• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • DOPT ORDERS 2020
  • FinMin Orders 2020
  • Railway Orders 2020
  • Contact Us

7th Pay Commission Latest news

Central Government Employees News

  • DOPPW Orders
  • 7th Pay Commission
  • Dearness Allowance
  • Dearness Relief
  • CSD Price List
  • Defence
    • Defence Pension
You are here: Home / Central Government Employees News / Income Tax payable on the contribution in a PF account exceeding Rs. 5 lakh per annum

Income Tax payable on the contribution in a PF account exceeding Rs. 5 lakh per annum

March 9, 2022 pcadmin Leave a Comment

TA-3-07001/7/2021-TA-III-Part (1)/cs-8084/81
Ministry of Finance
Department of Expenditure
O/o Controller General of Accounts,
GPO Complex, E-Block, INA New Delhi.

Dated: 04.03.2022

OFFICE MEMORANDUM

Subject: Income Tax payable on the contribution in a PF account exceeding Rs. 5 lakh per annum w.e.f financial year 2021-22-reg.

Reference is invited to Department of Revenue Notification dated 31st August, 2021 and this office OM dated 25.02.2022 on the above cited subject.

  1. In this regard, necessary amendments for maintaining GPF accounts have been made in Chapter 6 of Civil Accounts Manual (CAM). In accordance with the provisions contained in CAM, PAO will ensure to issue annual GPF statement in the revised format to subscribers through DDO soon after the 31st March of each year as per GPF Rules.
  2. In view of the provision of the IT Act 1961 as amended, the GPF subscribers may be advised to take into account their income tax liability arising on account of interest accrued during the previous year on his taxable contributions/accumulations and deposit Advance Income Tax at applicable rates directly without waiting for the annual GPF statement issued by concerned DDO/PAO. In order to capture taxable GPF interest amount by DDO, PFMS have also developed necessary functionality. The requisite information to compute GPF interest is also available with individual concern in terms of annual statement of previous year and details of subscriptions and refund through monthly pay slip. In case of any difficulty being faced by subscribers, interest calculation on this account may be got it checked from PAO.
  3. All Pr. CCAs/CCAs/CAs (IC) of Ministries/Departments are requested to advise their PAOs to extend assistance to subscribers, if required, so as to facilitate them to be able to deposit income tax by due date.

(Ashish Kumar Singh)
Dy. Controller General of Accounts

Signed Copy

Filed Under: Central Government Employees News, CGA Order, Income Tax

Also Read

Extension of Time-limit for exercise of Option for fixation of pay on Promotion

Extension of Time-limit for exercise of Option for fixation of pay on Promotion

September 8, 2023 By pcadmin Leave a Comment

Extension of Time-limit for exercise of Option for fixation of pay on Promotion Message: GoI, MoD, DMA letter No 1(20)/2017-D(Pay/Services)- Part-I dated 18/08/2023 read with in conjunction to MoF/DoE, New Delhi OM No.4-21/2017IC/E-IIIA dated 15/04/2021*, wherein the time limit for … [Read More...] about Extension of Time-limit for exercise of Option for fixation of pay on Promotion

Submission of claims for reimbursement of Children Education Allowance

Submission of claims for reimbursement of Children Education Allowance: DOPT ORDER

September 8, 2023 By pcadmin Leave a Comment

Submission of claims for reimbursement of Children Education Allowance: DOPT ORDER A-27012/01/2022-Estt.(AL)Government of IndiaMinistry of Personnel, P.G. & Pensions(Department of Personnel & Training) Old JNU Campus, New Delhi.Dated 25 August, 2023 OFFICE MEMORANDUM Subject: … [Read More...] about Submission of claims for reimbursement of Children Education Allowance: DOPT ORDER

AICPIN for the month of July 2023

AICPIN for the month of July 2023

September 1, 2023 By pcadmin Leave a Comment

AICPIN for the month of July 2023 GOVERNMENT OF INDIAMINISTRY OF LABOUR & EMPLOYMENTLABOUR BUREAU Shram Bureau Bhawan, Block No. 2,Institutional Area, Sector 38 (West),Chandigarh — 160036Dated: 31st August, 2023 F.No. 5/1/2021-CPI Press Release Consumer Price Index for Industrial … [Read More...] about AICPIN for the month of July 2023

CCS (LTC) Rules, 1988 - Modifications in the LTC instructions.

CCS (LTC) Rules, 1988 – Modifications in the LTC instructions.

August 15, 2023 By pcadmin Leave a Comment

CCS (LTC) Rules, 1988 - Modifications in the LTC instructions. F.No. 31011/17/2023-Estt.A-IVGovernment of IndiaMinistry of Personnel, Public Grievances & PensionsDepartment of Personnel & TrainingPers. Policy (A-IV) North Block, New Delhi.Dated: 10th August, 2023 OFFICE … [Read More...] about CCS (LTC) Rules, 1988 – Modifications in the LTC instructions.

Reverting to Old Pension Scheme : Lok Sabha QA

Reverting to Old Pension Scheme : Lok Sabha QA

August 7, 2023 By pcadmin Leave a Comment

Reverting to Old Pension Scheme : Lok Sabha QA GOVERNMENT OF INDIAMINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS(DEPARTMENT OF PENSION & PENSIONERS’ WELFARE) LOK SABHAUNSTARRED QUESTION NO. 2171(TO BE ANSWERED ON 02.08.2023) REVERTING TO OPS 2171. DR. A. CHELLAKUMAR:SHRI … [Read More...] about Reverting to Old Pension Scheme : Lok Sabha QA

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

All About Pension

All about Pension

Latest DOPT Orders

Submission of claims for reimbursement of Children Education Allowance: DOPT ORDER

CCS (LTC) Rules, 1988 – Modifications in the LTC instructions.

Karmayogi Guidelines 2023: Guidelines for Civil Servants

Instructions on Timely submission of Annual Immovable Property Return by the members of Central Civil Service/Posts

Status of Cadre Review proposals as on 17th July 2023

Latest Finmin Orders

CGEGIS Tables of Benefits from July to September 2023

Revised guidelines for the purchase of laptops/notebooks for eligible officers

Date of next increment under Rule 10 of CCS (RP) Rules, 2016 – FINMIN

New development in Pension Module for PAOs in PFMS Portal

CGEGIS 1980 – Tables of Benefits for the savings fund for the period from 01.04.2023 to 30.06.2023.

Latest Railway Orders

Grant of notional increment (as due on 1st July) for the pensionary benefit

Grant of notional increment for the pensionary benefits

Disbursement of Railway Pension through Private Sector Banks

Dearness Relief to Railway pensioners from Jan 2023

State Railway Provident Fund Interest Rate from April 2023 to June 2023

Categories

Copyright © 2023