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TDS on PF withdrawal before 5 years – Budget 2015 – new Section 192A

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Last updated : 7th October, 2016 Update – May 2016 – No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1 2016.    http://wealth18.com/no-tds-for-pf-withdrawals-of-up-to-rs-50000/ In Budget 2015, new Section 192A of Income Tax Act is proposed to deduct tax (TDS) on PF withdrawal before 5 years. To discourage premature withdrawal of provident fund by subscribers, Union Finance Minister Arun Jaitley has proposed a tax deduction on such early closures. Under the proposed tax law (new Section 192A of Income Tax Act), provident fund withdrawal before five years of continuous service will attract a TDS ... Read More »

EPFO will invest 5% of its corpus in Stock market / Equities ETF

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Last updated : 7th October, 2016 Government has allowed EPFO to invest 5 % of its corpus in exchange traded funds (ETF). Labour ministry has notified new investment pattern for the Employees’ Provident Fund Organization which allows the body to invest 5-15% per cent of its funds into Equity Market. As this is the first time EPFO will be investing in Equity markets, they are little cautious and decided to invest 1% in the beginning and going upto 5% by end of financial year. The new investment pattern will be applicable for incremental deposits only. As per estimates, the EPFO’s ... Read More »

EPF Interest rate for 2014-2015 set at 8.75% on PF Deposits : EPFO

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Last updated : 7th October, 2016 EPFO’s trustees today decided to retain interest payment on provident fund deposits for 2014-15 at 8.75% The decision to retain the interest rate on the provident fund deposits at last year’s level was taken despite some protest by the trade union members of the CBT The final notification for payment of the interest rate for the current fiscal will be issued by the Finance Ministry later. The EPFO had provided 8.75 %  rate of interest on PF deposits for 2013-14, which was higher than 8.5 %  paid for the previous fiscal Read More »

EPFO re-initate process to club allowances with basic pay, ordered inspection

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Last updated : 7th October, 2016 August 2014,  EPFO has asked its over 120 field formations to inspect firms which are deducting PF on 50 %  or less of total wages. In a bid to deal with issue of splitting of wages by employers, field offices told to inspect establishments that may be structuring salaries in such a way as to cut PF liabilities The employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers. The provident fund is deducted as 12 % of basic wages. According to ... Read More »

EPF threshold raised from Rs 6500 & increased to Rs 15000 – New PF rule EPFO Notification

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Last updated : 7th October, 2016 As per new EPFO Notification, Employees earning upto Rs 15,000 a month will come under the Employees’ Provident Fund (EPF) net. UPDATE (28-Aug) :   The formal notification is issued now and it will be effective from 01-Sep-2014. Gazette Notification providing for increase in wage ceiling under EPS, 1995 from Rs. 6500/- to Rs. 15,000/- which shall come into force on and from the 1st day of Sept., 2014 – HO No. Acturial/18(2)2008/Vol. III/7738 dated 29/08/2014 Read full notification here Government has approved hike in the threshold for mandatory PF savings from Rs 6,500 a ... Read More »

Employer can cap PF contribution limit to Rs 6500 Basic Salary – New EPFO Notification & Supreme court ruling

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Last updated : 7th October, 2016 As per New Notification issued by EPFO & Supreme court ruling, Employer can cap PF contribution limit to Rs 6500 Basic Salary. On May 27, 2014, the Employee Provident Fund Office issued a circular permitting Companies to limit its PF contributions against the required salary ceiling limit of INR 6,500 per month. Earlier, such PF contributions was calculated as 12% of Basic Salary. Under Provident Fund (PF) regulations, PF is computed at 12% (for both the employer and employee contributions) against ‘basic wages’. The minimum statutory limit against which such PF is to be computed ... Read More »

8.75% Interest on PF for 2013-2014

Last updated : 7th October, 2016 The Employees’ Provident Fund Organisation’s apex decision making body – Central Board of Trustees (CBT) – met on Monday to decide on the PF interest rate for this fiscal. Labour and employment minister Oscar Fernandes said – Retirement fund body EPFO on Monday raised the PF interest rate from 8.5 percent to 8.75 per cent for 2013-14. The EPFO’s Central Board of Trustees met on Monday and approved the interest rate that will now be forwarded to the finance ministry for notification. The EPFO, which is estimated to have an income of Rs 20,796.96 ... Read More »

New PF contribution rule may reduce your take home salary

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Last updated : 7th October, 2016  Update: In case you are looking for the new EPFO notification about threshold increment from Rs 6500 to Rs 15000, please go to the post below : June 2014 – EPF threshold raised from Rs 6500 to Rs 15000 – New EPFO Notification http://wealth18.com/epf-threshold-raised-from-rs-6500-to-rs-15000/ —————————————————————————————————————————- This post if related to impact on take-home salary if the PF dept decides to include allowances under the ambit of PF deduction. Did you know that the latest drive of the Provident fund authorities may reduce your take home salary? Employees Provident Fund Organization (EPFO) is all set ... Read More »

Apply online for PF transfer and withdrawals from July 1 2013 : EPFO

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Last updated : 7th October, 2016 EPFO is launching an online facility to apply for EPF Transfers & withdrawals on July 1 2013. EPFO’s Central Provident Fund Commissioner Anil Swarup told reporters at PHD conference – “We have decided to set up a central clearance house which will be operational on July 1. This will enable subscribers to apply online for settlement of the withdrawal and transfer of funds claims,” “The biggest problem faced by the subscribers is transferring their accounts on change of job. This central clearance facility will expedite the process”, he added. “The onus of getting the ... Read More »

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