Financial Daily from THE HINDU group of publications
Friday, May 20, 2005
Financial Daily from THE HINDU group of publications Friday, May 20, 2005 |
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Opinion
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Letters EPF issues
Nearly 50 lakh claims are settled every year by the EPFO all over India. Of this, nearly 42 lakh claims are settled by cheque and the rest through money orders, wherever the amount is not more than Rs 2,100. The issue here is that those who opt for cheque payments are doubly taxed — a service charge is collected by the bank apart from signed acknowledgement with a revenue stamp. There is no such additional tax collected from those who opt for payment through money orders. All they have to do is give a signed acknowledgement of having received the money order. The government could do away with the revenue stamp procedure so that there is no discrimination between the modes of settlement or accrual of unnecessary money to the government via the Re 1 revenue stamp. V. Sundaralingam Vellore
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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