After the backlash against the tax on the Employees’ Provident Fund (EPF), the government should get ready for opposition to its proposal allowing EPF members to switch to the New Pension System (NPS). Only this time the government may be unfairly targeted because the switching rules it has framed for EPF and NPS are quite flexible and subscriber-friendly.The proposal to switch from EPF… Read more »
Posts By: Prakash Consultancy Services
Arun Jaitley rolls back proposal to tax EPF withdrawal
Finance minister Arun Jaitley on Tuesday announced the rollback of proposed tax on withdrawals from employees’ provident fund. “The purpose to tax EPF withdrawals was to encourage a pensioned society. However, in view of the representations made to the government against the proposed tax, I withdraw it” finance minister Arun Jaitley informed the Lok Sabha… Read more »
Trade unions to hold protest on March 10 against PF move
Central trade unions will observe day-long protest across the country on Thursday against the government’s “attack on PF” and “anti-labour anti-labour policies”, a union leader said today. “We observe a protest on March 10 against attack on PF and anti-labour practices being adopted by the government,” All India Trade Union Congress General Secretary Gurudas Dasgupta… Read more »
INCREASE IN HOUSE RENT ALLOWANCE EXEMPTION LIMIT U/S 80GG
As you have seen on various website and TV that House rent allowance limit has been increased from 24000/- from 60000/- but this limit is not applicable for salaried persons getting HRA. The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent… Read more »
INCOME TAX SLABS FY 2016-17 AFTER BUDGET 2016 ON 29-02-2016
The Union Finance Minister Shri Arun Jaitley in his Budget Speech ON 29/02/2016 in Lok Sabha proposed no change in the rate of personal Income-tax. He announced the tax proposals with no change in the rate of tax for companies in respect of the income earned in the financial year 2016-17 assessable in the assessment year… Read more »
Budget 2016-17 surprise: EPF will now be partially taxable
The changes announced by the finance minister Arun Jaitley in the Budget can reduce your retirement savings significantly when you withdraw it. The FM has made Employee Provident Fund (EFP) and National Pension Scheme (NPS) withdrawals on retirement partially taxable. The EPF until now followed a exempt-exempt-exempt taxation structure. This means, there was no tax on investment, on interest accrued and… Read more »
Pay interest on retained PF or give entire amount: Unions
Trade Unions including RSS-backed Bhartiya Mazdoor Sangh (BMS) have demanded that retirement fund body EPFO shall either allow unemployed subscribers to withdraw their entire PF or give interest on retained amount. “We will demand from Labour Minister that either EPFO pays entire amount in PF account or pay interest on the retained amount to unemployed… Read more »
ESIC Toll Free Helpline Numbers
ESIC Corporation has setup the Public Grievances Redressal Systems at all levels i,e HQRS/Regional/Sub Regional/Divisional/Branch Offices/ESIC Dispensaries /Esi Hospital In order to speed up the grievances under the ESIC Schemes various measures have been taken by the corporation it includes a Toll free Helpline Number 1800-11-2526 activated at the qrs Office besides this in every state the following helpline numbers… Read more »
ESIC Benefits Version 2.0 (2016)
Banking Employees are Covered under the EPF Act
Dear all,From 10th of Feb 2016 Will apply to all banks who employ 20 or more if they were not covered under Contributory Provident Fund or any other similar scheme.Respective notification is enclosed for your ready reference.PF applies to banks employees