#pf account pension withdrawal

[businessskibat]

Pension Through PPF Account: हर महीने आपको मिल सकता है ₹60,000 का पेंशन, कोई भी टैक्स नहीं देना पड़ेगा

Pension Through PPF Account : हम आज आपको रिटायरमेंट के बाद हर महीने पेंशन कैसे प्राप्त कर सकते हैं बताएंगे। जी हां, अगर आप आज से निवेश करना शुरू कर देते हैं, तो रिटायरमेंट के बाद आपको हर महीने ₹60,989 पेंशन मिलेगी। इस तरह की पेंशन पाने के लिए आपको पीपीएफ खाते में निवेश करना होगा। इसकी विशिष्टता यह है कि सरकार ने इस स्कीम को टैक्स से छूट दी है। जिससे आपको बहुत अधिक लाभ मिलता है। तो चलिए इसके बारे…

[legalservicesworld]

What Is an EPF Calculator?

What's EPF? 

The Hand Provident Fund( EPF), is a particular withdrawal benefits scheme for workers who are endless & salaried. The EPF is impeccably handled by the workers Provident Fund Organization( EPFO). The EPFO will cover any reality/ establishment that has 20 or further workers. There are substantially 3 schemes run by the EPFO) workers provident fund organization. 

 1952 The EPF Scheme 

 1995 The Pension Scheme 

 1976 The Insurance Scheme 

workers who are covered by the EPF scheme make a fixed donation of 12 of their introductory payment as well as the honey allowance to the scheme. The employer should also contribute inversely to the EPF scheme. Right after the ministry of finance discussion, the EPFO Central Board of Trustees determines EPF interest rates. For FY2022, the EPF Interest Rate is set at 8.1. 

At withdrawal, the hand would admit a lump-sum payment that included both the hand's and the employer's benefactions as well as the interest payments. Anyway, the 12 of the employer match doesn't get deposited in the EPF account.8.33 of the 12 donations continue to be entered in the hand pension scheme account, while the remaining 3.67 will be entered into the hand EPF account. 

What Is an EPF Calculator? 

The EPF calculator calculates the quantum of finances that will make up your EPF account at withdrawal and shows it to you. You can figure out the lump-sum quantum fluently, which combines the interest that has accrued just on investment as well as your donation and the employer's benefactions. 

You can input your present age, your introductory yearly pay envelope, the honey allowance, your EPF donation, and your age of withdrawal up to 58 times in the formula box on the EPF calculator. However, you also can input the being EPF balance, If you really are apprehensive about the numbers. The PF Maturity Calculator will give the EPF finances available for withdrawal formerly after you enter the information necessary. 

Benefits of Using the Vakilsearch EPF Calculator India

At withdrawal, individuals can calculate their EPF corpus 

They're suitable to ascertain the EPF corpus 

This EPF calculator can be used by people to estimate how important bone

should invest in order to admit a particular return once they retire 

Using this calculator, anyone can establish a fiscal ideal 

They can also arrange their finances by modifying the PF interest calculator's factors 

This EPF Calculator India can be used by people to boost their withdrawal benefactions 

People can fleetly learn how important plutocrat they will have accumulated at the conclusion of their service life by using the EPF calculator 2022  

People can increase the chance to earn the target volume at withdrawal as they gain knowledge about the EPF corpus 

Subscribers who are apprehensive of the EPF corpus can effectively plan fresh investments 

People can strategically plan their withdrawals when using this PF calculator online. 

still, they can boost their donation, If they choose to take an early withdrawal. 

[sharesamadhan23]

How to Claim Provident Funds Online: A Step-by-Step Guide

Provident funds serve as a vital financial cushion for employees, ensuring savings for the future. Whether you're retiring, switching jobs, or in need of urgent funds, knowing how to claim your provident fund is essential. With digital advancements, the process has become more convenient than ever, allowing individuals to claim provident funds online. In this blog, we’ll explore how to file a provident fund claim, check your provident fund claim status, and simplify the process of accessing your funds.

What is a Provident Fund?

A provident fund (PF) is a retirement savings scheme for employees, typically organized by the government or employers. A portion of an employee's salary is deposited into the fund every month, with a matching contribution from the employer. Over time, this accumulates into a substantial amount that can be accessed upon retirement, resignation, or in certain emergency situations.

The Employees’ Provident Fund (EPF), governed by the Employees’ Provident Fund Organisation (EPFO) in India, is one such popular scheme, designed to provide financial security post-retirement.

Types of Provident Fund Claims

Before diving into how to claim provident funds online, it’s important to understand the different types of claims you can make:

1. Final Settlement: This occurs when an employee resigns, retires, or gets terminated. The entire accumulated amount is withdrawn.

2. Partial Withdrawal: You can make partial withdrawals in situations such as medical emergencies, home construction, or higher education.

3. Pension Withdrawal: Upon reaching retirement age (58 years), you can withdraw both the provident fund and pension contributions.

How to Claim Provident Funds Online?

The online process for claiming your provident fund through the EPFO portal is simple and hassle-free. Here’s a detailed step-by-step guide:

Step 1: Ensure Your UAN is Active and KYC is Completed

The Universal Account Number (UAN) is a unique identification number that links all your EPF accounts. Before making a provident fund claim, ensure your UAN is activated, and your Know Your Customer (KYC) details are updated. This includes:

- Aadhaar: Your Aadhaar card should be linked to your EPF account.

