Provident Fund - Page 24

Contribution to PF on salary exceeding Rs. 15000 p.m. WEF 01.09.2014

Letter No. Pension-1/12/33/EPS Amendment/96/18592 (07/10/2016)

The existing members as on the 1st day of September, 2014, who at the option of the employer and employee, had been contributing on salary exceeding six thousand and five hundred rupees per month, may on a fresh option to be exercised jointly by the employer and employee continue to contribute on salary exceeding fifteen thousand rupees p...

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Employees’ Pension (Fourth Amendment) Scheme, 2016

Notification No. G.S.R. 603(E) (16/06/2016)

In exercise of the powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995, namely :- ...

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Changes in Rules related Payment of Pension after death of Member

G.S.R. 533(E) (19/05/2016)

Provided that if the member does not take up an employment coverable under this Scheme and has rendered less than ten years eligible service on the date of exit, but dies before attaining the age of fifty-eight years and before a continuous period of thirty-six months has elapsed during which contributions have not been received in respec...

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Contribution under ESI Act, 1948 is not an interest-bearing deposit

The contribution payable under Employees'' State Insurance (ESI) Act, 1948 is not an interest-bearing deposit. The Central Board of Trustees (CBT), Employees’ Provident Fund (EPF) in its 211th meeting held on 16.02.2016 has proposed an interim rate of interest at 8.80 per cent to be credited to the accounts of Employees’ Provident Fun...

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Posted Under: Corporate Law |

PF subscribers can file claims without attestation of employer

The Provident Fund (PF) subscribers whose details like AADHAR Number and Bank Account Number have been seeded in their Universal Account Number (UAN) and whose UAN have been activated may submit claim forms directly to the Employees’ Provident Fund Organisation (EPFO) without attestation of their employers....

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Posted Under: Corporate Law |

Unclaimed EPF fund can't be transferred to other welfare scheme

Ministry of Finance vide Notification No. G.S.R.322 (E) dated 18.03.2016 has notified accounts of Employees’ Provident Fund as one of the schemes identified for transfer of unclaimed amounts.However, the EPF funds, as per para 53 of the EPF Scheme, 1952, cannot be expended for any purpose other than payment to individual ...

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Posted Under: Corporate Law |

Govt Withdraw notification amending PF withdrawal Conditions

No: Coord/3(1)2015/ Amendment Scheme & No.S-35012/5/2015-SS.II (21/04/2016)

Government had issued a notification dated 10th February 2016 regarding rules for withdrawal from EPF Funds by the members. Under the revised rules, the employee was permitted to withdraw the employees’ share from the fund (which is 12% of the wages). However, it was prescribed that the employers’ share of contribution towards the Pro...

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FAQs on EPFO Grievance Redressal

What is the nature and source of grievances received in EPFO? Grievances generally arise out of: i)   Settlement of PF/Pension/Insurance Claims. ii)   Transfer of PF accounts. iii)    Non enrolment of employees. iv)  difficulty arising out of old PF accounts on the CPGRAMS portal. v) difficulties relating to Universal Accounts Num...

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Budget 2016: Tax on EPF, Approved Super Annuation & New Pension Fund

Feb 2016 witnessed a few important changes for salaried class assessee enjoying their provident fund bounties. While vide Government Notification dated 10-02-2016 withdrawal of employer contributions till 58 years of age was prohibited, Finance Bill 2016 created mayhem over taxability on withdrawal of entire provident fund accumulations....

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Posted Under: Corporate Law |

Are salaried people second class citizens of the country?

So the finance Minister has ultimately decided to give level playing field in respect of pension products and has proposed withdrawal from employee provident fund balance, created with employee’s contribution made after 1st April 2016, taxable to the extent of 60% and 40% exempt. In my opinion these provisions have either been drafted i...

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July 2020