As per the latest media reports, the Income Tax Department has revised Form 2 and Form 3 that are being used for filing ITR for the FY 2017-18. The forms contain detailed break-up of contributions made towards EPF. It should be noted that a member has to pay tax on EPF withdrawal before 5 years of…
If you are a member of Employees’ Provident Fund Organization (EPFO) and have already activated it using your Universal Account Number (UAN), then you can access a host of EPF related services through EPFO Member e-Sewa Service Portal. Here are the 5 things that you can do by logging in at the EPF member portal. 1….
The Finance Ministry has come out with the latest rates of interest on saving schemes for the coming quarter i.e from 01/01/2019 to 31/03/2019. Apart from making some small changes, the government has largely maintained the status quo on the interest rates. The latest rates are as follows: Savings Scheme Interest Rate (From October-December 2018)…
Employees would now be able to withdraw up to 60 percent of their pension fund tax-free, Union Finance Minister Arun Jaitley said on Monday. Before this, the limit for tax-free withdrawal of pension was 40 percent, but one needed to pay tax on the balance 20 percent. The Cabinet also raised the employer (government) contribution…
The Union Labour and Employment Ministry released the draft Social Security Code, 2018, version 2.0. The code aims to reframe the existing social security architecture by replacing as many as 15 laws with a single but integrated labour code. The laws to be replaced include the Employees’ Provident Fund and Misc Provisions Act, 1952, the…
Note: The information on this page may not be updated. For latest information, click here. By the standards of India’s government schemes, NPS or National Pension System is unusually progressive. It is a defined contribution system in which the pension is linked to how pension fund investments perform rather than the employee’s final salary. Since the…
Employees do not have to personally open an EPF account or contribute to it. This is done by their employers. However in case of withdrawal, employees do need to personally initiate the withdrawal process. This can be complex, tedious and annoying and is hence often ignored. However, failing to withdraw your EPF amount if you…
The global Novel Covid-19 or Coronavirus pandemic has hit the world’s economy drastically and could have created a hole in the pockets of many. In times like these people may need to liquidate their ‘emergency funds’. One of these can be the Employee Provident Fund. What is Employee Provident Fund- A Glance Employee Provident Fund…
The Union Labour Ministry is set to overhaul the social security architecture of India with the draft proposal of the new Social Security Code, 2018. The recently released draft talks about amalgamation and rationalization of the labour laws in the country by replacing as many as 15 social security laws including the Employees’ Provident Fund…
