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Sluggish collection of excise duty from petroleum and natural gas — even before the windfall tax regime got scrapped in December — shows that the sector’s overall tax contribution to the public exchequer is likely to drop significantly in FY25, said officials.
Defaults under the Employees’ Provident Fund Organisation (EPFO) surged to an all -time high of ₹25,820.88 crore at the end of 2023-24, up 69.3% from ₹15,254.06 crore a year ago, showed official data.
Two chartered accountants and a cryptocurrency trader have been arrested here in a money laundering investigation linked to a cyber fraud case of Rs 640 crore, the Enforcement Directorate said Wednesday. A fourth person, the brother of another “absconding” CA whose farmhouse was raided on November 28 by the federal agency as part of this probe, has been arrested by the police for “attacking” the ED search party in the Bijwasan area of southwest Delhi that day.
The Employees’ Provident Fund Organisation (EPFO) has issued a circular announcing that specific categories of employees are exempt from linking their Aadhaar with their UAN (Universal Account Number) for processing physical claims. EPFO subscribers are generally required to seed their Aadhaar to their UAN for claim settlements.
Retirement fund body EPFO has invested Rs 34,207.93 crore in exchange traded funds (ETFs) during the April-October period this fiscal year, Parliament was informed on Monday.
The central board of trustees of the Employees’ Provident Fund Organisation on Saturday approved the EPFO Amnesty Scheme 2024, encouraging employers to voluntarily disclose and rectify past non-compliance or under-compliance without facing penalties, a move aimed at fostering employment generation under the employment-linked incentive scheme.
EPFO 3.0: The government is gearing up to introduce several measures aimed at enhancing services for EPFO members under the EPFO 3.0 initiative. As part of this plan, as reports suggest, the Union Labour Ministry is considering increasing employees’ pension contributions and issuing an ATM card, similar to a debit card, that would allow them to withdraw money directly from ATMs in the future. This scheme is expected to be implemented by May-June 2025.
Employees must activate their Universal Account Number (UAN) and link Aadhaar to their bank accounts by November 30, 2024 to be eligible for the Employment Linked Incentive (ELI) scheme.
EPFO Rule: After activating UAN through Aadhaar-based OTP, employees will be able to easily avail the benefits of comprehensive online services of EPFO.
The Employees’ Pension Scheme (EPS) is a social security initiative provided by the Employees’ Provident Fund Organisation (EPFO), aimed at ensuring a regular pension for employees after their retirement.