- PAN: Permanent Account Number for tax purposes.

- Bank Account: Make sure your bank details are accurate to receive the funds.

You can verify and update these details through the EPFO portal.

Step 2: Access the UAN Member Portal and log in

Visit the official EPFO website and log in to the UAN Member Portal using your UAN and password. This portal is your gateway to accessing all services related to your provident fund.

Step 3: Go to the Online Services section

Once logged in, go to the ‘Online Services’ tab and select the option for ‘Claim (Form-31, 19, 10C & 10D)’. This allows you to initiate the process for final settlement, partial withdrawal, or pension claims.

Step 4: Enter Your Details and Select Claim Type

Your personal details and KYC status will be displayed. Next, click on ‘Proceed for Online Claim’. You will be prompted to select the claim type:

- Form 19: For final settlement of EPF.

- Form 31: For partial withdrawal of funds.

- Form 10C/D: For pension withdrawal or scheme certificate.

Choose the appropriate form based on your requirements.

Step 5: Submit the Claim

After selecting the type of claim, you will be asked to fill out additional information such as the reason for withdrawal (retirement, emergency, etc.) and the bank details for fund transfer. Cross-check all the information and hit ‘Submit’.

Upon submission, you will receive an OTP on your registered mobile number linked with Aadhaar. Enter the OTP to complete the claim submission process.

How to Check Provident Fund Claim Status?

Once you’ve submitted the claim, you can easily track the provident fund claim status online.

Method 1: Using the EPFO Portal

1. Sign in to the UAN Member Portal.

2. Navigate to the ‘Online Services’ tab.

3. Select ‘Track Claim Status’.

4. Your claim details, including the current status (approved, pending, rejected), will be displayed.

Method 2: Using the UMANG App

You can also check your provident fund claim status through the UMANG app:

1. Download and install the UMANG app from the Google Play Store or the App Store.

2. Register with your UAN and mobile number.

3. Under the EPFO services section, click on ‘Track Claim’ to view the status.

Conclusion

Claiming your provident fund online has become a seamless and quick process, offering employees greater accessibility and control over their funds. Whether you need a final settlement or a partial withdrawal for emergencies, the digital platform simplifies the process.

However, there can be instances where claims get delayed or rejected due to incorrect documentation or incomplete KYC details. If you find the process confusing or need assistance with claim settlement, Share Samadhan can help. Share Samadhan specializes in recovering provident fund claims, unclaimed dividends, and shares, offering comprehensive solutions to ensure you receive what you are entitled to.

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FAQs

1. Can I claim my provident fund without UAN?

No, you need a Universal Account Number (UAN) to claim your provident fund online. Ensure your UAN is activated before making any claims.

2. How long does it take to process a provident fund claim online?

It typically takes 10-15 working days for the claim to be processed and credited to your bank account.

3. What happens if my KYC is not updated?

If your KYC details (Aadhaar, PAN, Bank details) are not updated, your claim may be delayed or rejected. Make sure these details are correct before applying.

4. Can I make a partial withdrawal from my provident fund?

Yes, you can make partial withdrawals for specific purposes such as medical emergencies, higher education, or home construction. However, conditions apply based on your years of service and reason for withdrawal.

5. How can Share Samadhan assist in claiming provident funds?

Share Samadhan provides professional services to help recover unclaimed provident funds, dividends, and shares. They assist with claim documentation, resolving issues, and ensuring smooth recovery of funds.

[khushikharbanda]

Tips for a Hassle-Free PF Amount Withdrawal Online

Withdrawing your Provident Fund (PF) amount online is a straightforward process designed for convenience. To initiate the withdrawal, log in to the EPFO portal using your Universal Account Number (UAN) and password. Navigate to the 'Online Services' section and select 'Claim (Form-31, 19 & 10C)'. Verify your details, and then choose the type of withdrawal you need (full, partial, or pension withdrawal). Complete the form with the required information and submit it. Your request will be processed, and the amount will be credited to your bank account. 

Read More: https://www.newscognition.com/why-online-pf-amount-withdrawal-is-preferred-by-many-employees/

[krishnaregisterkaro322]

Benefits of Timely PF Return Filing Avoidance of Penalties || Registerkaro

Timely filing of PF Return mitigates the risk of penalties and fines imposed by the EPFO for non-compliance. Proactive adherence to filing deadlines is instrumental in safeguarding the financial interests of the organization.

Enhanced Employee Trust

Accurate and timely filing of PF Returns fosters trust and confidence among employees, showcasing the employer's commitment to their welfare. It reinforces the principles of transparency and accountability within the organization.

Seamless Provident Fund Management

Efficient PF Return filing facilitates seamless management of provident fund accounts, enabling employees to access benefits such as withdrawals, loans, and pension schemes without impediments.

[investmentintel]

Employees' Provident Fund Organisation (EPFO)

The EPFO is a statutory body under the Ministry of Labour and Employment, Government of India. It's one of the world's largest social security organizations, managing retirement savings for millions of Indian workers. Here's a breakdown of key points you can include in your article:

Function: Established in 1951, the EPFO administers the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. This act mandates a retirement savings scheme for most salaried employees in India.

Coverage: Every organization with 20 or more employees must register with the EPFO. There are also provisions for covering establishments with less than 20 employees under certain circumstances.

