NEW DELHI: The finance and labour ministries have locked horns over the issue of bringing retirement fund manager EPFO under the service tax net. The central board of excise and customs has slapped a notice for recovery of service tax on Employees’ Provident Fund Organization (EPFO) but the labour ministry has opposed it saying the organization was not doing any commercial activity. “Our stand is very...
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finance and labour ministries have locked horns over the issue ofbringing retirement fund manager EPFO under the service tax net.Thecentral board of excise and customs has slapped a notice for recovery of servicetax on Employees’ Provident Fund Organization (EPFO) but the labourministry has opposed it saying the organization was not doing any commercialactivity.“Our stand is very clear that EPFO is...
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Companies with 10 employees may also come under EPF Act.The Employee Provident Fund Organisation (EPFO) has sent a proposal to the labour ministry to increase the salary limit for paying employee provident fund (EPF) to Rs 10,000 from the current Rs 6,500.It has also proposed covering companies with a minimum of 10 employees under the Employee Provident Fund and Miscellaneous Provisions Act (EPF &...
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The EPFO faces three important questions: is it essential for its members to have central record-keeping and administration? Is portability between the NPS and EPFO in public interest? And should it reinvent the wheel or simply harness existing capacity? EPFOs’ current decentralised system inhibits labour portability. Without central record-keeping, it is practically impossible for EPFO members to...
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The Employees’ Provident Fund Organisation (EPFO) has introduced electronic credit through Core Banking System for payment of various benefits and immediate withdrawal of contributions by members,...
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The Employees Provident Fund Organisation (EPFO) will be seeking approval from its apex decision-making body, the Central Board of Trustees (CBT), to implement a finance ministry order to invest up to 15 per cent of the fund in equity. The new pattern that was notified last year comes into force from April 2010.The matter is currently being considered by the Finance and Investment Committee (FIC),...
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Employees Provident FundOrganisation (EPFO) has once again mooted to invest a part of its corpus intostock market. The proposal will be coming up before the EPFO's central board oftrustees (CBT) scheduled to meet on October 24.However, it comesalong with a warning. An analysis by the investment experts who made theproposal also says that positive returns may be achieved only in the longer termwhich...
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1,488 online grievances received last year, 1473 were redressed: Additional CommissionerTIRUCHI: By the end of this fiscal, computerised operations will commence at the Regional Provident Fund offices at Chennai, Tambaram, Coimbatore and Madurai to facilitate settlement of claims within 10 working days, N.A. Nair, Additional Central Provident Fund Commissioner, Employees’ Provident Fund Organisation...
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Bhavishyanidhi Adalat of the Employees’ Provident Fund Organisation (EPFO) would be held at the Madurai Regional Office on November 10.According to a press release, all employees covered under Employees’ Provident Fund Scheme-1995, Employees’ Pension Scheme-1995, and Employees’ Deposit Linked Insurance Scheme-1976 in the districts of Madurai, Dindigul, Theni, Ramanathapuram, Virudhunagar, and Sivaganga...
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Speaking after launching the website and at the valedictory of Vigilance Awareness Week, the Additional Director-General of Police, Lokayukta, Karnataka, Rupak Kumar Datta, said that corruption could be checked through transparency.He said that all the departments of the State Government should emulate this spirit and organise awareness programmes.The Additional Central Provident Fund Commissioner,...
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