SECTION 80CCD के लिए अटल पेंशन योजना CBDT द्वारा अधिसूचित

Posted by & filed under Income Tax.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 7/2016 – Income-tax
New Delhi, Date: 19th February, 2016
O. 529(E).- In exercise of the powers conferred by sub-section (1) of section 80CCD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I, Section 1, vide number F.No. 16/1/2015-PR dated the 16th October, 2015 as a pension scheme for the purposes of the said  section.
This notification shall come into force from the date of its publication in the Official Gazette.
[F.No.173/394/2015-ITA-I]
Deepshikha Sharma, Director
Post Views: 1,610

Indian Government puts limit on early withdrawal from provident fund

Posted by & filed under Provident Fund Benefits.

Dear all 

As per my earlier blog as in regards to Major 3 Latest Amendments In EPF And EDLI pls find the details in brief:-
===========================================================

In brief The Ministry of Labour and Employment, Government of India, has made a few amendments in the Employees’ Provident Fund Scheme, 1952 (PF Scheme). These are effective from 10 February 2016. Key implications are briefly explained below: 


  • Member employees will no longer be allowed to withdraw the full amount standing to their credit in the fund on cessation of employment from a covered establishment before attaining the age of retirement.
  • The maximum withdrawal on cessation of employment cannot exceed an amount aggregating employee’s own contribution and interest accrued thereon. International workers (IWs) coming from a country with which India has a social security agreement (SSA) in force shall not be governed by this amendment. They can continue to withdraw the full amount standing to their credit in the fund on cessation of employment. 
Subject                  Relevant existing              Amendment made                   Impact provisions
Continuity of PF membership
Explanation to Para 26A provides that the employee’s membership shall be deemed to be terminated, if he/she withdraws full amount of provident fund (PF) standing to his credit on cessation of employment (applicable to Indian employees).
Explanation to Para
26A has been omitted.
Indian employees will continue to be a member of the fund even if they cease to be an employee of a covered establishment, as the amended withdrawal provisions no longer allow Indian employees to withdraw the full amount of PF on
cessation of employment.
Increase in
age-limit
A member may withdraw upto
90% of PF balance on attaining
54 years of age or within one year before actual retirement, whichever is later. (Para 68NN)
The age now has
been increased from
54 to 57 years.
Members would now be
able to avail this option only on attaining the age of 57 years.
1 Notification no. G.S.R. 158(E), dated February 10,2016 [F.No. S-35012/5/2015–SS-II]
  
Subject                     Relevant existing                       Amendment made                                   Impact        provisions
Partial withdrawal of PF on cessation of employment


A member who ceases to be in employment and continues to not be employed with a covered establishment for at least two months, may be permitted to withdraw only
his own share of contribution, including interest earned thereon.

The requirement of ‘two months’ period referred above shall not apply in case of female members resigning from the service for the purpose of getting married or on account of pregnancy/
child birth. (Para 68NNNN – new insertion)

With the insertion of the new paragraph, employer’s contribution, including interest thereon, cannot be withdrawn until
retirement.

Amendment in withdrawal provisions

A member may withdraw the full amount standing to his credit in the fund:

·   On retirement from service after attaining the age of 55 years, or in other circumstances as prescribed;

·   On cessation of employment and not being re–employed for at least two months
(Para 69 applicable to Indian employees)





·   The age of retirement has now been increased from
55 to 58 years.


·   Option of full withdrawal on cessation of employment has been done away with.
The retirement age for full withdrawal in case of Indian employees has been aligned with that of IWs. (IWs are governed by a special provision related to withdrawal of PF)
Theamendments introduced in the PF scheme will have a wide impact on Indian employees as they will no longer be allowed to withdraw the entire PF contribution on cessation of employment. While this will help members to build funds for their retirement, at the same time, long termavailability of funds to the PF authorities might result in better returns for the members.


