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Proposed benefits of PPF by the Government

In this post, we will discuss the benefits of PPF or Public Provident Fund. Below are some things to know about the changes proposed in PPF rules. The Public Provident Fund is the most popular saving schemes. Apart from higher interest rates compared to bank deposits, it also offers a host of income tax benefits. With regard to income tax imp

Employee Enrollment Campaign 2017 and frequently asked questions

The EPFO has launched a new campaign called the "Employee Enrollment Campaign 2017" aimed at bringing more people under the social security benefit. This scheme is effective from 1st Jan 2017 to 31st Mar 2017. During this period, any employer can enroll eligible members who are currently not covered under the PF Act. All employees who were elig

The new ECR portal - Unified for both employers and employees

In one of our previous post, we talked about the new ECR portal and how it will ease the process and complications present in the old portal. The previous post has been linked in the end of this post but here is the gist of the new portal: The new ECR portal, also called ECR 2.0 will contain only 11 fields as opposed to the previous portal which

PF payment due date extended to 20th Jan

The PF payment due date for the month of January has been extended up to 20th.The 5 days grace period has been provided in view of the recent launch of the unified portal of EPFO on 23rd December 2016. Due to various problems faced by the employers in using this new portal, this extension has been given. You could be facing issues such as upfron

UAN 2.0 - The next version of Universal Account number

The Employees’ Provident Fund Organization (EPFO) is in the process of implementing the next version of UAN i.e., UAN 2.0, whereby the Universal Account Number of an EPF member is to be obtained/linked with their present employer before filing the Electronic Challan cum Return (ECR).Currently, employers declare about new joiners, and obtain new U

Voluntary EPS contribution can be made by the employees

EPS or the Employee Pension Scheme will soon get an option wherein voluntary contribution towards the EPS by employees will be made available, according to the latest information from the EPFO.The voluntary contribution is in addition to the mandatory contribution which is already made by the employer. Currently, the employer contribution toward

EPF coverage rules now applicable for establishments with 10 or more employees

The EPF coverage rules have been changed to include those establishments which have more than 10 employees. This move will benefit over 50 Lakh workers who are not applicable under the old EPF coverage rules. According to the old EPF coverage rules, any establishments which have 20 or more employees come under the coverage of the Employees' Pro

EPF and ESI returns can be filed together in the "Shram Suvidha" portal

In order to provide ease of compliance of the labour laws, the ministry of labour and employment has launched a web portal called the "Shram Suvidha". The portal was launched on Oct 16, 2014. Extending the facility further, the portal has also been enabled to provide EPF and ESI return filing services. The major objective is to simplify the busi

Government withdraws proposal to tax on EPF withdrawals

Government withdraws proposal to tax on EPF withdrawalsThe Government has withdrawn its Budget proposal of imposing a tax on EPF (Employee Provident Fund) withdrawals. Finance Minister Mr. Arun Jaitley in his statement has emphasized that in view of the representation received from various sections the Government will do a comprehensive review of t

EPF new Rules - Coverage threshold limit is 10 employees

The EPFO has decided to provide social security to an additional 50 lakh workers other than the already existing 5 crore members. This came in accordance with the EPF new rules which state that the threshold for any firm to be subscribed under the EPF act is to have 20 employees.According to the EPF new rules, this limit is now going to be h

Form 11 (new) submission and KYC seeding in the UAN portal

KYC or Know-Your-Customer is the process of verifying the identity of your customers. When the EPFO states for updating of KYC details, it is to include the verification of its members or subscribers. The verification can be done using documents such as PAN, Aadhar Card etc.For the employer:The employer is to get the declaration from new joining

PF interest rate proposed to be increased to 8.95%

According to recent news that has been going around, the EPFO is likely to increase the PF interest rate to 8.95%. The current existing PF interest rate is 8.75%, which was applicable for previous fiscal year. If this proposal comes through, then it will be the highest interest rate since 2010-11 ( it was 9.5% that financial year). Now, before t

Universal Account Number is made mandatory for PF claims

Universal Account Number or the UAN is made mandatory for all PF claims, according to a recent notification from the EPFO. This change is effective from 1st January 2016.Now as we know, UAN or the Universal Account Number is a unique identification allotted by the EPFO. This is primarily used to identify a member having multiple IDs allotted by d

PF Due date grace period for deposits is now removed

Latest update PF due dates In a circular by the EPFO, it has been notified that the PF due date grace period which was provided for the payment of PF amount has now been removed. Earlier, the employers had to pay the PF contributions and the administrative charges by 15th of every month. A grace period of 5 days had been provided as well. N

Details about PF withdrawal forms - Which to use when

Get the latest update on PF withdrawal forms Recently, we have seen that the EPFO has launched the use of new simplified PF Forms for withdrawal/ transfer. In this post, we will have a look at the Forms which are required for the withdrawal or transfer and the criteria for the same. The recent changes made by The Ministry of Labour and Employment

PF interest rate could be to increased in FY-16 from current 8.75%

The Employee Provident Fund Organization is planning to increase the PF interest rate from the current existing 8.75%. This topic came into discussion in the latest meeting, which was held for the top officials from the Labour and Finance ministries.The estimated income for the current fiscal indicates that the EPFO shall be able to pay an increa

PF withdrawal simplified – Attestation of employer not necessary

The ministry of labour and employment has launched simplified brief forms for PF withdrawal. The notification, dated 4th December, stated that the Employer’s attestation no longer a necessity for Filing PF Claims.These forms are applicable to those employees who have completed their Form-11 (New) details which are available in the UAN member logi

GPF interest rate retained at 8.7% for 2015-16

GPF interest rate retained at 8.7%The government has retained the rate of interest for General Provident Fund (GPF) (GPF interest rate) and other related schemes at 8.7 percent for the current fiscal.The 8.7 per cent interest will apply on Provident Funds of central government employees, railways and defence forces, according to the notification is

Interest on PF for FY16 may be Fixed on November 24

Employees' Provident Fund Organisation (EPFO) trustees are likely to consider and approve a proposal to fix a rate of interest on PF deposits for over five crore subscribers for the current fiscal year in their meeting scheduled for November 24."209th meeting of the Central Board of Trustees (CBT) has been scheduled to be held on November 24, 2015,

EPF (Employees Provident Fund) Linked With Aadhaar Card

The employees provident fund organization (EPFO) now has made it mandatory to provide Aadhar card numbers in order to register for an EPF account. This has been made effective from March of 2013 for all employees in the organized sector. So while opening a new Employees’ Provident Fund(EPF) Account, ensure that an Aadhar card number is available

PF accumulated balance of more than Rs. 30,000 TDS will attract TDS at the time of payment

The Finance Act, 2015 (20 of 2015) has inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The provision shall take effect from 1st June, 2015.Income Tax shall be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or equal

Changes in Provident Fund rules: 7 things to know

The Employee Provident Fund (EPF), Employee Pension Scheme (EPS) and Public Provident Fund (PPF) are some of the popular products to invest for the retirement years.In the past few months, radical changes have been introduced in these schemes, i.e, Provident fund rules Let us have a look at them.PF portability: Every time you join a new company, yo

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