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Showing posts from March 15, 2017

EPFO exempts S'pore citizens from mandatory PF contributions

Retirement fund body EPFO has asked its field offices not to insist on provident fund deduction from the salaries of Singaporean citizens working purely as temporary workers in India. "All field offices are therefore advised not to insist on deduction of EPF and EPS contributions from salaries of Singapore citizens working purely as temporary workers in establishments covered/coverable under the EPF & MP Act 1952 and who do not hold the status of permanent residents in India," the Employees' Provident Fund Organisation (EPFO) headquarters said in an order. Business Standard New Delhi,15th March 2017

Parliament passes Enemy Property Bill

Successors of those who migrated to Pakistan and China during Partition will have no claim over the properties left behind in India, with Parliament on Tuesday passing a
Bill to change a 49yearold law. The Enemy Property (Amendment and Validation) Bill, 2016, which changes the Enemy Property Act, 1968, was passed by voice vote in the Lok Sabha, incorporating the changes made by the Rajya Sabha last week Business Standard New Delhi,15th March 2017

Black money: ITprosecution action triples in FY17

Prosecution action by the Income Tax( IT) Department in black money cases has shot up three times with the taxman filing over 570 such charge sheets across the country till January this year. The department, according to an official report, has also directed its field offices to not spare cases of“serious irregularities” indeposits as certained by it under´Operation Clean Money´after demonetisation and file court cases against such entities. The latest prosecution figures do not include action linked to demonetisation as such cases are still in the investigation stage,a senior IT officer said. There port said IT prosecution action in cases of tax evasion hasjumped 300 percent to 570 complaints filed till January in FY17, as compared to 196 such complaints filed in courts during the corresponding period in the last financial year across the country. Business Standard New Delhi,15th March 2017