WebApr 11, 2024 · The Employee’s Provident Fund or EPF or PF is a money saving tool for all the salaried people in India. It includes contributions from self as an employee and the employer during the working years of life to save money for retirement. Strangely, not all employees know how to check the EPF passbook. WebValue of any perquisite [under section 17(2)] ii. Employer’s contribution to PF. ... Unrecognized provident fund. Public provident fund. Employers contribution to provident fund. Fully Exempt. Exempt only to the extent of 12% of salary* Fully Exempt-Deduction under section 80C on employees contribution.
EPF Account 2 not bank collateral for loan: Ahmad Maslan
WebApr 11, 2024 · The lender, that is the bank, cannot use the EPF savings if the member fails to pay his loan instalments. Members still have the right to make withdrawals when they reach the age of 50 or 55 (subject to the balance in their accounts) because they are still protected under Section 51 of the EPF Act 1991.” WebMay 27, 2024 · The judgement further elaborated that The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (“EPF Act”) is a social welfare legislation to protect against the weaker section of the society as enshrined in the directive principles of the Constitution of India. samsung c\u0026t corporation vietnam
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WebApr 9, 2024 · EPF Investment or Employee Provident Fund Under section 80C of the Income Tax Act, the employer’s contribution to the EPF account is liable for tax deductions upto INR 1,50,000. The contribution towards EPF account amounts to 12% of the salary. For the Financial Year 2024-18, the interest rate on the EPF is set as 8.55% per annum. 4. WebMar 23, 2024 · EPF (Employee Provident Fund) is a monthly savings scheme for an employee to provide financial stability during his retirement. Both employee and employer contribute towards this scheme. EPF is mandatory … WebThe contributions made to the Employees' Provident Fund (EPF) in India are eligible for tax benefits under Section 80C of the Income Tax Act. This means that the contributions made by the employee up to a limit of INR 1.5 lakhs per financial year are … samsung c\u0026t corporation subsidiaries