Scheme: The EPF scheme requires both employers and employees to contribute 12% of the employee's basic salary (including dearness allowance) towards the employee's EPF account. This creates a retirement corpus for the employee.

Benefits: The EPF scheme offers several benefits including:

Pension: A portion of the contributions goes towards the Employee Pension Scheme (EPS), which provides a pension after retirement.

Life Insurance: There's an automatic life insurance benefit for EPF members.

Lump-sum payment: Upon retirement, members can withdraw the accumulated corpus from their EPF account.

UAN (Universal Account Number): The EPFO introduced the UAN to simplify account management. It's a unique number assigned to each employee which remains constant throughout their employment, even if they change jobs.

Online Services: The EPFO offers a unified portal and a mobile app (UMANG) for employees to access various services like checking their PF balance, raising claims, and seeding their UAN with Aadhaar.

Additional points to consider:

Briefly mention the grievance redressal mechanism available through the EPFO website.

You can touch upon recent developments or initiatives by the EPFO.

For more in-depth information, you can refer to the official EPFO website: EPFO website: https://www.epfindia.gov.in/.

[ebizfilingindia-blog]

What is PF return annual filing?

Introduction

A provident fund, which is registered with the Securities and Exchange Commission (SEC), is a separate legal entity completely separate from both the employer and the investment management company. Employees (future fund members) can be assured that the assets of the fund will not be affected by any liabilities of the employer or the investment management company in case of financial insolvency. We will discuss all about filing annual PF return.

What is PF?

A provident fund is a scheme run by the government, for employees who can contribute a portion of their pension fund every month. When you retire or quit your job, you can easily access these monthly savings as a lump sum. Organizations with less than 20 employees can also obtain PF registration voluntarily.

PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions.

All employers with PF registration are responsible for filing monthly returns.

Due date for filing PF return

This is a monthly return that must be submitted by the employer through the Employer e-seva portal. The return will include basic information for both new and departing members as well as member-specific information about pay and contributions.

The due date for remittance of monthly challan to the bank for PF is 15th of every month

The due date for annual returns is 30th April every year.

Filing of annual PF returns

Annual PF returns are filed using the following form:

Form 3A

Form 6A

Form 3A

Employee Provident Fund and Employee Pension Fund are presented by the employer and the subscriber in Form 3A month to month. It also includes the following information.

Form 3A must bear the signature and seal of the employer.

Name and address of the institution

Voluntary contribution if any

Father’s or husband’s name

Statutory rate of contribution

Customer Name

Account number

Form 6A

Annual contribution information for each member is contained in Form 6A, which is a consolidated annual contribution statement. The following information should be included in the form:

Wages, Maintenance Allowance (if any), and D.A. which includes the cash value of food concessions paid during the currency period.

Amount of contribution which is deducted from wages.

Employer’s Contribution (Both EPF and Pension)

Names of Customer Members

High Voluntary Contribution Rate (if any)

Advance refund

Account number

Comments

In addition, the following information should be entered in the “Prior Amount” column:

Month of contribution

Including a refund for the advance, which the donation was remitted

EDLI contribution

Pension Fund Contribution

Administrative charges

Total contributors

What are the benefits of filing annual PF returns?

Benefits of PF (Provident Fund) are-

After retiring, you can earn a fixed income by staying at home in your later years.

A voluntary provident fund allows you to invest more than the minimum or 12% of your monthly income.

Life insurance is available through provident fund (at any age).

A provident fund allows you to name a nominee from your family so that they can receive your pension or monthly income in case of your death.

After turning 60, you can withdraw your provident fund and avail both EPF and EPS.

You can take early withdrawal from your PF in case of emergency as well as in certain unavoidable specified conditions like marriages, loss of job, repayment of debt etc.

Although having a provident fund is not mandatory, it is highly advisable for everyone to do so to maintain their standard of living after retirement.

Documents Required for Filing PF Return

Account Statement: Canceled check or most recent bank statement from the bank account

Payment Challan: Copy of Provident Fund Payment Challan.

PF Contribution: PF Contribution List.

PAN Card: ID and address proof PAN of employee and employer.

Aadhaar Card: Identity and address proof, Aadhaar card of employee and employer.

Balance Sheet: Company’s balance sheet information.

Monthly Salary Statement: Employee’s pay slips for each month.

Certificate of Incorporation: In case of company, certificate of company registration.

Conclusion

An annual provident fund return is required, and must be submitted by April 30 every year. Two forms are required for submission of Annual PF Return Form 3A and Form 6A. A provident fund is a social security scheme introduced to encourage employees to save and help them in their retirement. Every month, both the company and the employee contribute to PF.

[mylavenu99]

How Do You Get a UAN Number?

Each employee who contributes to the Employees Provident Fund receives a 12-digit unique number called a UAN. The Employee Provident Fund Organisation (EPFO) is responsible for creating and allocating this special number. According to instructions from the Indian government, the Ministry of Labour and Employment authenticates UAN.

Regardless of how many times an individual has changed jobs, this number stays the same for them throughout their career.

In order to use this UAN more effectively, people must not only understand what a UAN number is but also various associated topics.

The value of UAN

The term "Universal Account Number" is its entire form.

UAN is significant for a number of reasons. These include

Until an employee retires, the distinctive UAN remains the same.

To examine the credits and debits in the PF account, UAN is necessary.

Individuals can withdraw and transfer money using UAN without depending on their employer.

