#pf pension eligible service

[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…

[hdfcsales]

Best Monthly Pension Scheme for Senior Citizen

Given the ageing population and low-interest rates, the government has implemented several efforts to protect the interests of older citizens. The government has created different schemes for senior citizens under which citizens over 60 can earn a regular income through a pension by investing in such programs.

National Pension System (NPS) 

 The NPS system in India is an optional defined contribution pension system. 

Eligibility for National Pension System

Model for All Citizens

A resident or non-resident Indian citizen is entitled to the following criteria:

The applicant must be between the age 18 and 60 at the time of application to the POP/ POP-SP.

The applicant must acknowledge and follow the Know Your Customer (KYC) guidelines outlined in the Subscriber Registration Form. All documentation needed for KYC compliance must be provided in its entirety.

The Atal Pension Yojana

The Atal Pension Yojana (APY), a pension system for Indian residents, focuses on unorganised sector workers. The APY provides a minimum guaranteed pension of Rs. 1,000/-, Rs. 2,000/-, Rs. 3,000/-, Rs. 4,000/-, or Rs. 5,000/- per month at the age of 60, depending on the subscribers' contributions. Any Indian citizen can participate in the APY scheme. 

 Below mentioned are the eligibility requirements:

The subscriber needs to be between the age 18 and 40.

They must have a savings account or a post office savings account.

The Employee Provident Fund

Every company registered with the EPFO will grant employees a Provident Fund (PF) account number. The PF number is a numerical code. It denotes the state, regional office, location, and PF member code. The PF trust manages the PF number. When an employee switches jobs, their PF number changes. A Universal Account Number (UAN) is a one-of-a-kind number assigned to PF members. When an employee switches jobs, their PF account number changes. The UAN number, however, remains the same.

New Pension System

The New Pension System in India was implemented in 2004 and has since covered new entrants to the civil service of the central government. An exception is military forces employees, which is not in the purview of the New Pension System. Public service employees who have worked in government departments since 2004 have stayed in the old system. 

 Employers and employees each contribute 12% of their salaries, which are stored in separate accounts. The new system's minimum retirement age is 60 years, and taxes are based on the EET concept, with a statutory annuitization of 40% of accumulated capital. While the scheme is intended for central government personnel, 26 of the 29 state governments have stated their intention to participate. 

Defence Pension

This is a pension fund for the three branches of the armed forces and civilian employees working in Defence installations. The Government of India contributes on their behalf to assist Defence personnel with retirement planning.

 Open your account for the National pension system in HDFC; it is available to any Indian citizen and your old days. Our skilled team will undoubtedly aid you in any way possible to make you live your old age independently.

[biotechtimes]

JIPMER Recruitment 2021 – Biotech / Biochem / Life Science Embryologist

New Post has been published on https://biotechtimes.org/2020/12/20/jipmer-recruitment-2021-biotech-biochem-life-science-embryologist/

JIPMER Recruitment 2021 – Biotech / Biochem / Life Science Embryologist

JIPMER Recruitment 2021

JIPMER Recruitment 2021 – Biotech / Biochem / Life Science Embryologist. Jawaharlal Institute of Postgraduate Medical Education and Research is looking for an Embryologist. Candidates having MSc Life Sciences / Zoology / Microbiology / Genetics / Biotechnology / Biochemistry can apply for this job.

JAWAHARLAL INSTITUTE OF POSTGRADUATE MEDICAL EDUCATION & RESEARCH (An Institution of National Importance under Ministry of Health & Family Welfare, Govt. of India) Dhanvantari Nagar, Puducherry 605 006

Advt No.JIP/Admn.I/AP(Contract)/01/2018/PF

Applications are invited by the Director, JIPMER, for JIPMER Recruitment 2021 from eligible candidates to fill the Embryologist post on a contract basis

Position Name: Embryologist

Consolidated pay: INR 60,000/- per month

No. of Positions: 1 – UR (One)

Essential Qualification: MBBS degree from a recognized University

OR

M.Sc. in Life Sciences / Zoology / Microbiology / Genetics / Physiology / Biotechnology / Biochemistry / Anatomy / Endocrinology from a recognized University.

