From 28th March, 2020, Government allowed non-refundable advance out of PF account balance to certain employees helping them fight the battle against Corona Virus. If Small and medium businesses educate and motivate their employees to avail this facility, their own financial burden will also be reduced.
Here is my power point presentation about the statutory provisions of scheme, how much can be withdrawn, procedure to claim and other issues.
Provident funds its benefits and eligibility nation learns (1) convertedNation Learns
Provident fund is a saving scheme that counted as requisite accounts that need to be sustained by every individual employee as an essential thing after their retirement. This scheme has introduced by EPFO under the regulation of the Government of India
EPF Calculator, a complete remedy for all your queries and stress in your Employee PF management. Itsan open source software developed with Latest technology. With EPF calculator, you need not worry about EPF rules and procedures or calculation errors ever again! It computes the provident funds of all the employees in your organization.
Generate member wise information and reports in a single click. We provide exceptional quality assurance in PF calculations. It facilitates PF calculation very simple and this will allow user to reap the benefit of time and cost. It provides easy entry of data with quick generation of reports. Hence, anyone can use it for their own purposes, without legal hassles, as spread free software. By entering the establishment and employee details the software will calculate the provident fund contributions correctly as per EPFO rules and will generate the annual and monthly return forms as per your requirements
Provident funds its benefits and eligibility nation learns (1) convertedNation Learns
Provident fund is a saving scheme that counted as requisite accounts that need to be sustained by every individual employee as an essential thing after their retirement. This scheme has introduced by EPFO under the regulation of the Government of India
EPF Calculator, a complete remedy for all your queries and stress in your Employee PF management. Itsan open source software developed with Latest technology. With EPF calculator, you need not worry about EPF rules and procedures or calculation errors ever again! It computes the provident funds of all the employees in your organization.
Generate member wise information and reports in a single click. We provide exceptional quality assurance in PF calculations. It facilitates PF calculation very simple and this will allow user to reap the benefit of time and cost. It provides easy entry of data with quick generation of reports. Hence, anyone can use it for their own purposes, without legal hassles, as spread free software. By entering the establishment and employee details the software will calculate the provident fund contributions correctly as per EPFO rules and will generate the annual and monthly return forms as per your requirements
A CASE STUDY ON EPF INCENTIVE REFUND SCHEME - CONDUCTED BY NABARUN CHAKRABORT...Nabarun Chakraborty
This research work is based on a study on whether G I Security Pvt Ltd is eligible to get a refund from EPF admin charges as per the Incentive Refund Scheme program of EPFO. It is an individual study conducted by Nabarun Chakraborty (HR Professional) in the year 2018 which is copyright protected as per The Copyright Act, 1957 (as amended by the Copyright Amendment Act 2012).
How you can get a higher pension from EPFO beyond ceiling limit?Amitava Nag
It appears that, on the basis of Delhi High Court (22.05.2019) and Kerala High Court (12.10.2018) verdicts, employee and employer have the opportunity to submit ‘Joint Request’ for higher contribution on EPS which is mere an adjustment of accounts as money will go from EPF to EPS and employer does not have any extra burden on such higher contribution. Monthly pension will be as given below:
Monthly pension after 58 yr age = {Average of Basic pay + Grade pay + D.A. of last 12 months} x {(Month and Year of retirement) – (November 1995) + 2) / 70
N.B. (a) 6 months and more=1 year, (b) 2 years added as per clause 10(2) for retirement at the age of 58 and period of contribution in EPS from Nov’95 is equal to 20 years or more. (c) Amount of pension shall be increased @ 4% for every completed year if the age of drawing pension is deferred upto 60 years.
This Blog written by me attempts to discuss the features and Benefits of Employee Provident fund Scheme as a Fixed Savings instrument in terms of Applicability, Contributions, Return, Risks, Lock-in period, Liquidity, Tax Benefits, Voluntary PF and highlights the recent relief measures that the government has announced considering the current COVID-19 Pandemic
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
A CASE STUDY ON EPF INCENTIVE REFUND SCHEME - CONDUCTED BY NABARUN CHAKRABORT...Nabarun Chakraborty
This research work is based on a study on whether G I Security Pvt Ltd is eligible to get a refund from EPF admin charges as per the Incentive Refund Scheme program of EPFO. It is an individual study conducted by Nabarun Chakraborty (HR Professional) in the year 2018 which is copyright protected as per The Copyright Act, 1957 (as amended by the Copyright Amendment Act 2012).