Employees can access their PF accounts freely thanks to online processing.

Employees can monitor monthly deposits with UAN. The specific employee must, however, be listed on the EPFO.

It is evident what a Universal Account Number is and why it is required from the section indicated above. Let's now concentrate on the many benefits that its uses offer.

Benefits of UAN

Some of the benefits of UAN numbers are covered below. Follow along!

Effortless Transfer of Funds

Previously, transferring money manually from old PF accounts to new ones took a lot of effort and was prone to mistakes. Even the use of a digital method did not considerably simplify this process.

However, following the deployment of UAN, employers can transfer funds effectively by providing the new employer with their UAN and KYC information. PF transactions from the old account to the new one can be carried out without issue when the employer has verified all of the data.

Few Employers Participate in PF Withdrawals

Prior to the introduction of UAN, PF withdrawal was dependent on employers because the application had to be signed by the prior employer before being sent to EPFO.

However, this dependence has decreased in the case of UAN. Once the KYC verification is complete, the PF amount is automatically transferred from the old account to the new.

Transactions Are Streamlined With Mobile Notification The UAN number offers quicker transactions and more security, which is one of its advantages. SMS notifications are available for withdrawals and the monthly employer contribution, as they are for all other PF account activities. Additionally, users can access UAN to check their account balances. They must download the PF passbook for this purpose from the EPF website.

Advantage for the Employee Pension Plan

Employees had to withdraw from the Employee Pension Scheme prior to the implementation of UAN, which had an impact on the retirement payout.

But with UAN, the balances of both the Employers Provident Fund and the Employee Pension Scheme accounts are immediately moved to the new account, increasing the amount at retirement.

We have already talked about what a UAN number is and its advantages. Let's now look at how to produce it.

How to Create a UAN?

People must be aware of the procedure for creating a Universal Account Number now that they are aware of what it is, how important it is, and what advantages it offers. To generate a UAN number, adhere to the instructions listed below.

Step 1: Enter your Establishment ID and password to access the EPF Employer Portal.

Step 2: Select "Register Individual" under the "Member" option.

Step 3: Provide employee information, including Aadhaar, PAN, and bank information.

Step 4: Review all the information and then click the "Approval" button.

Step 5: EPFO will produce a new UAN.

New employers can quickly link their employees' Provident Fund accounts to their new UAN once it has been generated.

Documents Needed to Create a UAN

The complete list of documents needed to generate UAN is shown below.

Identity documentation includes a driver's licence, passport, voter ID, etc.

Address documentation may include a recent utility bill, rental or lease agreement, ration card, etc.

Account number and IFSC code for a bank account

Card PAN

ID card, Aadhaar

Card ESIC

How do I verify my UAN number?

People have a variety of ways to check the details of their UAN number. which are

UAN Check via the Portal

Visit the EPFO's Unified Member Portal as the first step.

Step 2: Next, select the 'Know Your UAN Status' link under the area of key links. People would then see a new homepage where they must enter crucial information such their name, birthdate, cell phone number, and email address as well as their current member ID or EPF account number.  

Step 3: After providing information, people will receive an authorization PIN on the registered mobile number.

Step 4: People must now enter the PIN.

Step 5: UAN will be sent to the registered email address and mobile number after this is entered.

UAN Number Check by Mobile Number

Members and persons who have registered on the UAN portal can use the missed call feature to receive all the details. The procedure is simple to follow. Follow along!

Step 1: From your registered mobile number, send a missed message to 011-22901406.

Step 2: After two rings, this call will be immediately disconnected.

Step 3: As soon as the missed call is successfully placed, you will receive an SMS with all of the PF information.

It is important to keep in mind that this service is available to employees whose UAN has been connected with KYC information.

Aadhaar Card Check UAN Number

Aadhaar cards may be used to check UAN as well. Read on to learn how it works.

Step 1: Access the Unified Member Portal for EPFO

Step 2: From the vital link box, choose "Know Your UAN Status."

Step 3: Choose Aadhaar and enter the phone number, name, birthdate, cellphone number, and email address.

4. Enter the Captcha code.

Choose "Get Authorization PIN" in step 5.

Sixth step: A new page will be accessed by users. Check the information provided, then select "I agree."

Step 7: Enter the OTP that was delivered to the contact number you registered.

Step 8: After choosing "Validate OTP," get the UAN.

You will receive a fresh message letting you know the UAN information has been delivered to your registered phone number.

How is the EPFO UAN Activated?

Individuals need to complete the instructions listed below in order to activate UAN EPFO.

Visit the EPF Member Portal in step one.

In step 2, select Activate UAN.

The third step requires people to choose one of the three options—UAN, Aadhaar, or PAN, member ID.

Step 4: Enter the necessary information, including your name, birthday, email address, and mobile number.

The fifth step is to click "Get Authorization PIN."

Put the PIN in and choose "Validate OTP and Activate UAN" in step 6.

Step 7: The registered mobile number will receive a message activating the UAN. As a result, activating EPFO UAN is simple.

Those who are aware of what a UAN number is, its advantages, significance, generation process, and activation procedure can now access all of their PF accounts quickly and effortlessly.

[ebizfiling01]

EPF Registration for a Private Limited Company – A complete guide

Introduction

EPF registration for a Private Limited Company is crucial to ensure the well-being of employees and provide them with comprehensive benefits. This article will guide you through the requirements, eligibility criteria, and the importance of EPF registration for your company.

