Provident Fund - Page 23

Penalty Provision in respect of delay in payment of P.F. dues

Delay in deposit of P.F. dues attracts penal damages. Damages are levied at the following FLAT RATES: * For 0 — 2 months delay - @ 5 % p.a. * For 2 — 4 months delay - @10 % p.a. * For 4 — 6 months delay - @ 15 % p.a. * For delay above 6 months - @ 25 % p.a. (subject to a maximum of 100%)...

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Posted Under: Corporate Law |

EPFO Launches “web Based” claim enquiry module

The Central Provident Fund commissioner Mr. Samirendra Chatterjee, I.A.S.,today launched Web Based Claim enquiry module at a small function organized at the EPFO headquarters. Addressing the officers and Staff of the Head Office he said the computeri...

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Posted Under: Corporate Law |

Indian Government makes another amendment to the provident fund (PF) regulations

In the last two years, the Government of India has been making series of changes to the provident fund regulations. • After inclusion of international workers (IWs) into the PF net, and also restricting their withdrawals, the Government of...

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Posted Under: Corporate Law |

Labour ministry sticks to its ground on 9.5 percent payout on PF

The labour ministry has refused to rethink its decision to pay a higher 9.5% interest rate on employees provident fund corpus this year despite objections raised by the finance ministry. "The decision on interest rate has already been taken," labour ...

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Posted Under: Corporate Law |

Unions protest Finance Minister's opposition to 9.5 percent PF rate

Trade unions are up in arms against the reported refusal of the finance ministry to approve and notify an interest rate of 9.5 per cent on provident fund (PF) deposits for 2010-11, as decided by the Employees Provident Fund Organisation (EPFO) truste...

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Posted Under: Corporate Law |

Soon PF account Number will be Replaced by UID

The retirement fund manager EPFO plans to replace PF account number with unique identification number, a move which will help in speedy transfer of subscribers' funds in case of job change and allow them to track their accounts online. At present whe...

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Posted Under: Corporate Law |

Multi-crore provident fund scam has shaken faith in judiciary

The involvement of as many as 30 judges in the multi-crore provident fund scam has shaken the confidence of people in the judiciary, attorney general G E Vahanvati told the Supreme Court on Thursday while arguing for CBI’s application seeking transfe...

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Posted Under: Corporate Law |

DTC: Investment in Pension Products may get tax exemption

Pension products offered by insurers and mutual funds could be included in the long-term savings schemes eligible for tax concession available to individual under the new Direct Taxes Code provided they meet the norms laid out by the government....

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Posted Under: Corporate Law |

Under DTC regime investment in ELSS will not enjoy deduction from Taxable Income

With the Union Cabinet clearing the the new Direct Taxes Code (DTC) on Thursday, tax benefits on ELSS investments up to Rs 1 lakh are expected to go by next April. And investors looking for greener investment pastures are retreating from ELSS....

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Posted Under: Corporate Law |

Inoperative provident fund account Holders may not get any interest on their deposits

Holders of about 3 crore inoperative provident fund accounts may not get any interest on their deposits from the next fiscal if the recommendations of the EPFO's advisory body, Finance and Investment Committee (FIC), are approved....

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Posted Under: Corporate Law |

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