How you can get a higher pension from EPFO beyond ceiling limit?Amitava Nag
It appears that, on the basis of Delhi High Court (22.05.2019) and Kerala High Court (12.10.2018) verdicts, employee and employer have the opportunity to submit ‘Joint Request’ for higher contribution on EPS which is mere an adjustment of accounts as money will go from EPF to EPS and employer does not have any extra burden on such higher contribution. Monthly pension will be as given below:
Monthly pension after 58 yr age = {Average of Basic pay + Grade pay + D.A. of last 12 months} x {(Month and Year of retirement) – (November 1995) + 2) / 70
N.B. (a) 6 months and more=1 year, (b) 2 years added as per clause 10(2) for retirement at the age of 58 and period of contribution in EPS from Nov’95 is equal to 20 years or more. (c) Amount of pension shall be increased @ 4% for every completed year if the age of drawing pension is deferred upto 60 years.
This Blog written by me attempts to discuss the features and Benefits of Employee Provident fund Scheme as a Fixed Savings instrument in terms of Applicability, Contributions, Return, Risks, Lock-in period, Liquidity, Tax Benefits, Voluntary PF and highlights the recent relief measures that the government has announced considering the current COVID-19 Pandemic
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
Aera note it 2021_charitable institute_registration_mar 2021vikash parakh
The Central Board of Direct Taxes (CBDT) has issued a notification dated 26th March 2021 pertaining to the procedure for registration including reapproval/revalidation of existing 12A / 12AA / 80G registrations.
The new Rules and Forms will be applicable from 1st April 2021 and all charitable trusts and institutions already registered u/s 12A or 12AA or having 80G certificate must apply for reapproval/revalidation of their registration before 30th June 2021.
Aera has prepared a note for understanding and process for reapproval/revalidation/approval as per the released Notification.
Please let us know if you need any more details.
EPFO is one of the social security organizations with a large volume of financial transactions taking place in the country.EPF Registration: Registration, Process & Eligibility For Employers and Employees.
“Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have.” Good morning, attached today's newsletter 20.10.2020. Good day ahead.
"Without knowledge action is useless and knowledge without action is futile"- Good morning, attached today's newsletter 17.10.2020. Have a great weekend.
"Knowledge is like money: to be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value"- Hi attached today's Newsletter 13.10.2020. Good Day ahead.
“That knowledge which purifies the mind and heart alone is true knowledge, all else is only a negation of knowledge.” Hi Good morning, attached today's Newsletter 30.09.2020. Good Day ahead.
“Education is the ability to listen to almost anything without losing your temper or self-confidence.” Hi good morning, attached today's newsletter 29.09.2020
“Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have.” Good morning, attached today's newsletter 26.09.2002
In today’s environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it.- Good morning attached today's newsletter 25.09.2020.
Knowledge is always changing. For the moment, the best approach to managing it is one that keeps things moving along while keeping options open. Good morning attached today's Newsletter 19.09.2020.
“Knowledge is like a garden; if it is not cultivated, it cannot be harvested.” Hi Good morning, attached today's newsletter dated 17.09.2020. have a great day ahead
The more extensive a man’s knowledge of what has been done, the greater will be his power
of knowing what to do"- Good Morning, attached today's newsletter 11.09.2020. Have a great weekend.
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the what'sapp contact of my personal pi merchant below. 👇
+12349014282
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
1. Elemental Economics - Introduction to mining.pdf
Presentation on PF Non refundable advance
1. WITHDRAWAL OF NON-
REFUNDABLE ADVANCE
FROM PROVIDENT FUND
ACCOUNT
Central Government
announcement to help
certain EPFO members fight
the battle against Corona
Virus
2. Background
While announcing Rs 1.70 Lakh Crore relief package under Pradhan
Mantri Garib Kalyan Yojana for the poor to help them fight the battle
against Corona Virus, FM also made an announcement for Organised
sector that Employees’ Provident Fund Regulations will be amended
to include Pandemic as the reason to allow non-refundable advance
of 75 percent of the amount or three months of the wages, whichever
is lower, from their accounts.
It was decided to benefit families of four crore workers registered
under EPF.
[Source:- Ministry of Finance Press Release dated 26th March, 2020]
3. Source of power to implement this announcement.
Under Section 5(1) read with section 7(1) of the Employees
Provident Funds and Miscellaneous Provisions Act, 1952 central
government is empowered, by notification in the Official Gazette,
to frame a Scheme to be called the Employees‟ Provident Fund
Scheme or amend existing scheme for the establishment of
provident funds for employees or for any class of employees and
specify the establishments or class of establishments to which the
said Scheme shall apply.
4. Announcement of Scheme
To give effect to announcement made by Finance Minister
on 26th March 2020, Ministry of Labour and Employment
amended the Employees’ Provident Funds Scheme, 1952 by
notifying the Employees’ Provident Funds (Amendment)
Scheme, 2020 vide notification dated 27th March, 2020
published in official gazette vide G.S.R. 225(E) on 28th
March 2020 effective from 28th March, 2020.
