Provident Fund - Page 25

Govt revises conditions for Provident Fund withdrawals

G.S.R. 158(E) (10/02/2016)

68-NNNN. Option for withdrawal on cessation of employment.- (1) The Central Board, or where so authorised by the Central Board, the Commissioner, or any officer subordinate to him, may, on an application made by a member in such form as may be specified, authorise payment to him from his provident fund account not exceeding his own total ...

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PF Withdrawal Made Easier; Over 2 Crore Employees to Benefit

Recently, EPFO allowed its subscribers to file their PF withdrawal applications directly to the retirement fund body without employers' attestation thereby easing the process of PF withdrawal by employees....

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Posted Under: Corporate Law |

Directions issued by Central PF Commissioner to be complied by Sept 2015

Employer of the establishment covered under the Act is directed to a. Declaration in Form No. 11: Get the declaration in Form No. 11(New) from all the employees joining the establishment in a month and eligible to become member of the Fund and upload the same in Universal Account Number (UAN) Portal within 25 days […]...

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Posted Under: Corporate Law |

Online Payment of EPF Mandatory with effect from 5th May, 2015

Notification No. Bkg.1(4)2010/Online Remittance /12871 (24/06/2015)

This Scheme may be called the Employees' Provident Funds (Second Amendment) Scheme, 2015. In the Employees' Provident Funds Scheme, 1952 (hereafter referred to as Principal Scheme), in sub-paragraph ( ) of paragraph 38,‑ (i) for the words by separate hank drafts or cheques, the words electronic through internet banking of the State Ban...

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TDS on premature withdrawals from Recognized Employee’s Provident Fund (EPF)

Provident Fund (PF) is one of the best fixed-income instruments. This is so because PF is the ONLY debt product apart from PPF, where the interest rate is not only quite attractive but more-importantly tax free as well. Secondly, there is no limit on the amount. Disciplined saving every month is another plus point. ...

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TDS on withdrawal from PF wef 1st June 2015

WSU/6(1)2011/IT/Vol-IV/5931 (21/05/2015)

The Finance Act, 2015 (20 of 2015) has Inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The Provision Shall Take effect from 01st June 2015. Income Tax should be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or...

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Taxability of Provident Fund

Employees’ provident fund Provident fund scheme is as a retirement benefit scheme. Under this scheme, a stipulated sum is deducted from the salary of the employee as his contribution towards this fund. The employer also generally contributes simultaneously an equal amount out of its pocket to the fund. The contributions of employee and ...

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Posted Under: Corporate Law |

Single Online Common Return under 8 Central Labour Acts / Rules

Facility for Filing Online Single Return to be Launched Tomorrow The facility for filing Single Online Common Return under 8 Central Labour Acts / Rules on the ShramSuvidha Portal will be launched tomorrow. This service will reduce the transaction costs of business and make it easy and convenient to meet their obligations....

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Posted Under: Corporate Law |

Govt fixes 8.7% Interest rate on General Provident Fund(GPF) for Financial Year 2015-16

Government Decides to Fix Interest Rates at 8.7% for General Provident Fund(GPF) and other Similar Funds Including Special Deposit Scheme, 1975(SDS,1975) for Non-Government Provident, Superannuation and Gratuity Funds for the Financial Year 2015-16 It was decided by the Government to link the interest rates of State PFs (General Provident...

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Posted Under: Corporate Law |

How to Compute Basic Wages for Employee Provident Fund

ITEMS INCLUDED IN BASIC WAGES BASIC WAGES – HOW TO CONSTRUE The expression ‘basic wages’ has to receive an interpretation which would achieve the object of the enactment. The Act has to be considered in its proper perspective and contextual so as to fructify the legislative intentions underlying the enactment. If two views are possi...

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Posted Under: Corporate Law |

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