If employer and worker agree, there’s no bar in EPF enrolment

I work for an IT firm. After working in two earlier firms, I withdrew my provident fund (PF) quantity. I made a mistake by not letting my present employer deduct my PF. Is it attainable to take action now?

—Rakshit Soral
We have assumed that (i) upon withdrawal of your earlier provident fund steadiness, you ceased to be a member of the Employees Provident Fund Scheme (EPF); (ii) your wage with the prevailing employer exceeds the prescribed month-to-month wage ceiling ( ₹15,000); and (iii) you might be an Indian passport holder.
As per the provisions of the EPF, if a brand new worker joins an organization on a wage exceeding the prescribed month-to-month wage ceiling and he/she will not be a member of EPF on the time of becoming a member of the institution, he/she is not going to be liable to turn out to be a member of the EPF. However, if the employer and worker each agree, there is no such thing as a bar in enrolling such an worker as a member beneath the EPF.
As you weren’t a member of the EPF and your wage exceeds the prescribed month-to-month wage, you and your employer weren’t mandatorily liable to contribute to PF.
How ought to we do valuation of fairness shares on 1 April 2001 in case of unlisted shares if the shares had been bought previous to 2001? A reference to the part/rule of the I-T Act will likely be useful.
—Nilesh Shah
As per Section 55 of the I-T Act, the place any capital asset is acquired previous to 1 April 2001, the taxpayer can select to think about the upper of the particular whole value incurred on the time of acquisition or the honest market worth (FMV) as on 1 April 2001, as the price of acquisition for the aim of computation of capital positive factors.
While there are particular guidelines prescribed for the mode of computation of FMV of unlisted fairness shares within the context of another provisions of the Act, it might be famous that the mode of computation of FMV of unlisted shares for the aim of computation of capital positive factors has not been prescribed within the Act.
Hence, from a documentation perspective, one might take into account acquiring an FMV certificates from a registered valuer.
(Parizad Sirwalla is companion and head, world mobility companies, tax, KPMG in India. Queries and views at mintmoney@livemint.com)

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