Posts By: Prakash Consultancy Services

SOCIAL SECURITY AGREEMENT WITH THE REPUBLIC OF AUSTRALIA

Posted by & filed under Provident Fund -International workers.

The Government of India has entered into an Agreement on Social Security Agreement with Australia. Following the principles of reciprocity this, agreement is intended to benefit the employees of both India as well as the Australia. The agreement has come into force w.e.f 01-01-2016 The Agreement provides inter-alia for posting i.e. detachment up to a… Read more »

Don’t be in a rush to make EPF-NPS switch: Experts

Posted by & filed under Uncategorized.

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 »

Arun Jaitley rolls back proposal to tax EPF withdrawal

Posted by & filed under Uncategorized.

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

Posted by & filed under Uncategorized.

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 »

Budget 2016-17 surprise: EPF will now be partially taxable

Posted by & filed under Budget 2016.

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

Posted by & filed under Provident fund -News.

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 »