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Search for "Pf Payment Grace Days Tax Exemption"


Grace period for payment of pf
Dear friends i have been advised that a grace period of 5 days is allowed for payment of pf by cheque vide circular no.e128160111 dated 19.3.1964 as amended on 14.10.1973. if anyone has copy of the circulars kindly share. regards
Tax deductions for home loans - need details
Hi can anyone just brief me on the tax deduction facilities available for housing loan ? is the tax exemption for housing loan principal and interest payment part of the tax exemption for investments mutual funds nsc etc upto 1 lakh max or is it an additional option other than the investments . can someone please give the deatils for the same ? awaiting a positive response. thanks in advance kk2202
Need details on tax benefits from housing loan
Hi can anyone just brief me on the tax deduction facilities available for housing loan ? is the tax exemption for housing loan principal and interest payment part of the tax exemption for investments mutual funds nsc etc upto 1 lakh max or is it an additional option other than the investments . can you please clear this at the earliest ? awaiting a positive response. thanks in advance kk2202
Removal of grace period for payment of epf contributions
Dear all pl. find the attached circular issued by the epfo removing the grace period of 5 days for remitting epf contributions. the same is effective february '16.
Tax exemption on gratuity amount-how many times ?
Dear members how many times an employee can get tax exemption on gratuity ? example no.1 an employee got gratutity of 10 lac and got exempton can also get exemption from second employer on gratuity ? example no. 2 an employee got gratuity 4lac from one employer 5lac from second employer and 3lac from third employer how will he get tax exemption total gratuity is 12lac will get exemption from all employer or from first employer or 9lac from first two and one lac from third ? kindly provide your valuable comments. regards
Pf update: removal of grace period for payment of pf contribution
Source no. wsu/912013/settlement dated 8th jan 2016. background as per para 381 of the epf scheme para 3 of eps scheme and para 81 if edli scheme framed under employees provident fund and miscellaneous provisions act it is mandatory to make payment of pf contributions on a monthly basis by the 15th of the following month. however the grace period of 5 days was provided to make payment of the contribution i.e. by the 20th of the following month for administrative convenience. amendment with reference to the above circular attached epfo has withdrawn the grace period of 5 days and payment of pf contribution has been made mandatory before 15th of following month w.e.f. wage month jan 2016. reasoning in the present scenario employers compute epf liabilities electronically and also file the return. the remittances are also deposited online. this has reduced the process and time taken in calculation of pf dues and its remittance in the bank. as the process has become easier and time taken to process monthly pf return is reduced it has been decided to withdraw concession of five days grace period for depositing contribution and other dues. effective date it is effective from wage month jan 2016. so pf contribution for the month of jan 2016 should be paid before 15th february 2016. please note that the pf contribution for dec 2015 can be paid by 20th jan 2016 consequences for delay any delay in payment of pf contribution beyond the due date will attract penal provisions as follows under employees provident fund and miscellaneous provisions act 1952 1. sec 7q : delay in payment of pf results in interest 1.25 per month 2. sec 14b : delay also results in penalty which can extend upto 100 of liability in the following manner. for delay between 0 to 2 months it is 5 of the liability prorate between 2 to 4 months 10 4 to 6 months it is 15 and beyond six months to one year it is 25. the calculation is prorata depending on no of days. delay of 4 years or more results in penalty of 100 of arrears under income tax act sec 361va 1. deduction with regards to payment of employee share of provident fund is permissible only if it is paid within the due date as prescribed in the act. 2. as a result of the amendment deposit of contribution after 15th of the following month will result in disallowance of expenditure to the extent of employee share. earlier payment till 20th of the following month was allowed for claiming deduction disclaimer : we do not take any financial or other liability for any obligation that may arise to any one as a result of this document and the content therein. we advise that the experts be consulted.