Provident Fund articles

Revised EPF Contribution Rate for May, June and July, 2020

Employee Provident Fund (EPF) refers to the scheme which provides monetary benefits to the salaried class people upon retirement. It is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF & MP Act 1952). The Act extends to the whole of India except the State of Jammu and Kashmir. It is applicab...

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Posted Under: Corporate Law |

Clarification on EPF Deductions under Covid-19 Relief

Clarification on Employees Provident Fund Deductions (EPF) Under Covid-19 Relief On 13th May 2020, Government of India announced relief under Employees Provident Fund Act for all eligible establishments stressed due to Covid-19. The relief announced was as under, 1. **For all those employees and establishment who are NOT covered under Pra...

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Posted Under: Corporate Law |

Taxability of PF paid by government, due to COVID-19

As we are all aware that in this hard times of COVID-19 pandemic, government of India has provided various relief to the people and one such benefit includes paying 24% (12% of employer and 12% of employee) share of PF. This benefit is not extended to every establishment, but to the ones having the count […]...

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Posted Under: Corporate Law |

Provident Fund – A summary Note

All employees are eligible for becoming the member of PF who is employed in an establishment (includes employees employed through contractors, daily rated, piece rated, temporary, casual etc.)....

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Posted Under: Corporate Law |

7 FAQ’s on EPF ECR Filing & Payment of Contributions

Employees' Provident Fund Organization, India Ministry of Labour & Employment, Government of India has issued 'Frequently Asked Questions: ECR Filing And Payment Of Contributions' dated 03rd May, 2020. ...

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Posted Under: Corporate Law |

20 FAQ’s on EPF Advance to Fight Covid-19 Pandemic

Employees’ Provident Fund Organization, India, Ministry of Labour & Employment, Government of India has issued FREQUENTLY ASKED QUESTIONS ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC Dated 26/04/2020. FAQ’s ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC Q1: What is the process for change in name on marriage of a woman member against UAN w...

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Posted Under: Corporate Law |

Employees Provident Fund withdrawal during COVID -19

We will take you through the withdrawal process for Provident Fund which is an online process and all such claims are processed on a priority basis by the EPFO. So far 3.31 lac PF withdrawal claims have been processed by the EPFO in 15 days....

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Posted Under: Corporate Law |

Treatment of Contribution towards Provident Fund under Income Tax Act, 1961

Contribution towards Provident Fund is one of the area, which requires due consideration of Auditor while conducting Tax Audit. In industry, there are some confusions regarding the treatment of Contribution towards Provident Fund. Through this Article, I am trying to interpret the intent of the Act with regard to these provisions. Employe...

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Exemption for amount received from Statutory & Recognized PF

Exemption for amount received from Statutory and Recognized Provident Fund Provisions of section 10(11) of the Income Tax Act exempts any payment received from the ‘Statutory Provident Fund’, whereas, provisions of section 10(12) of the Income Tax Act exempts the accumulated balance payable to an employee participating in the ‘Recog...

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Posted Under: Corporate Law |

Employees Provident Fund & Miscellaneous Provisions Act 1952- Analysis

Provident fund & miscellaneous provisions act 1952 This article gives you basic information and practical aspects of the Act. This article will help to solve majority of the minor doubts which arise while complying under the Act. Labour Laws of India refers to laws regulating labour in India. The Constitution of India gives us series ...

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Posted Under: Corporate Law |

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