IWsfrom SSA countries will not beaffected on account of these changes;they can apply for a full withdrawal of their PF contribution on cessation of their employment.

Companies may consider updating their employees on these changes by circulating the alert among them.





Post Views: 599

Major 3 Latest Amendments In EPF And EDLI

Posted by & filed under Provident Fund - (Notification -Circulars).



Please Refer Herewith Enclosed ” Latest Amendments In PF And EDLI ”  

Summarised Version Of The  Three  Attachments:

1. Amendment To Para 26A Etc: Pertains To Withdrawal. Under Para 68NN, A Member Had The Option To Withdraw Upto 90% Of Total Accumulations One Year Before Superannuation Or 54 Years. By This Amendment, 54 Years Is Replaced By 57 Years. A New Para 68NNNN Has Been Inserted By Which If An Employee Ceases Working, Then If Not Employed For More Than 2 Months Continuously, Can Withdraw 90% Of His/Her Contribution With Interest. This 2 Month Waiting Period Does Not Apply To A Female Member Who Has Ceased Employment For Marriage, Pregnancy Or Child Birth. Finally, Under Para 69, The Full Amount In That Member’s Account Could Have Been Withdrawn On Retirement After Attaining 55 Years. 55 Years Is Now Replaced By 58 Years. No Member Would Withdraw because They Would Stand To Lose Out Employer Contribution.




2. Introducing Incentive Refund Scheme: This Modified Scheme Encourages Employers To Comply With Seeding All Details Of Employees By Providing Form 11, Aadhar, Bank Details, UAN Activation Etc. This Scheme, Introduced For The Calendar Year 2016, Refunds 10% Or 5% Of Admn. Charges If The Employer Attains, At The End Of Every Quarter, A Certain % Of Seeding All Details Of Employees Is Maintained.




3. ICICI Policy In Lieu Of EDLI: The ICICI Pru-Group Term Plus Policy Has Been Approved By The PF As A Policy If EDLI Exemption Is Sought. This Is In Addition To Other Insurance Policies Issued By LIC, Kotak Etc.


Post Views: 640

EPF Grievances ob Android Mobile App

Posted by & filed under Provident Fund - (Notification -Circulars).



The Government of India has launched the CPGRAM Mobile App which can be installed on the android mobile phone for lodging the grievance, lodging the reminder/ clarification, and viewing the status of the grievance lodged earlier. 

You are requested to inform your employees of this facility.



Step to install the Mobile App:-

1. Log on to http://pgportal.gov.in
2. Capture the QR Code using the QR Code Reader.
3. Download the App through the captured link.
4. Install the app in your Android mobile.
5. Open the App after installation.

Respective circular in this regards is appended below

EPFO Grievances on Android Mobile App

Post Views: 345

No Inspection for the Startup New Company under EPFO

Posted by & filed under Provident Fund - (Notification -Circulars).

Good Evening all!

Pls refer to the said circular as issued by the EPFO in regards to No Inspection for the Startup New Company under EPFO.

The directions were issued from the Secretary ( Labour & Employment) where in No inspection  will be carried out by the EPFo Official for Next three years

Start-Ups are allowed to submit self-certified returns under EPF & HP Act, 1952. From the second year onwards, up to three year from the setting up of the unit, such Start-Ups may be taken up for inspection only when very credible and verifiable complaints of violation is filed in writing and the approval has been obtained from the Central Analysis and Intelligence Unit (CAIU). 


Startup Companies are defined by the Department of Industrial Policy & Promotion as an entity incorporated or Registered under  India not Prior Five years with annual turn over not exceeding Rs 25 Crores in any of the preceding financial year working towards innovation development or commercialization of new Products Process or Services driven by technology or intellectual Property.

Apart from EPF the other labour laws inspection will also be not inspected 

1. The Industrial Dispute act 1947
2. The trade unoins act 1926
3. The Building & Other Construction Workers Act 1996
4. The Industrial Employment ( Standing Orders Act ) 1946
5. Inter State Migrant Workmen 
6. The Payment of Gratuity Act 
7. The Contract Labour act 
8. Employees State insurance act 1948

It is good News for New companies 


Pls refer to the said attach circular as attach below pls  download the same.
  


