How to Check EPF Balance - Multiple Ways

“How to Check EPF Balance”

 

The Central Government had launched Employees' Provident Fund (EPF) which is a retirement benefit scheme maintained by the Employees' Provident Fund Organization (EPFO). The employee and the employer contribute to the EPF scheme on monthly basis in equal proportions of 12% of the basic salary and dearness allowance as mentioned under the provision of the law.

 Different ways to check the balance available in your EPF Account:

 1. PF members can check EPF account balance and statement through SMS, Miss Call, EPFO portal and EPFO app app on UMANG platform. You have to link your phone number with UAN.

 2. To check EPF account balance, and statement, one needs to visit EPFO portal www.epfindia.gov.in and view Passbook section.

 3. PF members can also check EPF statement and balance by sending an SMS on 7738299899 from their registered mobile number. Type “EPFOHO UAN LAN” and send it.

·         LAN is first three character of preferred language like for Hindi – “HIN” etc.

 4. EPF members can also give a miss call on 01122901406 from your registered Mobile No. Link with UAN.

 ·         It is mandatory to link the Aadhar number to the EPF account and UAN. Once your UAN and Aadhar Card are linked, your UAN will be activated. Then you can check your EPF balance through SMS or missed call options.

 5. To check EPF balance, linking mobile number to UAN is mandatory as the authentication happens through an OTP that will be sent to the registered mobile number.

 6. An individual who is subscribed to the EPFO can know their EPF balance without UAN number by logging in at www.passbook.epfindia.gov.in as well.

 Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

ITR Refund Quick Process

ITR Refund Quick Process

Under the income tax and other Direct Tax laws, tax refunds arise in those cases where the amount of tax paid by a person (or paid on his/her behalf) is greater than the amount on which he/she is properly chargeable. When you file the return of your income, you can avail tax refund. There are two ways for Eligible taxpayers to check their ITR refund status online:

 

1.      through the official website of the Income Tax Department

2.      through the website of the National Securities Depository Limited (NSDL)

 Mandatory Requirement: Taxpayer’s PAN.

1.      Steps to check ITR refund status via Income Tax Portal:

·         Visit the Income Tax Department’s website

·         Login using PAN and user id credentials.

·         Select the tab ‘My Account’ and click on 'Refund/Demand Status'.

·         Select ITR and click on your acknowledgement number, from the drop-down menu.

·         A new web page / tab with all tax details, including refund status will open.

·         Refund status / details can be checked

 

2.      Steps to check ITR refund status via NSDL Website:

 

·         Visit the site of NSDL @ https://tin.tin.nsdl.com/oltas/refund-status-home.html  

·         Click on the link to proceed with taxpayer refund status.

·         Enter PAN details and select the Assessment Year 2022-23 / or as applicable.

·         Click on submit.

·         ITR status will be visible.

·         Refund status / details can be checked

 

Notes:

§  Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker.

§  Status of 'paid' refund, being paid other than through 'Refund Banker', can also be viewed at www.tin-nsdl.com by entering the 'PAN' and 'Assessment Year'.

§  'Refund paid' status is also being reflected in the 'Tax Credit Statements' in Form 26AS.

§  Form 26AS is a credit statement which basically contains all the information regarding the details of the tax deducted on your income.

 

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

 

FSSAI released Vegan Foods Regulation

FSSAI released Vegan Foods Regulation

 FOOD SAFETY AND STANDARDS AUTHORITY OF INDIA vide gazette id no. CG-DL-E-16062022-236584 dated 10^th June, 2022 published dated 14^th June, 2022 has released the “Food Safety and Standards (Vegan Foods) Regulations, 2022”.

 It’s a concept that prohibits the consumption of all the byproducts obtained from animals and thus one cannot consume dairy, eggs, meat, and even honey when on a vegan diet.

 The draft of the Food Safety and Standards (Vegan Foods) Regulations, 2021, were published as required by section 92 (1) of the Food Safety and Standards Act, 2006 (34 of 2006) vide notification of the Food Safety and Standards Authority of India, number F. No. Std/TF-Vegan Foods/Notif./FSSAI, dated the 6″ September, 2021.

 Applicability:  They shall come into force on the date of their publication in the Official Gazette.

 q  Important Definition Clause:

 

“vegan food” means the food or food ingredient, including additives, flavourings, enzymes and carriers, or processing aids that are not products of animal origin and in which, at no stage of production and processing, ingredients, including additives, flavourings, enzymes and carriers, or processing aids that are of animal origin has been used.

A. General requirements

a)      No person shall manufacture, pack, sell, offer for sale, market or otherwise distribute or import any food as vegan food unless they comply with the requirements laid down under these regulations.

b)      The food products to be called vegan, shall not have involved animal testing for any purpose including safety evaluation, unless provided by any Regulatory Authority.

c)      Every packaging material used for vegan foods shall comply with the provisions of the packaging regulations.

d)     The Food Business Operator shall ensure that all stages of production, processing and distribution shall be designed to take the appropriate precautions in conformity with the Good Manufacturing Practices in such a way to avoid the unintended presence of non-vegan substances.

e)      There shall be traceability established up to the manufacturer level and the Food Business Operator shall comply with any other requirements specified by the Food Authority to maintain the vegan integrity of the foods or food ingredients or products thereof from time to time.

f)       Every vegan food or ingredient shall comply with the relevant provisions, as applicable under the Act, rules and regulations.