[Source: http://egazette.nic.in/WriteReadData/2020/218950.pdf]
5. Announcement of Scheme
A new subparagraph (3) added in paragraph 68L in the Employees’ Provident
Funds Scheme, 1952, The Commissioner or, where so authorised by the
Commissioner, any officer subordinate to him, may, on an application from any
member of this Scheme employed in any establishment or factory located in an
area declared as affected by outbreak of any epidemic or pandemic by the
appropriate Government, permit a non-refundable advance from the provident
fund account of such member not exceeding,
lower of-
Basic wages and dearness allowances of that member for 3 months or
up to 75% of the amount standing to his credit in the Fund.
[Source: http://egazette.nic.in/WriteReadData/2020/218950.pdf]
6. EPFO issued FAQs on the scheme on 4th April
Who is eligible
Any member of EPF Scheme with UAN (Universal account number) and working
in establishments and factories across entire India
No certificate or documents are to be submitted by member or his/her employer
for availing the benefit.
How much money allowed to be withdrawn-1
Non-refundable withdrawal to the extent of the basic wages and dearness
allowances for 3 months or up to 75% of the amount standing to credit in the EPF
account, whichever is less. The amount standing to credit in EPF includes
employee’s share, employer’s share and interest thereupon. Since withdrawal is non-
refundable, there is no requirement to refund the amount.
[Source: https://www.epfindia.gov.in/site_docs/PDFs/Updates/covid_faq_claim_04042020.pdf]
7. EPFO issued FAQs on the scheme on 4th April
How much money allowed to be withdrawn-2
Example
An employee’s balance in PF Account is Rs. 1,00,000 and she is drawing salary
of Rs. 30,000 per month.
a) 3 months’ salary would be Rs. 90,000/- (Rs. 30,000 pm * 3 months)
b) 75% of balance in PF Account is Rs. 75,000/- (75% of Rs. 1,00,000)
Maximum non refundable advance of Rs. 75,000/- is allowed [(lower of (a) and
(b)]
8. EPFO issued FAQs on the scheme on 4th April
How to claim this amount
Claim for this advance also can be filed
Online if your UAN is validated with
Aadhaar and KYC of Bank account and
Mobile number is seeded in UAN.
9. EPFO issued FAQs on the scheme on 4th April
Procedure
On the home page of website- www.epfindia.gov.in, under the TAB “COVID-19” on
top right hand corner, instructions for filing online advance claim is hosted.
The process is below:
a. Login to Member Interface of Unified Portal
(https://unifiedportalmem.epfindia.gov.in/memberinterface)
b. Go to Online Services>>Claim (Form-31,19,10C & 10D)
c. Enter last 4 digits of your Bank Account and verify
d. Click on “Proceed for Online Claim”
e. Select PF Advance (Form 31) from the drop down
f. Select purpose as “Outbreak of pandemic (COVID-19)” from the drop down
g. Enter amount required and Upload scanned copy of cheque and enter your address
h. Click on “Get Aadhaar OTP”
i. Enter the OTP received on Aadhaar linked mobile.
j. Claim is submitted
10. EPFO issued FAQs on the scheme on 4th April
Procedure
Claim can be filed through mobile phone,
either
i) login to (https://unifiedportal-mem.epfindia.gov.in/memberinterface) and
follow steps as in last slide
or
ii) Through UMANG (Unified Mobile Application for New-age Governance)
Mobile APP Home> EPFO> Employee Centric Services> Raise Claim> Login
with your UAN and OTP received on your mobile number registered with UAN
to file claim.
11. EPFO issued FAQs on the scheme on 4th April
This advance can be availed irrespective of advances availed earlier.
Income Tax is not applicable on any advance availed under EPF Scheme
If you already applied for any advance and now want this advance instaed of
applied advance than send request on email of your jurisdictional Regional
Office for rejection of earlier form 31 submitted.
Claims for advance to fight COVID-19 pandemic are being processed on
priority considering exigency of the situation.
12. EPFO issued FAQs on the scheme on 4th April
What if KYC is not complete for EPF account and hence unable to
file this claim.
The claim for this advance can be filed Online if your UAN is validated with
Aadhaar and KYC of Bank account and Mobile number is seeded in UAN. You
are requested to complete your KYC by submitting same on Member Portal. If
your basic details that is name, date of birth and gender against UAN are same
as that in Aadhar, you can link your Aadhar through eKYC Portal. In case of
mis-match in KYC details and details in EPF account, please submit online
request for demographic detail correction through your employer. The bank
account details has to be digitally approved by the employer. For submitting
your claim online your aadhar linked mobile will get OTP. So your aadhar
should be linked with a mobile.
13. EPFO issued FAQs on the scheme on 4th April
It is not necessary to apply for 75% of PF balance under this provision,
one can apply for lesser amount also.
Advance to fight COVID-19 pandemic are being settled on priority to
mitigate hardship faced by members.
You can avail this advance while still in service.
14. PRADEEP GOYAL, CHARTERED
ACCOUNTANT
FCA | CFA | CPA- Australia | Insolvency
Professional | Registered Valuer | ICAI
Certified GST Expert | Registered ID with IICA
+91-9811777103 | pradeep@pgaa.in