Corporate Updates – 08-08-2014

Employees Provident Fund

Employees Provident Fund Organisation (EPFO) has observed that many employers split the total wages payable to their employees into several allowances which are excluded from the final computation of wages as per Section 2(b) of the Employees Provident Fund & Miscellaneous Provisions Act, 1952. It has been decided to have inspection of all those establishments where the employers have deducted PF contribution on 50% of total wages paid to their employees. All officers have been instructed to complete the inspection by 31-08-2014 and to submit the report in the prescribed performa by 07-09-2014.

Income Tax

The Finance (No.2) Bill, 2014 as placed by the Hon’ble Finance Minister in Parliament on 10-07-2014 is assented by the President of India on August 6, 2014 and now enacted into Finance (No.2) Act, 2014.

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