Pf Tax

Provident Fund Update: The EPFO regularly updates the subscribers about the monthly deposits into their PF accounts through SMS alerts.

Gratuity: An employee is eligible for gratuity payment after completing 5 years of continuous service with one employer.

The government has decided to reduce the tax benefits on PF, in a move to target high-income earners who benefit from the scheme.

Salaried individuals receive salaries periodically from their employer, mostly on a particular date.

The circular said the TDS will be deducted when the interest is paid to an EPF account.

Employees Provident Fund (EPF) contributions exceeding ₹ 2.50 lakh yearly will be taxed from today, i.e., April 1, 2022. That limit has been set for government employees at a higher end of ₹ 5 lakh.

The Centre has planned to tax Employees Provident Fund (EPF) contributions exceeding Rs 2.50 lakh yearly. For government employees, the limit has been set at a higher end of Rs 5 lakh. Under the set of new Income Tax (I-T) Rules, PF accounts are likely to be divided into two parts -- taxable and non-taxable contribution accounts from April 1, 2022.

Government may double the limit for tax-free contributions in provident fund for all salaried employees to up to Rs 5 lakh per annum in the budget

Central Board of Direct Taxes (CBDT) has issued the rules and separate accounts within the PF account shall be maintained.

In Budget 2021, the Finance Minister made the announcement regarding raising the limit to Rs 5 lakh in cases where employers do not make contributions to the provident fund.

Individuals whose provident fund contribution is Rs 2.5 lakh or more in a financial year, will not be able to seek tax exemption on the interest earned from the next financial year

In her budget 2021 announcements, the finance minister had proposed that interest earned on employee's contribution above Rs 2.5 lakh in a year will become taxable in the hands of the employee

Individuals whose provident fund contribution is Rs 2.5 lakh and above in a financial year, will not be able to seek tax exemption on the interest earned

Any contribution by employers towards these social security schemes beyond Rs 7.5 lakh per annum would be treated as perquisite of the employee and taxed accordingly.

According to NSDL's website, the central government subscribers have the option of selecting the Pension Funds (PFs) and investment patterns in tier I account.

Provident Fund Update: The EPFO regularly updates the subscribers about the monthly deposits into their PF accounts through SMS alerts.

Gratuity: An employee is eligible for gratuity payment after completing 5 years of continuous service with one employer.

The government has decided to reduce the tax benefits on PF, in a move to target high-income earners who benefit from the scheme.

Salaried individuals receive salaries periodically from their employer, mostly on a particular date.

The circular said the TDS will be deducted when the interest is paid to an EPF account.

Employees Provident Fund (EPF) contributions exceeding ₹ 2.50 lakh yearly will be taxed from today, i.e., April 1, 2022. That limit has been set for government employees at a higher end of ₹ 5 lakh.

The Centre has planned to tax Employees Provident Fund (EPF) contributions exceeding Rs 2.50 lakh yearly. For government employees, the limit has been set at a higher end of Rs 5 lakh. Under the set of new Income Tax (I-T) Rules, PF accounts are likely to be divided into two parts -- taxable and non-taxable contribution accounts from April 1, 2022.

Government may double the limit for tax-free contributions in provident fund for all salaried employees to up to Rs 5 lakh per annum in the budget

Central Board of Direct Taxes (CBDT) has issued the rules and separate accounts within the PF account shall be maintained.

In Budget 2021, the Finance Minister made the announcement regarding raising the limit to Rs 5 lakh in cases where employers do not make contributions to the provident fund.

Individuals whose provident fund contribution is Rs 2.5 lakh or more in a financial year, will not be able to seek tax exemption on the interest earned from the next financial year

In her budget 2021 announcements, the finance minister had proposed that interest earned on employee's contribution above Rs 2.5 lakh in a year will become taxable in the hands of the employee

Individuals whose provident fund contribution is Rs 2.5 lakh and above in a financial year, will not be able to seek tax exemption on the interest earned

Any contribution by employers towards these social security schemes beyond Rs 7.5 lakh per annum would be treated as perquisite of the employee and taxed accordingly.

According to NSDL's website, the central government subscribers have the option of selecting the Pension Funds (PFs) and investment patterns in tier I account.