Centre Govt Allows 5% of PF Funds to be Invested in Share Market

Centre Govt Allows 5% of PF Funds to be Invested in Share Market The Central Government has allowed investing up to 5% of the Provident Fund capital in the stock market. As a result, Rs.5000 crore is expected to be released for investment this financial year. A circular from the Ministry of Labour has confirmed that 5% of the PF amount has been sanctioned for investing in the … [Read more...]

10% Tax Proposed on PF Withdrawals

10% Tax Proposed on PF Withdrawals The Employee Provident Fund Organization (EPFO) has decided to impose a tax of 10.3% on the amount withdrawn from the EPF within five years of starting the accounts. EPF accounts have to be created in all the concerns that employ more than 20 workers, with salaries of Rs.6,500 and Rs.15,000 per month. 12% of their salaries are deducted and … [Read more...]

Dedication of Portability through Universal Account Number (UAN) for Employees Provident Fund

"The minimum pension for employees has been introduced first time so that employees’ pension is not less than Rs. 1000 per month. The wage ceiling has been raised from Rs. 6500 to Rs. 15000 per month to ensure that vulnerable groups are covered under EPF Scheme". Under the scheme complete information for approximately 4 crore subscribers of EPF has been centrally compiled and … [Read more...]

Extension of PPF Scheme to private sector banks – Department of Posts

Department of Posts issued a detailed order including the list of private banks to authorize to transfer of Public Provident Fund accounts from Head Posts Offices to Nationalized Banks... SB ORDER No. 11/2014 F.No.32-01/2014-SB Government of India Ministry of Communications & lT Department of Posts Dak Bhawan, Sansad Marg, New Delhi-110001, Dated: … [Read more...]

Finance Ministry notification regarding revision of maximum limit of subscription in PPF accounts

Revision of maximum limit of subscription in a financial year of Public Provident Fund account shall be Rs.1,50,000 in place of Rs.1,00,000... No. F.No. 113-01/2011-SB Government of India Ministry of Communications & IT Department of Posts Dak Bhawan, Sansad Marg, New Delhi-110001, Dated: 21.08.2014 To All Heads of Circles/Regions Addl. Director General, APS, New … [Read more...]

Simplification of procedure on withdrawals from Provident Fund

Simplification of procedure on withdrawals from Provident Fund Simplification of rules/procedure on withdrawals from Provident Fund by Railway employees GOVERNMENT OF INDIA (BHARAT SARKAR) MINISTRY OF RAILWAYS (RAIL MANTRALAYA) (RAILWAY BOARD) No. F(E)III/2014/PF/3/3 NEW DELHI, Dated: 27.08.2014 The General Secretary, NFIR, 3, Chelmsford Road, New … [Read more...]