Provident Fund - Page 4

Generation of UAN without Aadhaar for residents of Assam, Meghalaya & Nagaland

No. NDC/10(5)/2017/3249 (29/08/2018)

Hence, a provision has been made available in the Unified Portal in the Establishment login for generation of UAN without Aadhaar for employees resident in Assam, Meghalaya and Nagaland states. It is being allowed initially for a period of 3 months from 24/08/20 18 to 23/11/2018. EMPLOYEES’ PROVIDENT FUND ORGANISAT ION MINISTRY OF LABOU...

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Present Rate of Contribution to EPF, EPS and EDLI with notes

PRESENT RATES OF CONTRIBUTION TO CONTRIBUTION AND ADMINISTRATION ACCOUNTS OF  EPF, EPS AND EDLI BY CONTRIBUTION ACCOUNTS ADMINISTRATION ACCOUNTS EPF EPS EDLI EPF@@ EDLI @@ EMPLOYEE 12% /10% ## 0 0 0 0 EMPLOYER Difference of EE share and Pension Contribution 8.33% ## 0.5% ## 0.50% !! [w.e.f. 01-06-2018] 0 [w.e.f. 01-04-2017] 10% rate is [...

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Posted Under: Corporate Law |

EPF Act 1952 vis-á-vis Income Tax Act – Tax Treatment of PF Dues

Employer’s contribution and Employees’ contribution in India are governed by EPF Act, 1952. The employees’ contributions are obtained by employer @12% and along with equal contribution are deposited with the PF trust or PF commissioner at the designated bank account by the latter....

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Section 43B – Deductions only on Actual Payments

In computation of income under the head Profits and gains of business or profes­sion (PGBP), some of the expenses are allowed under Income Tax Act 1961 and can be claimed by the assessee only in the year in which the payment is actually made....

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Posted Under: Corporate Law |

Taxability of Provident Fund -Recognized, Unrecognized & Statutory

Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds. The following are the types of provident funds. Recognized Provident Fund (RPF) - This scheme is applicable to an organization which employs 20 or m...

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Posted Under: Corporate Law |

Taxability of Retirement Benefits

On retirement, an employee normally receives certain retirement benefits namely Gratuity, Commutation of Pension, Leave Encashment, Retrenchment Compensation, Compensation on Voluntary Retirement, Payment from Provident Fund, Payment from Superannuation Fund etc. Such benefits are taxable under the head ‘Salaries’ as 'profits in...

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Taxability on Withdrawal of Accumulated Balance of Recognized Provident Fund

Employee's Provident Fund (EPF) is a welfare scheme for the benefit of the employees. It is a corpus built by an employee and employer by way of monthly contributions. The interest is also regularly credited to the provident fund account. At present, the EPF Interest Rate is 8.55% on contributions made by the employer and the employee....

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Posted Under: Corporate Law |

75% Advance to PF Members after leaving employment for one month proposed

Central Board of Trustees, EPF, approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share)...

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Posted Under: Corporate Law |

Deduction on children’s education u/s. 80C & 80E

Articles deal with provisions of deduction Under Section 80C on Tuition Fees Paid for children's education and Under Section 80E on Interest paid on Education loan. The deduction on payments made towards tuition fee can be claimed up to Rs. 1,50,000/- from A.Y. 2015-16, together with deduction in respect of insurance, provident fund and ...

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Investments which qualifies for deduction u/s. 80C

Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

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