Registration of a Pvt Ltd Company in India is complete an online process. The simplest and most popular form of Company Registration in India Hence, Incorporating a Private Limited Company is even easier now. Register Pvt Ltd company with Ebizfiling.

Employee Provident Fund (EPF) Registration for a Private Limited Company

The Employee Provident Fund (EPF) serves as a beneficial program for employees, providing financial security after retirement. Both employees and employers contribute to this scheme, and employees can withdraw funds from their EPF account upon retirement. The account comprises the employee's and employer's contributions along with accrued interest. The administration of these accounts is handled by the Employee Provident Fund Organization (EPFO).

Importance of EPF Registration for a Company:

EPF registration offers several benefits for employers as it ensures the proper deduction of TDS from employees' salaries. Additionally, employers can process remittances only after generating challans through the EPFO employer portal. The following points highlight the significance of EPF registration from an employee's perspective:

1. Portability: The Provident Fund account is consistent and transferable, allowing employees to carry it to any other workplace.

2. Financial Assistance: The accumulated PF amount proves useful during times of immediate need, such as for long-term goals like marriage or higher education.

3. Security for Employees and Dependents: The Provident Fund provides coverage for retirement, illness, or death risks that employees and their dependents may face.

4. Employer Contributions: In addition to the employee's 12% EPF contribution, the employer makes an equal contribution, which includes 8.33% to the Employee Pension Scheme.

Eligibility Criteria for EPF Registration:

The EPF scheme mandates the following businesses to register:

1. Companies with 20 or more employees are legally required to deduct EPF.

2. Organizations with fewer than 20 employees may also register under the EPF Scheme under certain conditions.

Employers must obtain EPF registration within one month of employing twenty individuals to avoid penalties. Additionally, if a registered organization's employee strength falls below the minimum threshold, it remains within the scope of the Act.

The Central Government may apply the EPF provisions to any establishment employing fewer than 20 people after providing at least two months' notice for compulsory registration. Employers and the majority of employees can also jointly apply to the Central Provident Fund Commissioner to make the provisions applicable to their establishment.

Documents Required for EPF Registration under EPFO:

To complete the EPF registration process, you will need the following documents:

1. PAN Card of Proprietor/Partner/Director

2. Proof of address, such as the Registered Office's Electricity bill or Telephone Bill (not older than 2 months)

3. Aadhar Card of Proprietor/Partner/Director

4. Shop and Establishment Certificate/GST Certificate/Any Government License issued for the establishment

5. Digital Signature of Proprietor/Partner/Director

6. Entity's Cancelled Cheque or Bank Statement

7. Hired/Rented/Leased Agreement (if applicable)

8. Proof of License issued by Identifier/Licensing Authority

Process for EPF Registration for a Private Limited Company:

Follow these steps to complete the EPF registration process:

1. Visit the E-Sewa website and carefully read the instructions for document upload.

2. Choose the 'Employer Sign in' option and then select the 'New Registration' tab.

3. Read all the instructions and click 'Register' after filling in the required information.

4. Recheck the form before submitting it online.

5. Enter the CAPTCHA displayed on the screen.

6. Select the 'Get Pin' option to receive an OTP on your registered mobile number or email address.

7. Enter the OTP and click 'Submit.'

8. Save the generated PDF, as it needs to be submitted to the EPF office later.

Conclusion

EPF registration for a Private Limited Company is essential to provide employees with financial security and a range of benefits. The EPFO governs this scheme, serving as one of India's largest and most renowned social security organizations. The process of applying for provident fund registration is relatively straightforward, particularly with the assistance of a professional.

[greythrsoftware]

Masterclass on National Pension System

What is NPS?

Popularly known as the National Pension Scheme, the National Pension System is a voluntary contribution-based retirement savings scheme designed to help subscribers make systematic savings during their working life.

NPS is regulated by a government agency called Pension Fund Regulatory and Development Authority (PFRDA). Introduced in 2003, NPS was provided only to government employees. In 2009, private sector employees and all Indian citizens became eligible for it. Any Indian citizen aged between 18 and 65 years is eligible to join the scheme.

What are its salient features?

NPS is a low-cost investment compared to other investments like mutual funds, debt funds or equity funds. It offers tax breaks for individuals. Since it is a market-linked scheme, the returns will be high if the market performs. Even in terms of contributions, NPS also offers more flexibility compared to other products.

What are the different types of accounts under NPS?

There are two types of accounts: Tier 1 accounts and Tier 1 accounts. One must open a Tier 1 account before opening a Tier 2 account; which means a Tier 1 account is mandatory to open an NPS account.

A Tier 1 account has some withdrawal restrictions since there are significant tax benefits. The Tier 2 account is like a voluntary savings scheme where the members can withdraw the amount anytime without any restrictions. But there are no tax benefits. A Tier 2 account is similar to a bank account. However, it earns returns based on fund performance since it is completely linked to the market.

What are the steps to open an NPS account?

It is similar to opening a bank account. By submitting a form and the KYC documents, an NPS account can be opened within a few hours (if done right). If the Aadhaar is available, the individual can link the KYC to the Aadhaar and open the online NPS account (on the NSDL portal) within minutes, and get a permanent retirement account number (PRA). Contributions and withdrawals can be made online.

Are there any tax benefits for NPS contributions?