OR

B.V.Sc. Degree from a recognized University

Experience: 1-year experience in In-vitro Fertilization lab/clinic of a recognized Centre with knowledge in all respects of IVF Techniques including ICSI/IMSI.

Desirable: MD/Ph.D./M.V.Sc

Age Limit: Not exceeding 45 years as on closing date

The experience will be considered only after obtaining essential qualification.

The closing date for receipt of the application will be considered as the cutoff date for computing the upper age limit and experience

NOTE: Application Fee (INR 500/- for UR & OBC and INR 250/- for SC & ST) must be paid through SBI Collect. No fee for PWD candidates.

How to Apply

One set of filled in application (Annexure-I) along with self-attested certificates/testimonials, Registration & Additional Registration certificate issued by MCI, Experience certificate, NOC (if applicable), other related documents/publications, and e-Receipt for Fee Payment through SBI COLLECT must be sent to the following address on or before 18.01.2021 (Monday) by 4:30 P.M.

The Deputy Director (Admn.), Administrative Block, JIPMER, Puducherry 605 006

The envelope containing the application should be super-scribed as: “Application for the Post of ……………… on Contract Basis at JIPMER, Puducherry”

In addition to the above, the softcopy of the application along with all the above said self-attested enclosures must also be sent to jipmercf@gmail.com

Terms & Conditions

1. The appointment is purely on CONTRACT BASIS and will be initially for a period of 11 months with effect from the date of joining and extension will be granted for further period, if it is required by the administration. If the contract is not extended further, the same will lapse automatically.

2. The appointment can be terminated at any time before the expiry of the period of 11 months referred to above, with one month’s notice without assigning any reason or if the person’s work is considered unsatisfactory by the Competent Authority.

3. If the appointee wishes to resign his/her job, he/she has to serve one month’s notice or remit one month’s salary or pay thereof, as the case may be proportionate to the shortfall in the notice period.

4. The appointee shall perform the duties as assigned to him/her. The Competent Authority reserves the right to assign any duty as and when required. No extra/additional allowances will be admissible in case of such assignment.

5. The appointee shall not be entitled to any benefit like Provident Fund, Pension, Gratuity, Medical Attendance Treatment, Seniority, Promotion, Allowances etc. or any other benefits available to the regular employees of this Institute.

6. The appointee shall not be granted any claim or right for regular appointment to any post of JIPMER Puducherry/JIPMER Karaikal.

7. The appointee shall be on a whole time appointment at JIPMER, Puducherry and shall not accept any other assignment, paid or otherwise and shall not engage himself/herself in a private practice of any kind during the period of contract.

8. The appointment to the said post will be subject to medical fitness from the competent medical board for which he/she will be sent to the designated Medical Authority.

9. On appointment, the appointee will be required to take an oath of allegiance to the Constitution of India or make a solemn affirmation to that effect in the prescribed proforma.

10. The appointee will not be entitled to any T.A. for attending the interview and joining the appointment.

11. Other conditions of service will be governed by relevant rules and orders issued from time to time.

12. If any declaration given or information furnished by him/her proves false or if he/she is found to have willfully suppressed any material, information, he/she will be liable for removal from the service and also such other action as the Government may deem it necessary.

13. The Competent Authority reserves the rights to increase or decrease the number of vacancies.

14. The Income Tax or any other tax liable to be deducted, as per the prevailing rules will be deducted at source before effecting the payment, for which the Department will issue TDS Certificate/s.

15. The contract appointment is purely temporary and will remain valid up to the contractual period for which the engagement is approved on each occasion.

16. The contract appointee will not be eligible to get official accommodation/quarters allotment within the campus as applicable to the other regular employees of this Institute.

17. The contract appointee shall in no case represent or give opinion or advice to others in any matter which is adverse to the interest of the Institute.

18. Canvassing of any kind will lead to disqualification.

19. The Contractually engaged person(s) should not have been convicted by any court of law

Last Date: 18.01.2021 (Monday)

Download Notification

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What is EPF?

The EPF is an avenue for saving and was introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. The EPF is managed by a Central Board of Trustees which consists of a representative from the Government, the employers, and the employees. This board of trustees is helped in its work by the Employees Provident Fund Organization (EPFO) which works under the jurisdiction of the Ministry of Labor and Employment. The main objective of the EPF or the Employee Provident Fund is to create a corpus that will be helpful after the retirement of your employees.

