PF Income Tax Section, PF Interest Taxable: PF accounts will be split into two separate accounts. Tax will be collected from employees' contributions exceeding Rs 2.5 lakh per year in the taxable account.
Facing financial crunch due to pandemic and lockdown, here how you can withdraw Provident Fund as per Employees' Provident Fund Organisation rules.
The Employees’ Provident Fund Organization (EPFO) has made it mandatory for its subscribers to link Aadhaar Card with PF UAN (universal account number) to continue receiving funds in their PF accounts from the employers and other benefits.
PPF and NSC will continue to carry an annual interest rate of 7.1 per cent and 6.8 per cent, respectively, in the second quarter as well.
The EPFO had directed that PF returns shall be allowed to be filed only for those members whose Aadhaar numbers are seeded and verified with the UAN, with effect from June 1, 2021.
The labour ministry had envisaged implementing the four codes on industrial relations, wages, social security and occupational health safety & working conditions from April 1, 2021.
The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. This would be applicable to those cases where no contribution is made by employers to the retirement fund.
The Employees' Provident Fund Organisation's (EPFO) apex decision-making body Central Board of Trustees decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in Srinagar on Thursday, sources said.
The interest earned by the Provident Fund contributions above Rs 2.5 lakh a year will now be taxable. The provision, introduced in Budget 2021 will apply only to the employee's contribution and not that of the employer.
The CBDT has now amended I-T rules, thereby diluting norms for investment purposes to bonds with minimum 'A' rating, as against the earlier requirement of 'AA' rating
Net new enrolments with retirement fund body EPFO rose to 3.18 lakh in May from 1 lakh during April 2020, according to its latest payroll data, providing a perspective on employment in the formal sector amid the COVID-19 crisis.
The labour ministry on Tuesday said employees can contribute more than the newly set limit of 10 per cent of basic wages to their provident fund (PF) for the next three months, but employers don't need to match the higher contribution.
The Ministry of Labour & Employment has implemented new rules that allow for reduced employees' provident fund (EPF) contributions for three months till July. Here are key points to know about new EPF rules:
Finance Minister Nirmala Sitharaman on Sunday said around 12 lakh members of the Employees' Provident Fund Organisation (EPFO) withdrew Rs 3,360 crore retirement savings during the coronavirus-induced lockdown.
Finance Minister Nirmala Sitharaman on Sunday said around 12 lakh members of the Employees' Provident Fund Organisation (EPFO) withdrew Rs 3,360 crore retirement savings during the coronavirus-induced lockdown.
Private provident fund trust have disbursed Rs 481.63 crore to 40,826 employees as non-refundable advance to cope up with difficulties during the lockdown to contain COVID-19. These trusts include NLC, TCS, Vizag Steel Plant, state-run power giant NTPC, HCL and Power Grid.
EPFO has made a change in its EPF rule to allow subscribers non-refundable withdrawal of PF money. EPFO subscribers will be allowed to withdraw 75 per cent of PF balance or three months' wages, whichever is lower. EPF account holders can claim for 'advance' withdrawal via EPFO's unified portal -- unifiedportal-mem.epfindia.gov.in. Here's a step-by-step guide to withdraw EPF money citing COVID-19 outbreak.
The Union Labour and Employment Ministry has notified amendment to the Employees' Provident Funds (EPF) Scheme to allow withdrawal of non-refundable advance by the members in the event of COVID-19 pandemic.
Finance Minister Sitharaman on Thursday announced that the government will pay the Employees' Provident Fund (EPF) contribution, both of employer and employee every month for the next three months, as part of COVID-19 relief package.
Bad news for salaried employees as they could face a cut in interest on their provident fund (PF) deposits for FY20. The Central Board of Trustees of Employees Provident Fund Organisation (EPFO) has recommended interest rate of 8.5%.
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