B. Labelling and display requirements. –

(1)   The seller of vegan food either exclusively or as part of retail merchandise shall store and display such food in a manner distinguishable from non-vegan food.

(2)   Every package of vegan foods, after the approval, shall carry the logo as specified below:

(3)   In addition to the specified requirements, all vegan foods shall comply with the packaging and labelling requirements specified under the Food Safety and Standards (Labelling and Display) Regulations, 2020, except clause(b) of sub regulation (4) of regulation 5

C. Vegan food compliance. –

1)      The Food Business Operator shall submit an application to the concerned licensing authority with all necessary details in a format as may be specified by the Food Authority.

2)      The Food Authority may specify guidelines for approval of vegan logo. 

3)      No vegan food products shall be imported except with a certificate issued by the recognised authorities of the exporting countries in the format as specified by the Authority is accepted.

As per the new rules laid out by the FSSAI on June 10, it has been made compulsory for manufacturers of vegan products to display the logo specified by the authority for easier recognition as well as ensure traceability of the products up to the level of manufacturers.

§  Notification Link: Click Here

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

 

Govt. update on Package for MSMESs Sector

Govt. update on Package for MSMESs Sector

The Central Government has announced Bailout Package for MSMESs Sector vide Press Release ID: 1846944 dated 01^st August, 2022 and has operationalised Aatma Nirbhar Bharat Package for MSMEs to cope up with the COVID-19 crisis.

The Ministry has operationalised Emergency Credit Line Guarantee Scheme (ECLGS), Credit Guarantee Scheme for Subordinate Debt (CGSSD) and Self Reliant India (SRI) fund under Aatma Nirbhar Bharat package. This information is provided by Minister of State for Micro Small and Medium Enterprises, Shri Bhanu Pratap Singh Verma, to the Rajya Sabha.

 

1. Emergency Credit Line Guarantee Scheme (ECLGS):

·         The Finance Ministry of India launched the Emergency Credit Line Guarantee Scheme (ECLGS) in May 2020 (13.05.2020_to help the pandemic hit economy.

·         EMERGENCY CREDIT LINE GUARANTEE SCHEME (ECLGS) launched by Government of India as a special scheme in view of COVID-19 crisis to provide 100% guarantee coverage to Banks and NBFCs to enable them to extend emergency credit facilities to Business Enterprises / MSMEs in view of COVID-19 to meet their additional term loan/additional working capital requirements.

·         This scheme aimed to provide Rs.3 lakh crore of unsecured loans to MSMEs and business enterprises to mitigate the distress caused by the coronavirus-induced lockdown.

·         The ECLGS is being extended up to March 2023 with an expanded guarantee cover of Rs. 5 lakh crore.

·         The additional guarantee cover of Rs. 50,000 crore is earmarked exclusively for exclusively for hospitality and related enterprises.

2. Self - Reliant India (SRI) Fund:

·         The Government of India has announced Fund of Funds as a part of Aatma Nirbhar Bharat Package in May, 2020 ,with the nomenclature Self Reliant India (SRI) Fund to infuse as equity funding in MSMEs which have the potential and viability to grow and become large units.

·         This initiative is aimed at providing growth capital to the deserving and eligible units of MSME sector.

·         SRI Fund, in the form of Category II Alternative Investment Fund (AIF), will be oriented towards providing funding support to the Daughter Funds for onward provision to MSMEs as growth capital, in the form of equity or quasi-equity.

·         MSMEs, defined as per the MSMED Act, as amended from time to time, shall be eligible for consideration.

·         Govt. of India will be the sole anchor investor and provide an initial budgetary support of Rs. 10,000 crore to the Mother Fund in phased manner. No other outside investment will be entertained in the Mother Fund.

3. Credit Guarantee Scheme for Subordinate Debt (CGSSD):

·         Shri Nitin Gadkari, MSME Minister, had launched the Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD) which is also called “Distressed Assets Fund–Sub-ordinate Debt for MSMEs”.

·         This scheme was announced in May 2020 as a part of Aatma Nirbhar Bharat Package with a view to  provide credit facility to the promoters of stressed MSMEs viz. SMA-2 and NPA accounts who are eligible for restructuring as per RBI guidelines on the books of the lending institutions.

·         Under the scheme, the promoter would infuse the credit in the MSME as quasi equity or sub-debt.

·         The guarantee covers worth Rs. 20,000 crores will be provided to the promoters who can take debt from the banks to further invest in their stressed MSMEs as equity.

·         90% guarantee coverage would come from scheme/ Trust and remaining 10% from concerned promoter(s) on the credit extended by MLIs under the scheme. The guarantee cover would be uncapped, unconditional and irrevocable credit guarantee.

·         Benefit is available after completion of necessary formalities including approval of CCEA and consultation with Finance Ministry, SIDBI and RBI among others.

According to the study made by Small Industries Development Bank of India (SIDBI) reveals that around 65% of the MSMEs surveyed, have availed the benefits of Emergency Credit Line Guarantee Scheme (ECLGS). According to the study made by National Institute of Bank Management (NIBM) reveals that under ECLGS, the loans were fairly easy to obtain, cost effective, helpful to fulfil short term financial needs, eased cash flow burden.

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.