Tag: EPF
EPF Interest will be taxable above Rs 2.5 lakh
Union Budget 2021 proposed to tax interest received on annual provident fund contributions above Rs 2.5 lakh. That would have a huge impact on high income earners due to EPF returns in the next financial year. If the EPF and voluntary provident fund (VPF) contributions cross Rs 2.5 lakh, the tax on interest will be […]
Read moreEverything about EPF Registration for Employer
Employees’ Provident Fund (EPF) is a scheme under Employees’ Provident Fund Organization (EPFO) in India. In this, employer and employee both contribute a certain percentage of employee’s salary and employee gets lump sum amount of both contribution (employer and employee) at retirement along with interest. EPF is an initiative designed to offer social security benefits […]
Read moreIncome Tax Benefits on Provident Fund Contribution
Before starting the Income tax benefits of Provident Fund or PF, Lets understand about what is Provident fund and its types. A provident fund is a type of retirement savings scheme. Generally, employees give a portion of their salaries to the PF and employers must contribute on behalf of their employees. There are mainly four types of PF and […]
Read moreEPF contribution till August 2020 by Government
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today has given its approval for extending the contribution both 12% employees’ share and 12% employers’ share under Employees Provident Fund (EPF), totaling 24% for another 3 months from June to August, 2020, as part of the package announced by the Government under Pradhan Mantri Garib […]
Read moreEPF: Online EPF account transfer process
Employees’ Provident Fund Organization (EPFO), India Ministry of Labour and Employment, Government of India has issued Instructions for transfer online EPF account during this Pandemic situation (COVID-19). In case of change of Job, it is important to switch EPF account from previous employer to the new employer. Prerequisites– Must have active UAN (Universal Account Number) […]
Read moreEPFO – 17 FAQ’S on transfer of EPF Accounts
Employees’ Provident Fund Organization (EPFO), India Ministry of Labour and Employment, Government of India has issued 17 Frequently Asked Questions related to Transfer of EPF accounts. Q1. How do I know if I require a PF transfer? Answers: If the member has more than one Employees’ Provident Fund (EPF) member ID i.e. EPF account and […]
Read moreEPF Withdrawal: Withdraw non-refundable advance from EPFO account in this COVID-19
Employees’ Provident Fund Organization (EPFO), India Ministry of Labour and Employment, Government of India has issued Instructions for filing online claims from EPF Account for the purpose – “Outbreak of Pandemic (COVID-19)” Prior Conditions for Withdrawal from EPF Account- 1. Universal Account Number (UAN) Should be activated. 2. Verified Aadhaar should be linked with UAN. 3. […]
Read moreEPFO allows employers to register digital signatures via e-mail
EPFO introduces email mechanism to obtain e-Sign for easing the Process of Employee Provident Fund (EPF) Compliance by Employers during Lockdown Period as employers were finding difficult to use digital or Aadhaar based e-Sign. Employees’ Provident Fund Organization, India Ministry of Labour and Employment, Government of India vide press release dated 06th May, 2020 has […]
Read moreEPFO introduces Mechanism to credit EPF and EPS Accounts of Subscribers as per PM Gareeb Kalyan Yojna
Employees Provident Fund Organization (EPFO), a statutory body under Union Ministry of Labour and Employment, has put in place an electronic mechanism for crediting EPF and EPS accounts of its subscribers as per the package announced by the Union Government under PM Gareeb Kalyan Yojna on 26.3.2020 for helping the poor to fight Corona pandemic. FAQs […]
Read moreFAQs on EPF & EPS Contributions relief for 3 months to low wage earning members
Q1: What is the objective of this Scheme? Ans: The Central Govt. announced Pradhan Mantri Garib Kayan Yojana Package to help the poor fight the COVID-19 pandemic. As part of this package, with the objective to prevent disruption in the employment of low wage earning employees and support businesses employing less than one hundred employees, […]
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