Tax benefits under NPS apply only to Tier 1 accounts. Any NPS subscriber can claim a tax benefit of up to INR 1.5 lakhs under Sec 80CCD (1), and an additional deduction of up to INR 50,000 is available under 80CCD (1B). The employer’s contribution of up to 10% of salary (Basic + DA) will also be deducted.

In the Tier 2 account, only the contributions made by government employees qualify for a deduction under Section 80C. The limit is INR 1.5 lakhs, and the lock-in period is three years. However, the Tier 2 account doesn’t offer additional tax benefits beyond those available under regular income tax laws.

What are the minimum contributions for different NPS accounts?

Tier 1 account: The minimum amount per contribution is INR 500, and the minimum contribution per year is INR 1000. There is no limit to the number of contributions that can be made in a year, but at least two contributions (in a financial year) are mandatory.

Tier 2 account: The minimum amount per contribution is INR 250. However, a minimum contribution of INR 1000 is required for account activation. Unlike the Tier 1 account, there are no mandatory contribution requirements for the Tier 2 account, and the subscribers can choose to contribute as per their financial goals.

How do NPS contributions through employers work?

Unlike PF, where equal contributions are required, NPS contributions are flexible. The same can differ from employer to employer and also between employee and employer. The contributions can also be unequal between the employer and employee.

What is the NPS interest rate, and how do we calculate it?

In the case of NPS, the government does not guarantee any return on the investment, since it is completely market-linked and based on the fund performance. Past trends show an average yield of 9% to 12%.

If you log in to your account, at the end of the year, you can see the percentage of return from the fund to date.

How does taxation work during withdrawal or retirement?

Subscribers can choose to make a withdrawal anytime between 60 years and 75 years of age. Although the person can continue the fund till the age of 75 years, the contribution has to stop at the age of 65.

A maximum of 60% and a minimum of 40% can be withdrawn as a lump sum. If 60% is withdrawn, it is entirely tax-free. If 40% is withdrawn, it has to be invested in an annuity that generates a tax-free monthly pension.

As per a recent amendment, if the total corpus is less than five lakhs, 100% withdrawal can be made.

Can NPS be withdrawn before retirement? If yes, what is the process?

Partial withdrawal is allowed for higher education/marriage of children, purchase or construction of a house, treatment of specified diseases and self-employment/set of a startup. But the subscriber should have also completed at least three years in the NPS scheme. There is also a limit of three withdrawals before 60 years. Withdrawal (only 25%) before three years is permitted only for expenses related to skill development, reskilling or self-development activities. Such a withdrawal is completely tax-free.

If there is an individual NPS account, the subscriber can merge the same with the new company’s corporate account. All future contributions will be made to the same account. If there is an existing corporate account, the person can request inter-sector shifting with the aid of an ISS form.

What are the fees/charges levied if the minimum contributions are not made?

NPS charges are considered minimal when compared to other investment schemes. To open an NPS account, an initial registration charge of INR 200 is levied; this can go up to INR 400 depending on the service provider and the amount of contribution. For subsequent contributions, a service charge of 0.5% is charged; this is reduced to 0.2% for online transactions.

A maintenance charge of INR 100 per annum is recovered quarterly, and a fee of INR 32 is charged for non-financial transactions such as a change of address. If the minimum contribution is not made in a financial year, there is no penalty, but the account will be frozen, and no transactions can be made until reactivation.

In Conclusion

Now that you understand NPS better, you may be eager to learn more. If so, we invite you to listen to the webinar recording, where the expert answered more questions.

Please note: As the government may make amendments to the laws, it is important to refer to official websites and documents for the latest information.

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PF Filing

Provident Fund (PF) is a social security scheme that is mandatory for salaried employees in India. It is regulated by the Employees Provident Fund Organisation (EPFO), which is a statutory body under the Ministry of Labour and Employment. The scheme is meant to provide financial security to employees after they retire, by building a corpus through regular contributions by both the employee and the employer. The employer deducts a percentage of the employee's salary and contributes it to the employee's PF Return Filing in Madhapur account. It is important for employees to understand the process of PF filing, as it ensures that their contributions are correctly accounted for and that they receive the benefits they are entitled to.

The process of PF filing involves two key steps:

Step 1: Provident Fund Contribution

The first step is to ensure that the pf filing services in madhapur contributions are deducted and deposited on time. As per the current rules, both the employee and the employer have to contribute 12% of the employee's basic salary towards PF. However, for organisations with less than 20 employees, the employer's contribution rate is reduced to 10%. The contribution has to be deposited within 15 days of the end of the month. The contribution has to be made through the online EPFO portal, and the employer has to provide the details of the employee's PF account, including the UAN (Universal Account Number), Aadhaar number, and bank account details. The employee can also view their PF account balance and transactions through the online portal.

Step 2: PF Filing

The second step is the PF filing process, which involves the submission of various forms to the EPFO. The PF Consultancy Service in madhapur process can be done online, and the forms can be downloaded from the EPFO website. The following are the forms that need to be submitted:

Form 5: This form needs to be submitted by the employer, and it contains the details of the employee's joining date, basic salary, and PF contribution details. It has to be submitted within 15 days of the end of the month.

Form 10C: This form needs to be submitted by the employee, and it is used to claim the benefits under the Employee Pension Scheme (EPS). The EPS is a part of the PF scheme, and it provides a pension to the employee after retirement. The form has to be submitted within 180 days of leaving the job.