EPF is known to enjoy EEE status. EEE status is commonly referred to as exempt-exempt-exempt status of EPF. The contributions made by employees are tax-deductible under Section 80C, the interest that they earn via EPF is also interest-free. And lastly, the maturity benefits of EPF is also tax free. EPF is responsible for promoting savings among salaried individuals. The funds deposited into EPF are contributed by both the employer and the employees regularly. These funds can be used in case of the employees being unable to work or after their retirement.

The Employee Provident Fund (EPF) schemes are administered by mainly three Acts i.e.

Employees’ Provident Fund Scheme, 1952

Employees’ Pension Scheme, 1995

Employees’ Deposit Linked Insurance Scheme, 1976

The Employee Provident Fund is an ideal savings tool by which employees can save a considerable amount from their salary every month. This amount would be of great help to the employees in the future either after retirement or due to being unable to work.

Benefits of Employee Provident Fund

Some of the major benefits and advantages of the Employee Provident fund can be mentioned below.

Under Section 80C of the Income Tax Act, 1961 the contributors to the EPF can avail of the benefits of tax deductions.

According to Section 10(11) and Section 10(12) of the Income Tax Act, 1961 the contribution which has been made by the employer is also eligible for tax exemption.

There is no tax levied on the maturity amount.

The interest which is earned on the savings of EPF is also exempted from Income Tax. EPF also helps its contributors with loans whenever the necessity arises.

EPF Eligibility Criteria

The basic eligibility criteria to become a member of an EPF are mentioned below.

In general, the employees of an organization are directly eligible for obtaining the benefits of Provident Fund, Insurance, and Pension schemes as soon as they join the organization.

As an employer, you must open an EPF account for employees if their basic salary and dearness allowance amounts to less than Rs. 15,000.

For employees who receive a basic salary plus the dearness allowance more than Rs. 15,000, they can also become a member of the EPF. They can do so by getting consent from you and the Assistant Commissioner of PF.

Those organizations which have employee strength of 20 or more than 20 employees are mandated for registration under the EPF scheme. However, those organizations which have employees less than 20 can voluntarily register under the EPF.

The EPF scheme is not applicable for people who are residing in Jammu and Kashmir.

Contributions of employees and employers towards EPF

An employer and employee both make EPF contributions in the form of a particular part of the salary. This contribution is done every month and the contribution rate depends on the basic salary and the dearness allowance of an employee.

We can state the rate of EPF contribution by both employers and employees in the below-mentioned table.

Must know features about EPF Contributions

1. Rate of Contribution:

a) Generally, the rate of contribution by employees is fixed at 12% but for some exceptional cases, the rate of contribution is 10% like: i. Those organizations which have employee strength of a maximum of 19 persons have a contribution rate of 10% ii. Those organizations which have an annual loss which is much more as compared to that of the net value of the organization has a contribution rate of 10% iii. Industries such as coir, guar, beedi, brick, gum, jute, etc. have been allowed for an employee contribution of 10% towards the EPF iv. Some industries which have been declared as sick industries by the BIFR have their rate of employee contribution towards EPF as 10% v. Certain organizations operate under a wage limit of Rs. 6500 and the employees of these organizations can contribute 10% of their salary towards EPF.

b) As said earlier, employers will contribute 12% of the salary into EPF i.e. 12% of Rs. 15,000 which is Rs. 1800. So, both employers and employees will contribute Rs. 1800 in a month towards EPF.

2. Contribution distributiona) For the Employee

The total percentage of salary which is contributed by the employee goes completely into the employee’s provident fund.

b) For the Employer

The 12% contribution which is being made by the employer includes a contribution of 3.67% towards EPF (Employee Provident Fund) and 8.33% towards the EPS (Employee Pension Scheme).

3. Total Employer Contribution

Some contributions are made towards the administration cost to the EDLI and the EPF at the rate of 1.1% and 0.01%. These contributions are also made by the employer. So, the employer contributes to a total of 13.61% of the salary towards the EPF scheme.

We can illustrate the entire procedure of EPF contribution by both employer and employee by an example.

