GPF & similar funds will carry Interest rate @8.1% from July 2016 to Sep, 2016 – Finance Ministry Resolution

Department of Economic Affairs approves 8.1% interest rate for GPF and other related funds w.e.f. 1st July 2016 to 30th September 2016. This rate will be in force w.e.f. 1st July 2016

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)

F.No. No.5(l)-B(PD)/2016

Government of India

Ministry of Finance

Department of Economic Affairs

(Budget Division)

New Delhi, Dated the 30th June 2016.

It is announced for general information that during the year 2016-17, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.1% (Eight points one per cent) w.e.f. 1st July 2016 to 30th September 2016. This rate will be in force w.e.f. 1st July 2016. The funds concerned are:

1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The India Ordinance Department Provident Fund.
7. The Indian Ordinance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

2. Ordered that the Resolution be published in Gazette of India.

(H.K. Srivastav)

Director (Budget)

Download Finance Ministry Resolution F.No. No.5(l)-B(PD)/2016 dated 30.06.2016

Source from Gsoftnet

On July 11, 2016 by www.taxexcel.net

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Difference between Employees Provident Fund (E.P.F) and Public Provident Fund (P.P.F) And the (G.P.F.) General Provident Fund

The Government with a view to secure post retirement life of employees formed an organization named Employees Provident Fund Organization (EPFO). This organization is responsible to manage Provident fund which aims to secure future with stable returns after retirement or certain age.

But EPFO is only for salaried individuals, for other professionals there is a scheme called Public Provident Fund (PPF) which is maintained by Post Office or few specified banks.

In India there are three types of provident fund

Employee Provident Fund (E.P.F)

Public Provident Fund (P.P.F)

General Provident Fund (G.P.F./V.P.F)

Each type of fund has different features but with same motto of providing retirement benefits to the contributor.

Let’s see the each scheme individually:

What is Employee Provident Fund (E.P.F)?

The Employee Provident Fund, or provident fund as it is normally referred to, is a retirement benefit scheme that is for organized and unorganized sector (Private Sector) employees.

In case employee wishes to contribute more than the mandatory amount, he can do so by opting for Voluntary Provident Fund (V.P.F). This is beyond employee EPF contribution of 12%. Also Employee contribution towards VPF does not bound employer to contribute to this VPF. Maximum contribution into VPF can be upto 100% of Basic Salary including Dearness Allowances. This would carry same rate of interest of E.P.F. The amount would be credited to E.P.F account and there is no separate account for V.P.F.

What is Public Provident Fund (P.P.F)?

PPF is established by central government to secure future of non-salaried employees, such as consultant, freelancer, contractor etc, even an unemployed person can open P.P.F account with a nominal amount of Rs.100.

What is General Provident Fund (G.P.F)?

General Provident Fund is only for Government Employees. Under this scheme government employees contribute a specific amount which is decided by the Government but there is no contribution from Government side. As per the Govt Service Rules the G.P.F Contribution not less than 6.5% of the total salary ,which can contribute by the employee from his side.

Free download G.P.F. Calculator in Excel.

On December 18, 2014 by www.taxexcel.net

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It appears that the all of the Govt Offices have running their own Salary Generator Software, where generate only the Employees Salary. But except Salary have need more calculation like as General Provident Fund Calculation which is not prepare by the Salary Generate Software.Most of the Govt Concerned prepared the G.P.F. Ledger manually or in Excel for the Group "D" employees, as the above group D employees can get the G.P.F. Account Slip from the Account General (A&E) and also the Account General preserve the record of above group D Employees of each and every Govt employees.

But the Group D employee's Account Slip as well as the G.P.F. ledger maintain by the local Authority.

Below given Excel Based Software which can prepare at a time 50 employees (Group D) by this utility.

Download Automatic G.P.F. Calculator with G.P.F. Register

On May 07, 2014 by www.taxexcel.net

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