employee provident fund organization epfo

Employee Provident Fund Organization (EPFO)

Employee Provident Fund Organization (EPFO) The employee provident fund came into existence with the promulgation of Employees’ Provident Funds Ordinance on the 15th November 1951. It was replaced by Employees’ Provident Fund Act, 1952. The act is now referred to as the Employees’ Provident Funds & Miscellaneous provisions Act, 1952. The Act and schemes framed there under are administrated by a tri-partite Board known as the Central Board of trustees, Employees’ Provident Fund, consisting ...

taxable perquisites for salaried employee

Taxable Perquisites for Salaried Employee

Taxable Perquisites for Salaried Employee Related taxable perquisites 1. Taxable Perquisites for Salaried Employee Education Expenses - Value of perquisite up to 1,000 pm 2. Interest-free loans - difference between SBI lending rate and ACTUAL RATE 3. PREMIUM - RPF Employer contribution more than 12% Employee contribution more than 12% Interest on EPF more than 9.5% URPF - All contribution related to PF, Interest 4. Movable Assets For Computers 50% dep WDV For Car ...

indian accounting standard

Indian Accounting Standard

Financial Instruments The objective of this Indian Accounting Standard is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements. IND AS 109 Financial Instruments deals with classification, recognition, de-recognition and measurement requirements for all the financial assets and liabilities. Definition A financial instrument is any contract that gives rise to – a fi ...

Fixed Maturity Plan FMP

Fixed Maturity Plans

Fixed Maturity Plans Fixed maturity plans (FMPs) are a special class of close-ended debt mutual funds that mature after completion of a pre-determined time period. Thus you can make investments in an FMP only during the new fund offer (NFO) period. Subsequent to the completion of the NFO period, no new investments can be made into an FMP scheme. After the closing date, the offer to invest ceases to exist. FMP – Investment Streams: As a result of being classified as non-equity investments, the ...

GST Registration for Partnership

Income Tax Refund Status

Income Tax Refund Status Under Income tax, the term refund can be defined as excess tax amount paid or deducted during the financial year which will be credited back to assessee. It will be credited back along with the Interest. The tax amount paid or deducted could be in the form of advance tax, self-assessment tax, tax deducted at source, In case of double taxation, for example – when a person is a citizen of one country but derives income from another country. However, there are a few coun ...

section 80d

Section 80D

Section 80D Deduction in respect of Health Insurance Premium Assessee being individual or HUF can take deduction on which such assessee incurred health insurance premium if any, while computing income tax. Such deduction is available on if such amount is paid through any mode other than cash. Applicability: The whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family or any contribution made to the Central Government Health Sch ...

statement of financial transactions sft code

Statement of Financial Transactions (SFT) Code

The Finance Act 2014 introduced significant changes to Section 285BA, renaming it to "Obligation to Furnish Statement of Financial Transactions or Reportable Accounts." This amendment aimed to expand the scope of specified persons and introduce various new provisions. In this article, we will discuss the provisions of Section 285BA and related rules. Definition The Statement of Financial Transactions (SFT) is a report that must be submitted by specified persons in Form 61A. This report is mandat ...

tds on cash withdrawal of more than 1 crore

TDS on Cash withdrawal of more than 1 Crore

TDS on Cash withdrawal of more than 1 Crore In order to discourage cash transactions and move towards a cashless economy, a new Section 194N has been inserted under Income-tax Act with effect from September 1, 2019, to provide for deduction of tax on cash withdrawals made by any person from his bank or post-office account. Deductor: Every banking company, co-operative bank or post office. Time of Deduction: TDS under Section 194N tax shall be required to be deducted only when the aggregat ...

income computation disclosure standards icds

Income Computation Disclosure Standards (ICDS)

Income Computation Disclosure Standards (ICDS) Central Board of Direct Taxes has notified 10 income Computation and Disclosure standards to ensure control over disclosure of income of assessee, to bring uniformity in accounting policies governing computation of income in accordance with the tax-related provisions, also reducing irregularities among them. ICDS is not for the purpose of maintenance of books of accounts. These are similar to Accounting standards as per Companies Act, 2013 in major ...

Provident Fund

Provident Fund

Provident Fund Provident fund is regulated by the Employee Provident Fund scheme, 1952. is one of the primary savings schemes for people working in government, public or private sector organizations in India. Provident fund is a welfare scheme for the benefits of the employees. Under this scheme, both the employee & employer contribute their part but the whole of the amount is deposited by the employer. The Fund shall vest in, and be administered by, the Central Board constituted. Applicabil ...