Photo: DNA India
Govt To Give 8.5% Interest Rate On EPF For FY21: Reports
Making a good announcement ahead of Diwali, the government has decided to keep the interest rate unchanged on employees' provident fund at 8.5% for the financial year 2020-21, said media reports on October 29. Reportedly, the rate will benefit over five crore users of the Employees Provident Fund Organisation (EPFO). Earlier in 2019-20, the rate was reduced to 8.5% from 8.65% for 2018-19.
Tags: EPF, EPFO, Diwali, interest rate, Provident Fund
Courtesy: Press Trust Of India
Photo: Hindustan Times
Aadhar-EPF Linking Made Mandatory From September
Employee Provident Fund account holders should link their Aadhar card with the PF accounts by August 31, after which the link will stop the users from making contributions to their accounts. The Funding regulator has also instructed the employees to get the Universal Account Number of all EFP account holders. Notably, the last date was May 30 but EPFO has extended the date to link Aadhar card.
Tags: Aadhar Card, Provident Fund, funding, Delhi Government
Courtesy: Live Mint
Photo: DNA India
Tax Exemption On PF Threshold Limit Exceeds To Rs 5 Lakh
The Centre has increased the deposit threshold limit of provident fund from Rs 2.5 lakh to Rs 5 lakh on March 23. Reportedly, the interest received on the newly exceeded amount would also be tax-exempt. However, the tax exemption can only be enjoyed by only those individuals who do not contribute to the retirement fund. Earlier, the FinMin Nirmala Sitharaman, during budge, vowed to tax individuals for contributions over Rs 2.5 lakh.
Tags: Nirmala Sitharaman, Finance Minister, India, Provident Fund, Economy
Courtesy: NDTV
