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DO You Know ? That....


“ EPFO has reduced EPF administrative charges to 0.50% and EDLIS administrative charges to NIL. ” 

  • EPFO has reduced the administrative charges for EPF to 0.50% from the previous 0.65% of total wages, on which contributions are payable.
  • The new rate of administrative charge would be applicable from 1st June 2018. However, the notification provides that the employer would have to pay a minimum sum of Rs 70 per month for every non-functional establishment having no contributory member and Rs 500 per month each for other firms.
  • The labour ministry has also notified the decision of the trustee to abolish administrative charges on firms to fund expenditure in implementing the Employees’ Deposit Linked Insurance Scheme (EDLI), 1976​
  • Previously the rate of administrative charges to run EDLI scheme was 0.01% while inspection charges are 0.005% for firms, which subscribes to insurance schemes in lieu of EDLI Scheme.                                                                                                                                                                                                                                                                                                                                                                                                                                                                #please note this knowledge point has been re-posted in regards to a lot of queries and request for the same
 In the Budget Speech, the Finance Minister has said that to provide relief to salaried taxpayers, he has proposed to allow a standard deduction of Rupees 40,000/- or the amount of salary per annum, whichever is less in lieu of the present exemption in respect of Transport Allowance and reimbursement of miscellaneous medical expenses.

Hence, the net benefit for the employees already claiming deduction for transport allowance and medical reimbursement will be Rs. 5,800/- {Rs. 40,000 – (Rs. 19,200 + Rs. 15,000)}.

Also, it is clarified that Transport allowance will continue for differently abled persons.


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DO You Know ? That....


“ In the Budget 2018 Finance Minister has proposed standard deduction  in Income Tax of Rs 40,000/- for salaried Tax payers and is to replace Transport allowance of Rs 1,600/- p.m i.e. Rs 19, 200 p.a.  and reimbursement of miscellaneous medical expenses of Rs 15,000 p.a. Net impact would be an income exemption of Rs 5,800/-” 


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