Nirmala Sitharaman 1st announcement of 20*10e12
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Hi Dimers let us know who is getting what benefits from today’s session of 6 topics.
For me only two things
1. Epf contribution reduced to 10% from 12%.
2. EPF assistance extended for 3 months more.
I am working in MNC.
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Bhai kuch nahi milega, be self dependent
For me lower TDS as I work as a professional in my company. Will get additional liquidity of 25% from TDS waiver
Yes same for me lower tds.
Employees Provident Fund Support for business and organised workers
The scheme introduced as part of PMGKP under which Government of India contributes 12% of salary each on behalf of both employer and employee to EPF will be extended by another 3 months for salary months of June, July and August 2020. Total benefits accrued is about Rs 2500 crores to 72.22 lakh employees.
Anyone here who got this benefit till now from any organisation?
Are you an employer or employee?
Reduction of EPF contribution from 12% to 10% both for employees and employers is a loss to the employees, not to the Govt. Also, the employer is under no obligation to pay this 2% saved to the employee, so the employer ends up getting the benefit at the cost of the employee. The Govt however ends up getting tax on this 2% which was earlier not taxable, either from the employee (if paid to him) or from the employer (if not paid). So govt will actually be getting income out of it.
Getting due Income Tax Refund of own money, Reduction in TDS (not total tax liability) and getting Previous Dues From Government is also considered Package.
All of your hard earned money coming back in search of you basically. Zero profit from this package.
Sorry say
Useless package from the government.
Its for not for people who are employee and getting salary via payroll. Its for contracts, any payments which attracts TDS