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CENTRAL GOVT EMPLOYEES NEWS

Quick updates for CG Staff and CG Pensioners

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LATEST CENTRAL GOVERNMENT EMPLOYEES NEWS
Central Government Offices Holidays 2021
Freezing of Dearness Allowance and Dearness Relief – Finmin Orders 2020
DA Loss Calculation Table 2020

LATEST CENTRAL GOVERNMENT PENSIONERS NEWS
Annual Increment Due on 1st July to the Employees Retiring on 30th June
Notional Increment on the Day of Superannuation
FR 56(j) of CCS (Pension) Rules age of 50 years or on Completion of 30 years of Service
Coverage under CCS (Pension) Rules CG employees appointment before and after 01-01-2004

Income tax will be imposed – Premature Provident Fund withdrawal

June 9, 2015

Premature Provident Fund withdrawal – Income tax will be imposed

Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000

The Government has announced that income tax will be imposed if, at the time of premature withdrawal, the Provident Fund amount is in excess of Rs.30,000.

Finance Minister brought a new provision in his budget that allows for TDS on Provident Fund withdrawal before five years of continuous service. When calculating the period of continuous service of five years, the previous employment can also be included. The intention of this at promoting long-term savings. The amendment will come into force from June 2015.

Central Government Offices Holidays 2021

“Taxes will be imposed if, at the time of closing or transferring the PF account, the amount is in excess of Rs.30,000, and, if the employee has been employed in the current job for less than five years. Tax rebates are applicable. In order to claim tax exemption, the person has to submit a copy of his/her PAN card and Forms 15G and 15H, accompanied by a signed and filled up Form 19.

“Failing to do so will attract maximum taxes of up to 34.61%. If the forms are submitted, only 10% taxes will be deducted. Taxes will not be imposed if an old PF account is being converted to a new PF account. If the employee has served for more than five years, then, at the time of closing his account, no taxes will be imposed.

“The PF amount will also not be taxed if the employee is unwell, if the company has closed down, if the employment contract comes to an end, or if the employee loses employment for reasons that cannot be attributed to him/her.”

Source: CGEN.in

Related News:

  1. Employee Provident Fund Organization (EPFO) has decided to impose a tax of 10.3% on the amount withdrawn from the EPF
  2. Tax exemption for withdrawals under the National Pension System (NPS)
  3. Dedication of Portability through Universal Account Number (UAN) for Employees Provident Fund
  4. IT Exemption Slab Could be Raised Further: Fin. Minister Arun Jaitley Informs
  5. Income Tax Rate Chart For AY 2015-16 / FY 2014-15
  6. Wednesdays as a ‘Public Meeting Day’ for hearing public grievances
  7. Prime Minister says Budget session of Parliament important as people look at it with lot of hopes
  8. Benefits to Middle Class Tax Payers in the Budget 2015-16
  9. No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16
  10. Central Government has allowed investing up to 5% of the Provident Fund capital in the stock market

ALLOWANCE NEWS

Travelling Allowance – Reimbursement of Travelling Charges Admissible under Daily Allowance on tour

Transport Allowance for Central Govt Employees During Nation-wide Lockdown due to COVID-19 Pandemic

7th Pay Commission Risk Allowance to Central Govt Employees – Dopt Order

7th CPC Night Duty Allowance to Railway Employees w.e.f. 01-07-2017

Review of Cost of Over Time Allowance and Travelling Allowance to Railway Servants

GDS Latest News 2020

Compensation of Rs.10 lakhs to GDS to Cover Death Due to Covid-19

Counting of Service of GDS for Grant of Pension

Provision of Ten lakh to GDS and Postal Employees of Department of Posts due to COVID19 Death

Increase Awareness of Welfare Scheme for Department of Postal and GDS Employees

Revision in Rule 4 of Gramin Dak Sevaks (Conduct and Engagement) Rules, 2020

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