Post Views: 359

Madhya Pradesh Labour office follows Stay Orders by Kerala & Karnataka High Courts in Bonus amendment 2015

Posted by & filed under High Court Order on Bonus Act 2015.


Dear all

As per the recent amendment in the Bonus act 2015 after the release date of one month as already passed and as in my earlier blog i have been advising to hold the payout of the same as Kerala High court stay order Pls refer to the respective link.


Similarly Karnataka high court also passed the stay order in regards to the same.

From the above two Stay Orders Madhya Pradesh Labour office follows Stay Orders by Kerala & Karnataka High Courts in Bonus Matter.

Pls refer to the said circular as issued from the labour dept of Madhya Pradesh

From the above High Court Order I would request all Employer to Hold the Payment of Bonus retrospective effect  from 2014-2015.

In the coming days either in many  other state High court order will arrive or circular from the labour dept might also be issue. 

  
Post Views: 554

Now, generate your rent receipts online to claim HRA benefits

Posted by & filed under Income Tax.

No need to run around to get tax receipts to claim the house rent allowance ( HRA) benefit anymore. You can generate them online now. Cleartax.in, the online tax filing platform has launched an auto rent receipt generator for its users. It is a free-to-use product that automates the generation of rental receipts and assists individuals in submitting their House Rent Allowance (HRA) proofs to their employers. 
All you have to do is go to the site and enter details such as their name, rent amount, address, the landlord’s name and PAN card details and the duration for which the receipts are to be generated. The Rent Receipt Generator then displays the required receipts, which can either be printed or downloaded for accessing later. The receipts can then be signed by the landlords and submitted towards the tax rebate. “It takes about a minute to generate rent receipts. The employee can print the PDF gen .. 

You don’t even need the revenue stamp if you are payment of rent is made via cheque. The receipt generated by ClearTax is sufficient. Revenue stamp is only needed if payment made in cash per receipt is more than Rs 5,000. “The service has become very popular in a very short time. We have already generated 2.5 lakh rent receipts across India,” said Gupta. 



@courtesy http://economictimes.indiatimes.com/

Post Views: 770

Interim Order in Bonus Amendment(2015) Matter Karnataka State

Posted by & filed under High Court Order on Bonus Act 2015.

Dear All,

Pls refer to the Vide Circular No. 15/2016 dated 2.2.2016  the Karnataka Employers’ Association and another Establishment have filed the Writ Petition before Hon’ble High Court of Karnataka in WP No.5272 & 5311/2016 challenging the portion of the Payment of Bonus (Amendment) Act 2015).

In my view as two  State High Court Order have been passed in regards to effective date should be from 1st Apr 2015 instead of 1st Apr 2014 ,we should Keep on hold the calculation & disbursement of the same. 
If  anyone has come across in regard to the said matter or update pls share the same.

Pls refer to the necessary order as attached 

interim-Order-in-Bonus (2015) Ammendment -Matter Karnataka High Court

Post Views: 688

Maharashtra Minimum wages Revision from 1st Jan 2016 till 30th Jan 2016( English Version)

Posted by & filed under Minimum Wages-Maharashtra.

Dear all,

As per per earlier blog as published in regards to Maharashtra Minimum wages Revision from 1st Jan 2016 till 30th Jan 2016 which was in local State Language & as per the earlier comments & demand I have made the English Version of the same.

In the said Minimum wages revision Pls add 5% HRA( As per Maharashtra Minimum  HRA Act 1983)  if no of employee count is 50. 

Pls refer to the said attach if anything have been missed out or any correction is to be done pls suggest me.



Minimum-Wages-Maharashtra 1st Jan 2016 to 30th June 2016-english

Post Views: 554