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The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India. [9] The board is chaired by the Union Labour Minister of India. Presently, the following three schemes are in operation under the Act: Employees' Provident Fund Scheme, 1952
Exemption limit: As specified in Part III of I Schedule 193: Interest on securities: Subject to provisions: 10% 194A: Other interest: Banks – ₹10,000 (under age 60); ₹ 50,000 (over 60). All other interest – ₹5,000: 10% 194B: Lottery winnings ₹10,000: 30% 194BB: Horse-racing winnings ₹10,000: 30% 194C: Payment to resident contractors
Total contributions are capped at HK$1,500 a month. [3] Employees and self-employed are required to contribute 5% of their earnings to their MPF fund. [12] When the scheme was launched, the upper relevant income limit for contributions was $20,000. [10] The lower and upper thresholds for relevant earnings are subject to periodic adjustment.
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Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.
The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged accounts such as 401(k)s and Roth IRAs, though some limits do exist.
Honoraria to employees are subject to Income Tax and National Insurance contributions under PAYE. [20] [21] However payments are made based on services required and not bound by any contractual arrangements. The British spy agencies euphemistically call a bribe an "Honorarium" or "King George's cavalry". [22] [23] [24]
Barring an extension or new legislation, the lifetime estate and gift tax exemption is due to revert to the pre-2017 Tax Cuts and Jobs Act level of $5.49 million at midnight on Dec. 31, 2025.