CGEN

Income Tax for Provident Fund of more than Rs.30,000

Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000 The Government has announced that income tax will be imposed if, at the time of premature withdrawal, the Provident Fund amount is in excess of Rs.30,000. Finance Minister brought a new provision in his budget that allows for TDS on Provident Fund withdrawal before […]

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 […]

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on PF Withdrawals The Employee Provident Fund Organization (EPFO) has decided to impose a tax of 10.3% on the amount withdrawn from the EPF within five years of starting the accounts.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 […]

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 […]

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: 22.09.2014 To All Heads […]

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 Delhi. […]