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Employee Provident Fund(EPF)

Employees' State Insurance is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees' State Insurance Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948. ESIC is an autonomous corporation by a statutory creation under ministry of labour of employment, government of india. For all employees earning Rs.15,000 (US$220) or less per month as wages, the employer contributes 4.75 percent and employee contributes 1.75 percent, total share 6.5 percent. State government's share is 1/8th and that by central government is 7/8th. This fund is managed by the ESI Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family.

 

 

  • Accumulation plus interest upon retirement, resignation and death
  • Partial withdrawals allowed for specific expenses such as house construction, higher education, marriage, illness etc.
  • capital subsidy;

Benefits on EPF Contribution:-

1.The amount invested in an Employees Provident Fund is exempt from tax under Section 80C of the Income Tax Act.

2.EPF accounts will now yield a return of 8.75 per cent annually. Return on EPF does not attract tax.

3.In EPF, the amount is paid at the time of retirement or resignation, whichever occurs earlier.

4.In the case of a change of one’s job, the amount can be transferred from the old company to the new one.

 










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NEWS

  • As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August,2018. While filing the form,the Unique Personal Mobile Number and Person

  • Forms MGT-7, AOC-4 and Additional Attachment are likely to be revised on MCA21 Company Forms Download page w.e.f 14th JULY 2018. Stakeholders are advised to check the latest version before filing.

  • DIR-3 KYC will be available on MCA21 Company Forms Download page w.e.f 14th July 2018 for filing purposes. Stakeholders are advised to plan accordingly.

  • MCA21 system will be intermittently unavailable from Saturday, 23rd June 2018 09.00 pm to Saturday, 23rd June 2018 11.00 pm IST due to maintenance activity. Stakeholders are requested to plan accordingly.

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