NEW PF RULE
18 major NPS changes in last 6 months: New online withdrawal facility to changes in NPS transaction statement
New NPS rules: The National Pension System CRAs registered with the Pension Fund Regulatory and Development Authority (PFRDA) are consistently improving their systems. Here are the important NPS functions recently announced to enhance user experience and operational simplicity.
Non-refundable Covid advance no longer available under EPFO
According to an EPFO circular dated June 12, since Covid is no longer a pandemic, the competent authority has decided to discontinue the said advance with immediate effect and this would be applicable to even exempted establishments.
Ranbir Kapoor, Alia Bhatt splurge Rs 2.5 cr on brand new car!
Ranbir Kapoor and Alia Bhatt have recently acquired a stunning new addition to their collection: a luxurious Lexus LM. This high-end vehicle, reportedly costing a hefty sum of Rs 2.5 crore, was sighted parked outside their elegant abode, Vastu. Boasting a sleek exterior design complemented by multi-spoke wheels, the car features a revamped interior suite, top-of-the-line shock absorbers, and advanced dynamic radar cruise control technology.
Zimbabwe authorities mix charm with force in an attempt to shore up the world's newest currency
Although money typically doesn't require publicity, Zimbabwe's sixth national currency in 15 years needs all the help it can get. Desperate to halt a money crisis underlining the country's economic troubles, the government launched the gold-backed ZiG, the latest attempt to replace the Zimbabwe dollar, which had been battered by depreciation and often outright rejection by people unwilling to put their faith in it.
EPFO to challenge HC ruling against inclusion of foreign workers under its ambit
In a recent judgement, the high court termed the EPF scheme provisions covering 'international workers' unconstitutional if international workers earning several lakhs are required to contribute to provident fund on their full salary, whereas the contribution is capped at Rs 15,000 for Indians working overseas.
Inclusion of foreign workers in PF unconstitutional, says High Court
The move, which is likely to be challenged by govt and the Employees Provident Fund Organisation (EPFO), will impact thousands of expatriates who have contributed to the social security scheme or are currently part of it.
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When will EPF interest be credited for FY 2023-24? Here’s what EPFO has said, 4 ways to check PF balance
EPF interest for FY 2023-24: The Employees' Provident Fund Organisation (EPFO) announced the interest rate for provident fund deposits for the 2023–2024 fiscal year in February of 2024. The interest rate for 2023–24 was raised by the EPFO from 8.15% to 8.25% from the previous year.
Nicki Minaj further delays release of 'Pink Friday 2', Know new date, reason for delay, watch her video message
Hip-hop superstar Nicki Minaj has revealed that she has further pushed back the release date of her latest album 'Pink Friday 2'. In a video message on Instagram, she announced the new date and explained the reason. Watch the video message and listen to what she has said.
SpiceJet says TDS process has begun, co will deposit 'substantial' amount towards PF soon
Indian budget carrier SpiceJet has reportedly not deposited money into its employees' pension funds for at least 18 months and has not submitted employee tax since the last fiscal year. The airline has also delayed salaries to senior employees. In addition to these issues, SpiceJet is involved in legal battles with its former promoter and some lessors.
Prosus says Byju’s ‘disregarded advice’; court asks PayPal to follow PMLA reporting rules
A lot is happening at Byju’s. Prosus, one of the company’s major investors, has cited poor corporate governance as the reason for the exit of its representative from Byju’s board last month. This and more in today’s ETtech Top 5.
Law in limbo: Why India’s new labour codes are stuck
The new labour codes were announced years ago but they have not been implemented due to various reasons. Will the roadblocks be removed or stall the entire process?
New debt MF taxation rule give FDs an edge, but these debt fund categories can give better return
Budget 2023 has taken away the taxation advantage which the debt funds have been enjoying so far as LTCG tax on debt fund was applicable if it was held for 3 years or more at 20% with indexation. As per new rule the return from debt fund will now to be added to income of the taxpayers and will be charged as the applicable tax slab. This has brought debt MF on par with FD in terms of taxation. However, there are still many debt funds which will enjoy the old tax advantage.
