government had capped the tax-free interest earned on provident fund contribution by employees to a maximum of Rs. 2.5 lakh in a year vide Budget 2021-22. 1.1 Section 10(11) and 10(12) of the Income Tax Act provides an exemption for the statutory provident fund and recognized provident fund respectively. Till 31st March 2021, [&hel...

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Taxability of interest on PF contributions above Rs. 2.5 lac

Corporate Law - With an amendments passed in the Finance Act, 2021, government has take away the benefit of exemption from taxation (w.e.f financial year 01st April, 2021 and onwards)  which was earlier available for an interest income earned by the taxpayers on their provident fund contribution. However, their specific rules to determine their taxabili...

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Applicability of Various Labour Laws

Corporate Law - The labour laws derive their origin, authority and strength from the provisions of the Constitution of India. The relevance of the dignity of human labour and the need for protecting and safeguarding the interest of labour as human beings has been enshrined in Chapter-III and Chapter IV  of the Constitution of India keeping in line [&hel...

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Principal Employers can now View EPF Compliances of their Contractors

Corporate Law - Ministry of Labour & Employment (Government of India) EPFO LAUNCHES ELECTRONIC FACILITY FOR PRINCIPAL EMPLOYERS TO VIEW EPF COMPLIANCES OF THEIR CONTRACTORS Now, EPFO registered employer engaging employees through contractor(s) can add the details of contractor(s) & contract employees at EPFO’s Unified Portal: https://unifie...

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EPFO allows its members to avail second COVID-19  advance

Corporate Law - To support its subscribers during the second wave of COVID-19 pandemic, EPFO has now allowed its members to avail second non-refundable COVID-19 advance....

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EPFO Aadhar Verification mandatory wef 01.06.2021

Corporate Law - 1. EPFO has taken a big decision regarding Provident Fund. As per the information, the new rule will be applicable on the PF account from June 1, 2021. 2. Now the employer has been given the responsibility to make your account Aadhaar verified. If they fail to do so can lead to the stoppage of […]...

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

Corporate Law - 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

Corporate Law - 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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Late deposit of Employees Provident Fund prior to 01-4-2021 will not attract any disallowance- ITAT Hyderabad

Valuemomentum Software Services Private Limited Vs DCIT (ITAT Hyderabad) - Hon’ble Hyderabad ITAT has in the case of Value Momentum Software Services Private Limited in I.T.A. No. 2197/HYD/2017 has held that late deposit of Employees Provident Fund prior to 01-4-2021 will not attract any disallowance as the explanation inserted by Finance Act,2021 in section 43B and Sec ...

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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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Employees contribution to EPF & ESIC allowable if paid within relevant due date

PCIT Vs Orchid Pharma Ltd. (Madras High Court) - PCIT Vs Orchid Pharma Ltd. (Madras High Court) Employee’s contribution should be paid within the due date as provided in the related statutes to be allowed as deduction under Section 36(1)(va) of the Act.  A Division Bench of the Kerala High Court in the case of CIT Vs. M/s.Merchem Ltd. [repo...

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Contractual employees entitled to Employee Provident Fund benefit: SC

Pawan Hans Limited & Ors. Vs Aviation Karmachari Sanghatana (Supreme Court) - Pawan Hans Limited & Ors. Vs Aviation Karmachari Sanghatana (Supreme Court) Members of the Respondent ­Union have been in continuous employment with the Company for long periods of time. They have been receiving wages/salary directly from the Company without the involvement of any contractor si...

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Mandatory seeding of Aadhaar Number with UAN for filing of ECR

No. BKG-27/7/2020-BKG-Part(1)/E-40100/173 - (11/11/2021) - Mr Harsh Kaushik, Deputy Director (Information Services); E-mail Id- [email protected]; has been nominated as grievance redressal officer who can be contacted by any employer to mitigate any technical problem in filling of ECR arising due to Aadhaar seedings/non-seedings with UANs....

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EPFO enhances ex-gratia Death Relief Fund to Rs. 8 Lakhs for Non-Covid death

Circular No. B-11/1/2020-HRM-VI/3362 - (02/11/2021) - Enhancement of Ex gratia Death Relief Fund of Rs. Eight Lakhs in the event of death of an employee of the Central Board due to Non -Covid-19 (normal death) -Regarding. File No.B-11/1/2020–HRM-VI/3362 EPFO, HEAD OFFICE MINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIA 14, BHIKAIJI CAMA P...

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EPFO issues instructions to credit interest of 8.5% for year 2020-21

Circular No. INV-11/1/2020-INV    - (30/10/2021) - EPFO issues instructions to credit interest of 8.5% for the year 2020-21 into some 25.0 crore accounts of members with EPFO vide Circular No. INV-11/1/2020-INV  Dated: 30.10.2021. Employees’ Provident Fund Organisation (Ministry of Labour & Employment, Govt. Of India) Head Office Bhavishy...

