Salaried individuals residing in rented house are entitled to tax exemption on House Rent Allowance (HRA) under Section 10(13A) of the Income Tax Act, 1961. But are you aware of the fact that you, as a salaried individual you can take advantage of this exemption while staying at your parents’ home.
Employees Provident Fund or EPF is savings cum retirement scheme for the salaried individuals. Under this scheme, contribution is made both by the employer and the employee. The amount contributed in EPF scheme is 12% of the salary (basic + dearness allowance). The amount invested over the years, along with specified interest, is paid out to an employee on his/her retirement.
As per the GST laws, if the services are provided by an employer to its employees in accordance with the employment agreement, then it is neither considered as supply of goods nor as supply of services. Therefore, GST will not be applicable in such cases. On the other hand, if the services are not classified as employer employee relationship, then GST will be applicable. This is in accordance with the CBIC’s circular on applicability of GST on director’s remuneration vide CGST circular no. 140/2020 dated 10th June, 2020.
EPF or Employee Provident Scheme is a tax saving scheme cum retirement benefit scheme, which can be availed by the employees of the organisation which are registered under the Employee Provident Fund Organisation (EPFO). Further, the organisations having more than 20 employees are required to obtain EPF Registration.