Table of Contents
How is provident fund payout calculated?
The employee contributes 12 percent of his or her basic salary along with the Dearness Allowance every month to the EPF account. For example: If the basic salary is Rs. 15,000 per month, the employee contribution shall be 12 \% of 15000, which comes to Rs 1800/-. This amount is the employee contribution.
Can IAS officer buy house?
Almost all officers start buying property five years into their service. Most who were allotted to different cadres from 2016 onwards haven’t bought any property. An exception to this trend are officers from the Andhra Pradesh cadre.
Is Provident Fund taxable on retirement?
Contributions to the employees’ provident fund or the PF qualify for tax deduction under Section 800C of the Income Tax Act. If held till retirement, this contribution can be a good retirement corpus creator and one which is tax efficient, as the PF is totally tax exempt at the time of exit.
How long does Provident Fund take to payout in South Africa?
within 21 days
You should receive your provident fund payout within 21 days if your tax affairs are in order and all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details) have been sent to the fund by your employer.
What is pension contributions in Epfo?
3) What is a pension contribution in EPF passbook? A. The pension contribution in the EPF passbook is the amount deposited by the employer every month in the EPS account of the employee. It comes to be around ₹ 1250 every month.
How much is PF Quora?
How PF is deducted? – Quora. Provident Fund scheme will be calculated upto INR 15,000 of the basic salary and standard allowance. If the basic is above INR 15,000 PF will be constant. The employee with a monthly salary less than or equal to INR 15,000 will have to contribute mandatory towards EPF.
Is salary of IAS and IRS same?
There is more work-life balance in the IRS than the IAS. Political interference is almost zero here….IAS versus IRS (Indian Revenue Service)
| IAS Rank | IRS Rank | Pay Scale |
|---|---|---|
| Deputy Secretary to Government of India /Deputy Commissioner/Collector/District Magistrate | Joint Commissioner of Income Tax | Rs. 15,600-39,100 + grade pay of 7600 |
What is the maximum amount of additional amount in Provident Fund?
However, the additional amount that is payable shall not be more than Rs. 60,000. According to the Provident Funds rule the nominee is eligible to avail the benefits only when the subscriber was in service for a minimum of 5 at the time of his/her death. How is the General Provident Fund Different from PPF?
What is Provident Fund and how does it work?
Basically, it allows all the government employees to contribute a certain percentage of their salary to the General Provident Fund. And the total amount that is accumulated throughout the employment term is paid to the employee at the time of retirement.
What is the interest rate of General Provident Fund?
Currently, GPF earns an interest rate of 8 percent. Once you subscribe to General Provident Fund the money needs to be contributed unless there is a case of suspension. Payment to the GPF is usually stopped 3 months prior to the date of retirement as per the government pension rules. Eligibility Criteria for GPF Account
What is a recognised Provident Fund deduction?
An employee participating in a recognised provident fund shall, in respect of his own contributions to his individual account in the fund in the previous year, be entitled to a deduction in the computation of his total income of an amount determined in accordance with section 80C.