Corporate Law : Explore the potential effects of the proposed wage ceiling increase under the EPF Act on employers, employees, and provident fund ...
Corporate Law : Summary of key 2024 High Court rulings under the Employees' Provident Fund Act, covering employer liabilities, deductions, and mor...
Corporate Law : Key Labour law rulings in November 2024: ESI, ID Act, Provident Fund, and more across various High Courts....
Corporate Law : Learn how to calculate EPS pension, eligibility criteria, and the different types of pensions available under the Employee Pension...
Corporate Law : Understand EPF withdrawal rules, tax implications, and conditions for partial and full withdrawals in 2024. Know when and how your...
Corporate Law : EPFO has streamlined the PF transfer process, eliminating employer approval for most claims, aiming to reduce turnaround time and ...
Corporate Law : EPFO is revolutionizing service delivery by introducing auto-mode settlement for education, marriage, and housing claims, reducing...
Corporate Law : EPFO grants a five-month extension to employers for uploading wage details regarding pension on higher wages. Learn about the late...
Corporate Law : Explore EPFO's SOP for freezing and de-freezing MIDs, UANs, and Establishments to safeguard funds, verify genuineness, and prevent...
Corporate Law : Read the Standard Operating Procedure (SOP) for EPFO inspections, promoting fairness and ease of compliance while protecting worke...
Income Tax : ITAT Delhi partly allowed FIL India's appeal on tax adjustments, PF contributions, and double taxation of interest on refund und...
Goods and Services Tax : The Calcutta High Court reviewed a writ petition from Paschim Banga Gramin Bank, challenging a Section 14B order under the Employe...
Corporate Law : Allahabad High Court dismisses Patton Logistics' petition challenging EPF Appellate Tribunal's stay order, emphasizing the tribuna...
Corporate Law : Learn about the Allahabad High Court's dismissal of Shrasty Computer Solutions' appeal against the EPFO due to the expired limitat...
Corporate Law : Madhya Pradesh High Court ruled on EPF Act applicability to employees of aided schools, emphasizing compliance with central laws o...
Corporate Law : EPFO clarifies policies on pension computation, trust rules, arrears, and damages in higher wages cases per Ministry of Labour & E...
Corporate Law : EPFO centralises pension disbursement through CPPS. Claims processed with any bank across India. Instructions for smooth pension c...
Corporate Law : EPFO deploys functionality for capturing data of Non-EPS members. UAN generation and activation mandatory for all P.F. Trust membe...
Corporate Law : EPFO introduces a delinking facility for erroneous Member IDs from UAN. Follow steps via unified portal to correct linked details....
Corporate Law : EPFO introduces a streamlined process for joint declaration updates, including UAN, Aadhaar validation, and document submission vi...
The finance ministry is likely to keep the corporate tax rate unchanged at 30%, as it faces stiff resistance from companies to the draft direct tax code’s proposal to cut the rate to 25% and remove all exemptions. “Corporates are resisting the phasing out of exemptions even with a lower tax rate,” said a senior government official.
The central trade unions will press for shelving of a proposal, that wants to tax withdrawals from savings schemes, including provident funds, at the pre-Budget meeting with Finance Minister Pranab Mukherjee on January 14. “(The) Finance Minister has invited trade unions for pre- budget consultations on January 14,” All India Trade Unions Congress Secretary D L Sachdev told media.
Whether amendment to Section 43B (Section) of Income Tax Act,1961, enacted with effect from 1 April 2004, is retrospectively applicable? This amendment was introduced to rationalize the tax deduction of the employer’s contribution to provident fund, superannuation fund, gratuity fund and such other funds for the welfare of employees (social security contributions).
It’s not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee’s decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the net result is that you will pay more tax.Not everybody, though. The abolition of FBT affects those taxpayers whose salaries have a heavier weighting of perquisites like official accommodation, servants, car allowance, company credit card, and employee stock option plans (esops), among other things.
AAYAKAR Seva Kendra (ASK) is a one stop computerized shop for the taxpayers to obtain services promised by the Department in its Citizens’ Charter in a time bound manner. In order to achieve these objectives, Sevottam provides for a front office to be backed by re-engineered processes and a new outlook of the personnel so that grievances of taxpayers are not only redressed quickly but also eventually prevented.
We find no merit in these civil appeals filed by the Department for the following reasons: firstly, as stated above, Section 43-B [main section], which stood inserted by Finance Act, 1983, with effect from 1st April, 1984, expressly commences with a non-obstante clause
Granting Income Tax relief to companies for deductions for contributions to provident fund (PF), the Supreme Court (SC) on Wednesday dismissed over 60 appeals by the commissioner of income tax. The Finance Act 2003, which operated from April 1, 2004, deleted a provision relating to deduction against PF and other welfare funds. According to the deleted provisions, if the contribution stood paid after the date of filing of returns, it stood disallowed.
Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. An internal committee of the Central Board of Direct Taxes, the principal policy-maker in the domain, has called for a thorough review of the code, including a revision of the income tax slabs and the definition of ‘income from salaries’.
It’s Traditionally been viewed as a retirement saving tool and one that allows you to avail of tax deductions. In fact, you will find that most conversations about provident funds only take place during the income-tax filing season, or when salaried individuals are retiring or leaving one organisation for another. In fact, fairly little is […]
The Direct Tax Code is a bit of a mixed bag for individuals, particularly the salaried class. Prima facie, the tax liability will reduce significantly as the draft code proposes to tax incomes up to Rs 10 lakh at 10%, that between Rs 10 lakh and Rs 25 lakh at 20% and sum in excess […]
