Diabytes
Provident funds News
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The investors were across provident funds, pension funds, insurance companies, mutual funds, corporates etc.
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The interest on contribution to Provident Fund for up to Rs 5 lakh per annum will be tax-free.
Earlier, the limit was Rs 2.5 lakh which was introduced in the Finance Bill proposal.
However, finance minister Nirmala Sitharaman doubled the limit where there was no employer contribution.
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The EPFO had announced this rate on deposits for 2016-17, a tad lower than 8.8 percent in 2015- 16.
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The EPFO had announced 8.65% rate of interest on deposits for FY17, a tad lower than 8.8% in FY16.
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Retirement fund body EPFO has asked its field offices to ensure that the firms running private PF trusts are not investing the accumulated provident funds of employees in their own arms and entities.
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The Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday said funds transferred from Provident Fund account to National Pension System (NPS) account will not attract any tax.
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Retirement fund body EPFO is likely to take a decision early next month on interest rate on PF deposits of its over six crore subscribers for 2015-16.
Retirement fund body EPFO has started a new facility to transfer provident funds of foreign employees to bank accounts in their own countries.
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