EPF interest delays: How it impacts compounding and tax filing
1 month, 1 week ago

EPF interest delays: How it impacts compounding and tax filing

Live Mint  

Chennai-based Sudarshan Jain was in for a shock when he checked his Employee Provident Fund passbook in August this year. “EPFO considers the previous year's declared rate of interest to process the claim. If the present year rate of interest is higher than the previous year, to that extent, member will be in loss of interest," he said. If EPFO increases the current financial year’s interest rate, Mr A’s claim will still be settled as per the previous years’ rate of 8.25% even though he has contributed for eight months this year. Kakkar noted that many of his clients in the current assessment year saw EPF interest income of FY23 reflecting in FY24 form 26AS.

Loss Financial Income Delay Rate Itr Epfo Tds Previous Interest Payment Interest Credit Interest Tax Epf Interest  epf  interest  tax  epfo  rate  income  itr  loss  delays  compounding  impacts  financial  filing  previous  delay

History of this topic

EPFO likely to decide rate of interest on employees’ provident fund deposits for FY23 by March 28
1 year, 8 months ago

EPFO likely to decide rate of interest on employees’ provident fund deposits for FY23 by March 28

The Hindu  

The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund deposits for 2022-23 at its two-day meeting beginning Monday. "The Employees' Provident Fund Organisation's apex decision-making body Central Board of Trustees is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon," a source …

Wait for interest credit for 2021-22 prolongs for lakhs of EPF subscribers
1 year, 10 months ago

Wait for interest credit for 2021-22 prolongs for lakhs of EPF subscribers

The Hindu  

Nearly two years after the Budget 2021-22 introduced a tax on annual Employees’ Provident Fund contributions of over ₹2.5 lakh, implementation challenges continue to affect lakhs of EPF members with interest dues for that year still not credited into their accounts. Since then, the Employees’ Provident Fund Organisation has split EPF passbooks for 2021-22 into taxable and non-taxable contributions, but …

No loss of interest for EPF subscribers: MoF
2 years, 2 months ago

No loss of interest for EPF subscribers: MoF

Deccan Chronicle  

New Delhi: The finance ministry has clarified there is no loss of interest rate for Employees' Provident Fund Organisation subscribers and the delay in crediting interest for the last fiscal is due to software upgrade being conducted. It has further said that for all outgoing subscribers seeking settlement and also those withdrawing their deposits, the payments are being done inclusive …

EPF Interest Rate 2021-22: PF Members to Get 8.1% Interest, Lowest in Decades; Know More
2 years, 9 months ago

EPF Interest Rate 2021-22: PF Members to Get 8.1% Interest, Lowest in Decades; Know More

News 18  

EPF interest rate 2021-22: The Employees’ Provident Fund Organisation on Saturday decided to pay 8.1 per cent rate of interest on provident fund deposits for the current financial year 2021-22, sources told CNBC-TV18. The rationale behind this recommendation is we want to strike a balance between the safety of EPF corpus with high returns and we will look for well …

EPF interest to be credited soon as govt gives nod: Report
3 years, 1 month ago

EPF interest to be credited soon as govt gives nod: Report

Live Mint  

The Finance Ministry on Friday approved 8.5% rate of interest of provident fund deposit for 2020-21 paving way for the Employees' Provident Fund Organisation to credit the interest, reported news agency PTI citing sources. The retirement fund regulatory body kept the EPF interest rate unchanged for FY 2020-21 as there was more withdrawal than deposits during the entire financial year. …

EPFO to pay 8.5% interest for FY20 in two instalments, cites COVID's impact on income
4 years, 3 months ago

EPFO to pay 8.5% interest for FY20 in two instalments, cites COVID's impact on income

Firstpost  

An instalment of 8.15% will be paid for now, and the remaining 0.35% will be credited by December New Delhi: Retirement fund body EPFO on Wednesday decided to provide 8.5 per cent rate of interest on employees’ provident fund for 2019-20 as committed earlier. In March this year, Employees’ Provident Fund Organisation’s apex decision making body Central Board of Trustees …

EPFO Trustees to Flag Delay in Ratification of EPF Interest Rate for FY20
4 years, 3 months ago

EPFO Trustees to Flag Delay in Ratification of EPF Interest Rate for FY20

News 18  

The issue of delay in ratification of 8.5 per cent rate of interest for employees provident fund for 2019-20 is likely to be raised in the meeting of retirement fund body EPFO scheduled on Wednesday. The Employees' Provident Fund Organisation's apex decision making body Central Board of Trustees, headed by Labour Minister Santosh Gangwar, had on March 5 this year …

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