EPFO circular on higher pension under EPS; read the full guidelines here
EPFO issued a circular on February 20, 2023, with guidelines on how eligible employees who missed out on opting for a higher pension under the EPS can now apply for it. Here is the circular issued by EPFO on February 20,2023
EPFO clause makes opting for higher pension nearly impossible
Responding to an RTI query on February 3, the retirement fund body said it had not received a single application, since the inception of the scheme in March 1996, for permission under a clause now made mandatory to claim the benefit of higher pension.
EPFO clause makes opting for higher pension nearly impossible
Over the years, the government has been raising the PF contribution ceiling, which was Rs 5,000 until June 2001, before being raised to Rs 6,500 and further to Rs 15,000 from September 2014. This means that despite the ceiling you could contribute 12% of your actual basic salary towards PF with a matching contribution by the employer.
When does EPF withdrawal become taxable?
Though the biggest USP of the Employees' Provident Fund is its EEE tax status, however, there are certain instances when EPF can become taxable. Here is a look at those circumstances when you are required to pay tax on EPF whether at the time of making contributions or at the time of withdrawal.
Richard Wyckoff's tips to study market trends for super stock selection
Richard Demille Wyckoff was a pioneer in studying the stock market using technical analysis in the early 20th-century and is regarded as one of the five “gurus” of technical analysis, along with Dow, Gann, Elliott and Merrill.
Automatic transfer of your EPF accounts on job change to happen soon
The Central Broad of Trustees, EPF has approved the development of a centralised IT-enabled system. This will help in the automatic merger/transfer of EPF accounts from the old employer to the new one.
Tax on EPF, NPS, Superannuation fund: Tracking excess contribution tedious, no clarity over double taxation
Amendments made to the way contributions to the EPF, NPS and Superannuation fund have increased the tax burden on certain sections of the salaried class.
Employers’ PF contribution tax norm creates confusion
In the previous year’s Budget, finance minister Nirmala Sitharaman had decided to tax employers’ contributions to provident fund, National Pension System (NPS) and approved superannuation funds in excess of Rs 7.5 lakh annually as a perquisite in the hands of employees, apart from the annual accretion on the “excess contribution”.
New wage code deferred: Your take-home pay, PF outgo, salary structure remain same for now
Staffing companies and HR professionals say that the new salary regime will cause changes to most pay structures in the country. Currently, for an overwhelming number of employers, the basic pay component is significantly lower than 50%.
Income tax rules: Tax on PF interest, reduction in time limit of ITR filing, other changes
With the start of the new financial year on April 1, various tax and money rules come into effect. Here is a look at 11 rules that will impact your money.
New wage rule may raise India Inc's costs from April
To be effective from next financial year, the new definition of wages (that includes salaries of executives in the private sector) caps allowances at 50% of total compensation.
PPF stays out of tax on EPF interest
“The cap is not applicable on PPF because there is already a limit of ₹1.5 lakh contribution in a year to PPF,” the official said. The government has proposed changing taxation rules for provident funds by levying income-tax on the interest earned on contributions exceeding ₹2.5 lakh in a financial year.
Interest on PF contribution above Rs 2.5 lakh to be taxable
The 2021 budget has also proposed to remove the tax exemption under Section 10(10d) to Ulips with a premium of more than Rs 2.5 lakh a year. This will not apply to existing Ulips, but only to policies sold after 1 February this year.
Will tax on PF interest also cover contribution to PPF account?
On the plain reading of the budget documents, it appears that tax will apply to the interest earned on contributions made to Employees' Provident Fund (EPF), Voluntary Provident Fund (VPF) as well as Public Provident Fund (PPF).
Decision to tax PF interest based on the principle of equity: Ajay Bhushan Pandey, Revenue secretary
In the budget announced on Monday, the govt said interest earned on Employees’ Provident Fund contributions of ₹2.5 lakh and above a year will be taxed at the prevailing income tax rates.
New rule coming? You may soon be eligible for gratuity even without 5 years on the job
Under current rules, an employee has to work for a company for five continuous years to be eligible for gratuity payment. According to reports, there is now a push in govt circles to cut the five-year criterion to a shorter period — between one and three years.
I am moving to France for my new job. Can I keep my PF account active?
If the contributions are not made to the PF account, then the account becomes inoperative. However, the account will continue to earn interest.
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