Provident Fund articles

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 […]...

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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...

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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...

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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 […]...

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Posted Under: Income Tax |

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,...

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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...

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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...

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Posted Under: Income Tax |

Rectification of Employees Details in EPFO records online and offline

EPFO (Employee’s Provided Fund Organization) is an organization which keeps the contribution made towards PF (Provided Fund) of employees and provides pension after attaining the age of 58 / 50 years (provided service period is 10 years or more). EPFO has made it mandatory to link aadhar number of employees to their EPFO account (very [...

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Posted Under: Income Tax |

SC decision on PF calculation lowered take home Salary

For employees with monthly pay of less than Rs 15,000, however, inclusion of all allowances in wages for PF calculation would result in a lower take-home salary. For employees with monthly pay of more than Rs15,000, Calculation of PF for Employer Contribution will be restricted to 12% of Rs. 15,000 only. So there will be no impact for su...

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Posted Under: Income Tax |

Will your pension go up if Supreme Court Decision is implemented in full?

The Supreme Court has on 1st April  2019 has rejected the Special leave petition filed by EFPO against the decision of Kerala High court on quantum of pension payable to an employee after his retirement under employee pension scheme (EPS) 1995. This decision has generated wide spread interest in people working in organised Sector as [&he...

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Posted Under: Income Tax |

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