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Rule 9D Calculation of taxable interest relating to PF contribution

Notification No. 95/2021-Income Tax [G.S.R. 604(E).] - (31/08/2021) - CBDT notifies RULE 9D. Calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit vide Notification No. 95/2021-Income Tax Dated:  31st August, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) ...

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Interest Rate on GPF & other similar funds w.e.f. 1st July, 2021

F. No. 5(4)-B(PD)/2021 - (05/07/2021) - Rate of Interest on General Provident Fund (GPF) and other similar funds for Q2 of FY 2021-22 – General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f. 1st July, 2021 to 30th September, 2021. This rate will be in force w.e.f. 1st...

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Recent Posts in "Provident Fund"

Mandatory seeding of Aadhaar Number with UAN for filing of ECR

No. BKG-27/7/2020-BKG-Part(1)/E-40100/173 11/11/2021

Mr Harsh Kaushik, Deputy Director (Information Services); E-mail Id- [email protected]; has been nominated as grievance redressal officer who can be contacted by any employer to mitigate any technical problem in filling of ECR arising due to Aadhaar seedings/non-seedings with UANs....

Read More

EPFO enhances ex-gratia Death Relief Fund to Rs. 8 Lakhs for Non-Covid death

Circular No. B-11/1/2020-HRM-VI/3362 02/11/2021

Enhancement of Ex gratia Death Relief Fund of Rs. Eight Lakhs in the event of death of an employee of the Central Board due to Non -Covid-19 (normal death) -Regarding. File No.B-11/1/2020–HRM-VI/3362 EPFO, HEAD OFFICE MINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIA 14, BHIKAIJI CAMA PLACE. NEW DELHI 110066 www,epfindia.gov....

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EPFO issues instructions to credit interest of 8.5% for year 2020-21

Circular No. INV-11/1/2020-INV    30/10/2021

EPFO issues instructions to credit interest of 8.5% for the year 2020-21 into some 25.0 crore accounts of members with EPFO vide Circular No. INV-11/1/2020-INV  Dated: 30.10.2021. Employees’ Provident Fund Organisation (Ministry of Labour & Employment, Govt. Of India) Head Office Bhavishya Nidhi Bhawan, 14- Bhikaiji Cama Place,...

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Withdrawal of tax exemption for interest accrued on EPF in specified cases

Withdrawal of tax exemption for interest accrued on Employees Provident Fund (EPF) in specified cases Finance minister Nirmala Sitharaman in her budget speech had proposed to cap the tax exemption for interest accrued on Employees Provident Fund (EPF) and Voluntary Provident Fund (VPF) in the third Union Budget she presented. The Income...

Read More
Posted Under: CA, CS, CMA |

Method for Computing Interest on P.F. Contribution

Finance Act 2021 made an amendment in sub-sections (11) and (12) of section 10 of the Income Tax Act to provide that interest accrued on a provident fund account of any person to the extent it relates to the contribution made by the employee over and above Rs. 2,50,000 (Rs. 5,00,000 in case where employer is not […]...

Read More
Posted Under: CA, CS, CMA |

Rules For Taxable Interest on PF Contribution

1. The Government had capped the tax-free interest earned on provident fund contribution by employees to a maximum of Rs. 2.5 lakh in a year vide Budget 2021-22. 1.1 Section 10(11) and 10(12) of the Income Tax Act provides an exemption for the statutory provident fund and recognized provident fund respectively. Till 31st March 2021, [&hel...

Read More
Posted Under: CA, CS, CMA |

Taxability of interest on PF contributions above Rs. 2.5 lac

With an amendments passed in the Finance Act, 2021, government has take away the benefit of exemption from taxation (w.e.f financial year 01st April, 2021 and onwards)  which was earlier available for an interest income earned by the taxpayers on their provident fund contribution. However, their specific rules to determine their taxabili...

Read More
Posted Under: CA, CS, CMA |

Rule 9D Calculation of taxable interest relating to PF contribution

Notification No. 95/2021-Income Tax [G.S.R. 604(E).] 31/08/2021

CBDT notifies RULE 9D. Calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit vide Notification No. 95/2021-Income Tax Dated:  31st August, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 95/2021-Incom...

Read More

Applicability of Various Labour Laws

The labour laws derive their origin, authority and strength from the provisions of the Constitution of India. The relevance of the dignity of human labour and the need for protecting and safeguarding the interest of labour as human beings has been enshrined in Chapter-III and Chapter IV  of the Constitution of India keeping in line [&hel...

Read More
Posted Under: CA, CS, CMA |

Principal Employers can now View EPF Compliances of their Contractors

Ministry of Labour & Employment (Government of India) EPFO LAUNCHES ELECTRONIC FACILITY FOR PRINCIPAL EMPLOYERS TO VIEW EPF COMPLIANCES OF THEIR CONTRACTORS Now, EPFO registered employer engaging employees through contractor(s) can add the details of contractor(s) & contract employees at EPFO’s Unified Portal: https://unifie...

Read More
Posted Under: CA, CS, CMA |

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