Provident Fund - Page 4

How to apply online for PF withdrawal due to COVID

The EPFO has released a set of frequently asked questions (FAQs) for the benefit of those who wish to avail the PF advance. Before applying, it’s important to know how much can be withdrawn, will your company be eligible and the amount be taxable? Being an advance, the employee need not have to put the […]...

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Posted Under: Corporate Law |

Provident fund for International Worker

Foreign workers taking up overseas assignments pay more attention to the tax regime of the country when determining costs, and often tend to overlook the social security laws of the country, which are equally important. India requires every business entity employing more than 20 workers to register with the national social security syste...

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Posted Under: Corporate Law |

FAQs On EPF Advance to Fight Covid-19 Pandemic

Q 1. Who is eligible for the advance from EPF to fight COVID-19 Pandemic? Ans: Any member of EPF Scheme, 1952 with UAN (Universal account number) employed in any establishment or factory covered under EPF & MP Act, 1952. Q 2. Under which provision of the EPF Scheme, 1952, a member is entitled for benefit? Ans: That […]...

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Posted Under: Corporate Law |

Change of Date of Birth of EPF/EPS members

No. WSU/37(1)2019/DOB (03/04/2020)

in case of a dispute in the date of birth, any of the following documents may be accepted as valid proof of date of birth: > Birth Certificate issued by the Registrar of Births and Deaths. > Any school/education related certificate. > Certificate based on the service records of the Central/State Government Organisations. > Any other ...

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Advisory on Payment of 24% of wages of workers in their EPF Accounts

No. AP/RO/GNT/LOCK DOWN ECR/2020 (01/04/2020)

(i) The benefit of crediting of 24% of wages to the PF Accounts of workers will only be given to such establishments where 100% KYC is completed, (ii) Where salaries have been paid to the workers by the employers for the lock down period duly filing ECR for the same period and where a declaration is given about number of excluded employee...

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Govt permits 75% non-refundable advance from PF account

G.S.R. 225(E) (27/03/2020)

Government, permit a non-refundable advance from the provident fund account of such member not exceeding the basic wages and dearness allowances of that member for three months or up to seventy-five per cent. of the amount standing to his credit in the Fund, whichever is less....

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Taxability of employer’s contribution towards retirement benefit scheme (Impact of Finance Bill 2020)

As we know that employers use to contribute to the retirement benefit schemes of employees to enable them to maintain a quality life after retirement. Generally these contribution by employer can be in any one or in combination of following three forms: 1. Contribution to PF (Provident Fund) of the employees (Recognised PF, Unrecognised P...

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Posted Under: Corporate Law |

CBT of EPFO recommends PF Interest Rate of 8.50% for 2019-20

he Central Board recommended crediting of 8.5% annual rate of interest on the EPF accumulations in the EPF members’ accounts for the year 2019-20. The Central Board ratified and appreciated restoration of normal pension after 15 years from the date of commutation, benefitting about 6.3 Lakh pensioners who had opted for commutation under...

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Posted Under: Corporate Law |

Employees contribution to EPF & ESIC allowable if paid within relevant due date

PCIT Vs Orchid Pharma Ltd. (Madras High Court)

PCIT Vs Orchid Pharma Ltd. (Madras High Court) Employee’s contribution should be paid within the due date as provided in the related statutes to be allowed as deduction under Section 36(1)(va) of the Act.  A Division Bench of the Kerala High Court in the case of CIT Vs. M/s.Merchem Ltd. [reported in (2015) 378 ITR […]...

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TDS on Pension and Retirement Benefits

1. What is Pension? Pension is described in Section 60 of the CPC and Section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits, etc. It involves three essential features. Firstly, pension is a compensation for the past service, secondly, it owes its relationship to a past emp...

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June 2020