For example, the monthly salary of Mr. Kumar is Rs. 40,000 in a month. Then, the contributions which are made into the EPF can be summarized as below.

1.Contribution by employee=12% of Rs. 40,000=Rs. 4,800 2.Contribution made by employer towards EPF=3.67% of Rs. 40,000=Rs. 1,468 3.Contribution made by employer towards EPS=8.33% of Rs. 40,000=Rs. 3,332 4.Total contribution=Rs. 9600

Hence, a contribution of Rs. 9600 is made from the salary of Mr. Kumar towards EPF.

EPF Applicability

As an employer, you would have to contribute to EPF on the Basic salary along with the DA component. An organization much match the contribution of an employee and an extra 1% contribution towards EDLI (0.5%) and EPF plus EDLI administrative charges (0.5%). Your contribution towards EPF changes slightly depending on the number of employees that you have.

More than 20 employees The employee’s share in such conditions is 12% and as an employer, you must contribute 3.67% as EPF, 8.33% as EPS, 0.5% as EDLI and 0.5% as EPF+EDLI administrative charges.

Less than 20 employees

The employee’s share in such cases is 10% and as an employer, you must contribute 1.67% as EPF, 8.33% as EPS, 0.5% as EDLI and 0.5% as EPF+EDLI administrative charges.

How to disburse EPF online?

The procedure involved in the disbursal of the Employee Provident Fund payment by online means consists of the below-mentioned steps.

Employees can file for a pay EPF online claim by visiting the EPFO portal. For a pay EPF online claim, employee’s UAN (Universal Account Number) must be activated. Also, their bank details and the KYC details must be present in the EPFO portal.

It is your responsibility to provide employees with UAN and mention the same in the salary slip. If employees have not received their UAN, they can obtain it from the EPFO portal itself. They can select the tab Know your UAN status. Then they will have to fill in their details and a PIN obtained by employees on their phone number. With this, they can easily obtain their UAN. Even after they have received their UAN, the UAN needs to be activated.

For making their UAN active, employees must visit the ‘For Employees’ in the EPFO portal. Next, they will have to select the option ‘Our Services’ and under ‘Our Services’ and they will have the option of ‘Member UAN/Online Services’. Then, they will be directed towards the UAN portal where they will have to select ‘Activate your UAN’ option. Employees will obtain a PIN on their mobile number and they can use that PIN for the final step. With this, their UAN would be activated and they can apply for the disbursal of EPF online.

The steps that are involved in filing an online claim for the withdrawal of the EPF online are listed below.

First, your employees would have to log in to the EPFO portal with the help of their activated UAN and password.

In the next step, they will have to select the ‘Manage’ tab and verify the KYC details.

Now, they can visit the tab titled ‘Our Services’ and then select the option ‘Claim’.

Then, they will be directed to a section which is titled as ‘I want to apply for’ and choose their required type of approval i.e. full or partial or pension withdrawal.

After the selection of the type of withdrawal, your PF disbursal request will be forwarded to you for approval.

After your approval, employees will obtain their money within 10 days of raising the claim.

EPF withdrawal rules

Your employees can choose to withdraw their EPF contributions under certain conditions while adhering to some rules. Here are some of them.

1. Home Loan

Employees can choose to withdraw up to 90% of their contributions to pay off home loans. They must complete at least three years of service to avail the same.

2. Unemployment

If an employee remains unemployed for more than a month, they can withdraw up to 75% of their EPF.

3. Wedding

Employees can withdraw up to 50% of their EPF funds for their marriage, provided they have completed 7 years of service.

The current rules allow employees to withdraw their EPF if they do not have a job after two months of the completion of the previous job. And to avail of this benefit, the subscriber must have worked for at least 10 years.

A recent modification of the rules offers more flexibility for employees. Employees can now withdraw up to 75% of their EPF fund value if they do not have a job for more than a month. This change was introduced to help employees take care of their financial needs at such times.

You may also read: Employee loans – The complete guide

Interest rates on EPF

The interest rate on EPF for the financial year 2018-19 is 8.65%. It has been raised from 8.55% which was the interest rate in the year 2017-18. The fund which is accumulated in the Provident Fund Account is capable of attracting some interest which is completely exempted from tax.

