Corporate Law : Learn about EPFO & ESIC registration, applicability, and the step-by-step process for compliance. Ensure social security for your ...
Corporate Law : Explore the constitutionality of provisions for international workers under the EPF & MP Act-1952. Analyzing key aspects, includin...
Corporate Law : Article explains EPFO's 2024 updates including automatic PF transfer, salary limit revisions & employer contributions. Stay compli...
Corporate Law : Learn the distinctions between EPF and ESIC, including eligibility, contributions, benefits, and compliance requirements. Ensure c...
Corporate Law : Delve into the nuances of Provident Fund (PF) and Employee State Insurance Corporation (ESIC) schemes in India. Learn about eligib...
Corporate Law : EPFO is revolutionizing service delivery by introducing auto-mode settlement for education, marriage, and housing claims, reducing...
Corporate Law : EPFO grants a five-month extension to employers for uploading wage details regarding pension on higher wages. Learn about the late...
Corporate Law : Explore EPFO's SOP for freezing and de-freezing MIDs, UANs, and Establishments to safeguard funds, verify genuineness, and prevent...
Corporate Law : Read the Standard Operating Procedure (SOP) for EPFO inspections, promoting fairness and ease of compliance while protecting worke...
Corporate Law : Learn how to file complaints with EPFO Vigilance, following CVC guidelines. Ensure genuine complaints with evidence for proper act...
Corporate Law : Karnataka High Court rules in favor of employers & employees, declaring para 83 of EPF Scheme & para 43A of Pension Scheme unconst...
Income Tax : Trimbak Konher Patil vs ITO: Bangalore ITAT decision clarifies that if employees' contributions are not paid on time as per PF Act...
Income Tax : Learn about the ruling by ITAT Kolkata stating no deduction can be claimed if employees' contributions deducted from salaries were...
Income Tax : Explore the legal dispute between Kaarya Facilities and ITO over the interpretation of Section 36(1)(va). Due date for wages under...
Income Tax : Read the full text of the order of ITAT Pune regarding the disallowance of late deposit of Employees’ share of PF and ESIC by Ko...
Corporate Law : EPFO releases SOP for managing EPF exempted establishments, including finalized Form RM-6 for third-party audits. Ensure complianc...
Corporate Law : Learn about EPFO new SOP for freezing/defreezing UAN/MID/Establishment effective from June 30, 2024. Read the detailed procedure a...
Corporate Law : EPFO introduces a new relaxation, eliminating the need to upload cheque leaf images for certain eligible cases, expediting claim s...
Corporate Law : EPFO allows processing of physical claims without Aadhaar in death cases to avoid delays, subject to verification and approval by ...
Corporate Law : Get clarity on GPF interest exceeding 5 lakhs. Learn about revised provisions & implications for government servants' GPF subscrip...
Tax on income out of excess employer contribution to specified funds – Computation methodology prescribed The Finance Act 2020 introduced a new provision under the Income-tax Act, 1961 (the Act) by virtue of which employer contribution exceeding Rs. 7.5 lakhs p.a. (i.e. excess contribution) in aggregate to the following funds is now taxable in the […]
Taxability of Interest on Employee Contribution to PF over Rs 2.5 Lacs in a Financial Year (New Provision Proposed in Union Budget to be effective from 1st April 2021) Background of Provident Fund Employee Provident Fund is the fund the purpose of which is to provide the employee social security for him and his family with the […]
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.
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.
In order to rationalize tax exemption for income earned by High income employees, Budget 2021 has proposed to tax interest earned on contributions made to Provident fund above 2.5lakhs by employee in a year from 01/04/2021.
Interest of more than Rs 2.5 Lakh earned annually from contribution to Employees Provident fund (EPF) or Government Provident Fund (GPF) will not be taxed retrospectively, Expenditure Secretary TV Somanathan clarified.
It is hereby informed that the matter regarding exclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952 has been examined at the Head Office and it is observed that RRBs got excluded from purview of EPF & MP Act, 1952 in the consequence of judgement dated 25.4.2018 of Hon’ble Supreme Court of India in SLP No. 39288
Correction in member profile has been allowed to rectify the errors in name, father/husband name, DOB and gender. However, it has been observed that complete name and profile change has been made in certain cases leading to fraudulent withdrawals.
1. The Union Budget 2021 has proposed taxing the income on provident fund contributions of over Rs. 2.5 lakh a year. As per clause 5 of Finance Bill 2021, the interest on any contribution above Rs 2.5 lakh by an employee to a recognized provident fund will be taxable from 01 April 2021. 2. Existing […]
Employees’ Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued and launches electronic facility for PRINCIPAL EMPLOYERS to view EPF compliances of their contractors. EPFO has introduced a facility for interlinking of Principal Employers with respective contract employers for effective compliance. ♥ Principal Employer: In a factory, the owner […]
