EPFO ON LINE
1. The present On Line system is very cumbersome due to various links are to be used for contribution payment, seeding KYC details, UAN etc. instead, if a system on par with ESIC would be user friendly.
2. Definition in all labour laws, contribution to Provident Fund is not to be considered as wages/salary; when this is so, taxing on withdrawal tantamount to be the contributions are wages and income. Moreover, it is a retirement benefit, so as a measure of social benefit, tax on withdrawal of PF amount can be dropped.
3. There is no compromise or second thought in remittance of contributions by employer in time. In cases where the employer defaults, PF authorities levy interest and damages - this is a penal action. Over and above, where the employer do not remit, are issued with notice threatening that criminal action will also be initiated - legally it may be correct. But practically, if the employer is put into prison, when he is unable to make the payment even with his presence due to various reasons, how he will be able to mobilise funds to clear the outstanding. This has to be well thought of and delete such provisions in the Act.
Thanks & Regards
G.SANKARANARAYANAN
2. Definition in all labour laws, contribution to Provident Fund is not to be considered as wages/salary; when this is so, taxing on withdrawal tantamount to be the contributions are wages and income. Moreover, it is a retirement benefit, so as a measure of social benefit, tax on withdrawal of PF amount can be dropped.
3. There is no compromise or second thought in remittance of contributions by employer in time. In cases where the employer defaults, PF authorities levy interest and damages - this is a penal action. Over and above, where the employer do not remit, are issued with notice threatening that criminal action will also be initiated - legally it may be correct. But practically, if the employer is put into prison, when he is unable to make the payment even with his presence due to various reasons, how he will be able to mobilise funds to clear the outstanding. This has to be well thought of and delete such provisions in the Act.
Thanks & Regards
G.SANKARANARAYANAN
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Income tax 30%, service tax 14%, swatch bharath 0.5 something else 0.5% Vat 7.5% so what is left tax on ppf and epf and gpf..... very abnormal way of thinking. Need to do two jobs, one for living and one for paying taxes
Mar 06
Yes. Tax on PF benefit after retirement should not be taxed on a humanity basis. Because this may be the only earning a normal employee have after working for so many years. Also this may be his fund for his future wherever children are not taking care of old people.
Mar 06
Sir, Kindly let me know if the withdrawal from EPF account can be done on line and if it so what is the link thereto.Regads,Aguiar On Saturday, 5 March 2016 4:39 PM, GURUSWAMY SANKARANARAYANAN wrote:
Mar 06
Submission of Life certificate through online is very much essential to the pensioners. Central and State government pensioners has to be given access to submit the Life Certificate through online for which both the government should have to design such a software to facilitate the pensioners to submit their life certificate to their respective department and the departments are advised to accept the same for releasing their pensions without any delay.
Mar 06
This is one of best example for our bad minded polician wrong policies. They want good salary, they takes free train and fliet journey. they don't want pay any tax for their free govt benefits. but they wanted tax on our hard earned money which kept for our retirement in EPF. This finance minister don't want to change tax slab but he wanted to put some more pressure on working class by adding such nonse idea of taxation.
Mar 06