Form 19: This form needs to be submitted by the employee, and it is used to claim the PF balance after leaving the job. The form has to be submitted within 180 days of leaving the job.

Form 31: This form needs to be submitted by the employee, and it is used to withdraw the PF balance for various reasons like medical emergency, education, marriage, etc. The form can be submitted after completion of 5 years of continuous service.

It is important for employees to ensure that all the forms are submitted on time, as any delay can result in a penalty. In case of any errors or discrepancies in the PF account, the employee should inform the employer and get it corrected. It is also advisable for employees to periodically check their PF account balance and transactions to ensure that everything is in order.

In conclusion, PF Consultancy Service Providers in Madhapur is a crucial process that ensures that employees receive the benefits they are entitled to under the PF scheme. It is important for both employees and employers to understand the process and ensure that all the necessary forms are submitted on time. By doing so, employees can ensure financial security for themselves and their families after retirement.           

[new-haryanvi-ragni]

What is pension fund? Can we withdraw pension contribution from PF? Read to find out

What is pension fund? Can we withdraw pension contribution from PF? Read to find out

Pension Fund: You should also be knowing that an employee does not contribute to the EPS account and only the employer contributes to this fund.  source https://zeenews.india.com/personal-finance/what-is-pension-fund-can-we-withdraw-pension-contribution-from-pf-employees-provident-fund-latest-news-2543071.html

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Tips for a Hassle-Free PF Amount Withdrawal Online

Withdrawing your Provident Fund (PF) amount online is a straightforward process designed for convenience. To initiate the withdrawal, log in to the EPFO portal using your Universal Account Number (UAN) and password. Navigate to the 'Online Services' section and select 'Claim (Form-31, 19 & 10C)'. Verify your details, and then choose the type of withdrawal you need (full, partial, or pension withdrawal). Complete the form with the required information and submit it. Your request will be processed, and the amount will be credited to your bank account. 

Read More: https://www.newscognition.com/why-online-pf-amount-withdrawal-is-preferred-by-many-employees/

[newspatrolling]

NPS Tier II account – Why should you have it?

The National Pension System (NPS) offers two types of accounts: NPS Tier I and NPS Tier II. Tier I is a compulsory pension account while Tier II is an optional facility provided to NPS Tier I account holders which can be opened at the discretion of subscriber.

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Benefits of NPS Tier II: 

1. Ease of account opening: You can activate your NPS Tier II account offline or online through your Nodal Office or NPS Mobile App, provided you have an active and operational NPS Tier I account. NPS Tier II account can be opened with an initial contribution of Rs 1,000 and the minimum subsequent contribution amount for this account is Rs. 250. With the activation of NPS Tier II account, subscribers are free to invest / withdraw whenever they wish to, without any limits.

2. Flexibility to invest: An NPS Tier II subscriber is free to select any of the registered Pension Fund (PF) and Investment Options as like in NPS Tier I account to get the benefit of professional fund management to generate superior returns.

3. Optimal Returns: NPS is a market-linked product and depending on risk appetite of the subscriber, he/she can decide a suitable asset allocation pattern (among Equity, Corporate Bonds and Government Securities) within the prescribed limits to derive optimal returns.

4. Low Cost: NPS carries the benefit of being the lowest cost pension product in the world. The overall costs in NPS are the lowest due to economies of scale in operations of the system architecture. Also, accumulation of the retirement corpus over a period gets accelerated on account of the compounding effect and nominal charges borne by the subscriber.

5. Tax benefits: Exclusive tax benefits on contributions made to Tier II are available for Central Government subscribers subject to lock-in of 3 years, upto Rs 1.5 lakhs under section 80C of the Income Tax Act, 1961. The capital gains arising about of Tier-II investments are taxable at marginal rate.

6. Ease of access and transfer: NPS Tier II account can be operated (including withdrawals) through online/Mobile App. Subscribers are also enabled to transfer funds from his/her Tier II account to NPS Tier I (pension account).

[ca-gurgaon]

All You Need to Know About Income Tax Amendments Applicable for AY 21-22

Income tax payment for individuals and corporate entities is mandatory as per the Income Tax Act, 1961, if their annual income is above the minimum exemption limit. In India, where individuals earn an income within a diverse range, levying a tax on all individuals at a specific rate would not be a fair policy. So, keeping pace with recent amendments is becoming a necessity for individuals and corporates. Here's a list of some key changes proposed in the Income-tax rules for AY 21-22, which every taxpayer should know before finalizing his or her Income Tax Return. 

It is never too early to start thinking about next year's return. This is where partnering with Chartered Accountants (CA) can help. Being the best CA in Gurgaon, we can assist you with all tax-related services, including Taxation Services, Auditing Services, Company Formation, Limited Liability Partnership Formation Services, Corporate Advisory Services, and much more.  

Capital Gain 

For indexation of property value, stamp duty value of 01-04-2021 is to be considered, not fair market value (FMV) as on 01-04-2021. Under section 50C, now a 10% variation is allowed for stamp duty value and sale price. Previously, it was 5%. If you have any confusions in filing the income tax returns, we can help. Contact the best CA in Gurgaon. 

Other Source 

From AY 2021-22, dividends to be taxable in hands of shareholders. Earlier, it was exempted. When any person receives any immovable property for inadequate consideration, the stamp duty value of such property as exceeds such consideration, if the difference is more than the higher of the following amounts:

(i) the amount of fifty thousand rupees

(ii) the amount equal to 10% of the consideration

The excess differential amount will be taxable in the hands of the receiver. 

Personal Taxation 

Rebate will be 12500 instead of 2500 till income 5 lakh. For B&P income, once you chose the new rate option, the lifetime you must continue with new rates unless he or she doesn't have B&P income. 

Salary 

NPS (national pension scheme) +SAF (Standard Audit File) + PF (pension fund) anything more than 7.5 lac contributed by Employer will be taxable as perquisites in the hands of the employee. Salary Standard deduction will be Rs 50000; earlier, it was Rs 40000.  

TDS / TCS 

TDS (Tax Deducted at Source) + TCS (Tax Collected at Source) applicability for those crossing 50 lakh or one crore. Earlier, it was audit wise. Under Section 194N, the payer will have to deduct TDS at the rate of 2% on the cash payments and withdrawals of more than Rs 1 crore in a financial year under Section 194N.

 In case the individual receiving the money has not filed an income tax return for three years immediately preceding the year, then the TDS is 2% on the cash payments or withdrawals of more than Rs 20 lakh and up to Rs 1 crore, and 5% for withdrawal exceeding Rs 1 crore. 

Return Filing 

It is mandatory to file returns for cash withdrawal, foreign travel exp, and electric bill consumption over certain limits, respective of their total income being less or more than 2.5 lakh.  

Corporate Taxation 

The corporate tax rates are changed to 22% for existing domestic companies and 15% for new domestic manufacturing companies. Deductions or exemptions are not available to companies opting for 115BAA or 115BAB. 

Recent amendments have entirely changed income tax in a big way. All these changes apply to AY 21-22. To know more or for help in filing your income tax returns, contact the best CA in Gurgaon.

[ebizfilingindia-blog]

EPF registration for a Private Limited Company

Introduction

If you're looking to provide the best care and benefits to your employees, registering your company for Employee Provident Fund (EPF) is essential. This blog with help you in knowing all the requirements for EPF registration for a Private Limited Company, including eligibility criteria, document requirements, and understanding the significance of EPF for your private limited company.

EPF registration

Registration for the Employee Provident Fund (EPF) is crucial for private limited companies to provide financial security to their employees after retirement. The program is funded by both employees and employers, and the employees have the right to withdraw the funds in their EPF account upon retirement. The account includes contributions and interest from both parties. The program benefits employees in both commercial and public sectors, and the administration is handled by the Employee Provident Fund Organization (EPFO).

Importance of EPF registration

Here are some importance of EPF registration for a Company:

EPF registration is essential for employers to deduct TDS from employees' salaries and process remittances only after generating challans via the EPFO employer portal.

Provident Fund account is consistent and transferable to any other workplace, making it a valuable long-term asset for employees.

Employees can access the accumulated PF amount for immediate financial needs, such as marriage or higher education.

The primary benefit of the Provident Fund is that it covers the risks that employees and their dependents may face as a result of retirement, illness, or death.

Employers make an equal contribution of 8.33% to the Employee Pension Scheme, in addition to the employee's 12% EPF contribution.

Documents required for EPF Registration under EPFO  

The following documents that are required for EPF registration under EPFO:

Proprietor/Partner/Director PAN Card

Proof of address, such as the Registered Office’s Electricity bill, or Telephone Bill (not older than 2 months).

Proprietor/Partner/Director Aadhar Card

Shop and Establishment Certificate/GST Certificate/Any Government License issued for the establishment

The Proprietor/Partner/Digital Director’s Signature

Entity’s Cancelled Cheque or Bank Statement

If applicable, the Hired/Rented/Leased Agreement.

The Identifier/Licensing Authority issues License Proof

Eligibility Criteria for EPF Registration

To register for the EPF scheme, the following eligibility criteria must be met:

Companies with 20 or more employees are legally required to deduct EPF from their salaries.

Under specific conditions, organizations with less than 20 employees can also register themselves under the EPF scheme.

Employers must obtain EPF registration within one month of hiring 20 employees or face a penalty. If a registered organization's employee strength falls below the minimum threshold, it remains within the scope of the Act.

After providing a minimum of two months' notice for compulsory registration, the Central Government may apply the provisions to any establishment employing fewer than 20 people. Employers and the majority of employees can make their own application to the Central Provident Fund (PF) Commissioner if they agree that the provisions of this act should apply to the establishment. 

Process for EPF Registration for a Private Limited Company

Go to the E-Sewa website.

Carefully read the instructions on how to upload documents.

Click on the ‘Employer Sign in’ option.

Select the ‘New Registration’ tab.

Read all the instructions provided and then click on ‘Register.’

Fill in all the necessary information.

Re-check the form before submitting it online.

Enter the CAPTCHA code displayed on the screen.

Click on the ‘Get Pin’ option.

An OTP will be sent to your registered mobile number or email address.

Enter the OTP and press the ‘Submit’ button.

Save the PDF for later submission to the EPF office.

Bottom line

The Employee Provident Fund scheme provides a great source of financial support, safety, and assurance for employees, and it is governed by the EPFO, one of India’s largest social security organizations. The EPFO handles a large volume of financial transactions daily. Applying for the Provident Fund is a simple process, especially if you seek the assistance of a professional.