The entire interest which is earned is transferred to EPF Account of employees and this is calculated based on the rate of interest that has been determined by the Government of India along with the Central Board of Trustees.

Let us understand some important aspects related to the interest rate on EPF.

The rate of interest i.e. 8.65 is valid for those EPF deposits which are being made in the financial year of April 2018 to March 2019.

The interest is transferred to the employee’s EPF account once in a year i.e. on 31st March of the current financial year.

For further calculation of interest, the interest which has been transferred to the employee’s EPF Account is summed up with the next month’s balance i.e. the balance of April.

For the inoperative accounts of non-retired employees, interest is offered.

For the inoperative accounts of retired employees, interest is not being offered.

The inoperative accounts earn interest and this interest is taxable under the current income tax slab.

When you contribute to the Employee Pension Scheme (EPS), employees will not be obtaining any interest. But they are eligible to obtain a pension of that specified amount after the age of 58 years.

For EPF, the interest is calculated monthly whereas the interest rate is announced every year. The interest rate can be calculated by division of the interest rate in a year by 12. By this, the interest amount which has to be given to you in a month is derived.

Understand with an example:

Let us consider an example to illustrate the entire concept of interest rates on the Employee Provident Fund. For example, an employee has started making their contribution to EPF by November 2018. Now, let us note down some of the important points related to the interest on EPF.

The interest rate which applies to the EPF is 8.65%

Now, the monthly rate of interest can be calculated as 8.65/12=0.7208%

Every month, they are transferring 12% of Rs. 15000= Rs. 1800 towards the Employee Provident Fund Account.

This amount of Rs. 1800 will be transferred into their Employee Provident Fund Account at the end of every month.

[fernandesamelia63-blog]

What is EPF?

The EPF is an avenue for saving and was introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. The EPF is managed by a Central Board of Trustees which consists of a representative from the Government, the employers, and the employees. This board of trustees is helped in its work by the Employees Provident Fund Organization (EPFO) which works under the jurisdiction of the Ministry of Labor and Employment. The main objective of the EPF or the Employee Provident Fund is to create a corpus that will be helpful after the retirement of your employees.

EPF is known to enjoy EEE status. EEE status is commonly referred to as exempt-exempt-exempt status of EPF. The contributions made by employees are tax-deductible under Section 80C, the interest that they earn via EPF is also interest-free. And lastly, the maturity benefits of EPF is also tax free. EPF is responsible for promoting savings among salaried individuals. The funds deposited into EPF are contributed by both the employer and the employees regularly. These funds can be used in case of the employees being unable to work or after their retirement.

The Employee Provident Fund (EPF) schemes are administered by mainly three Acts i.e.

Employees’ Provident Fund Scheme, 1952

Employees’ Pension Scheme, 1995

Employees’ Deposit Linked Insurance Scheme, 1976

The Employee Provident Fund is an ideal savings tool by which employees can save a considerable amount from their salary every month. This amount would be of great help to the employees in the future either after retirement or due to being unable to work.

Benefits of Employee Provident Fund

Some of the major benefits and advantages of the Employee Provident fund can be mentioned below.

Under Section 80C of the Income Tax Act, 1961 the contributors to the EPF can avail of the benefits of tax deductions.

According to Section 10(11) and Section 10(12) of the Income Tax Act, 1961 the contribution which has been made by the employer is also eligible for tax exemption.

There is no tax levied on the maturity amount.

The interest which is earned on the savings of EPF is also exempted from Income Tax. EPF also helps its contributors with loans whenever the necessity arises.

EPF Eligibility Criteria

The basic eligibility criteria to become a member of an EPF are mentioned below.

In general, the employees of an organization are directly eligible for obtaining the benefits of Provident Fund, Insurance, and Pension schemes as soon as they join the organization.

As an employer, you must open an EPF account for employees if their basic salary and dearness allowance amounts to less than Rs. 15,000.

For employees who receive a basic salary plus the dearness allowance more than Rs. 15,000, they can also become a member of the EPF. They can do so by getting consent from you and the Assistant Commissioner of PF.

Those organizations which have employee strength of 20 or more than 20 employees are mandated for registration under the EPF scheme. However, those organizations which have employees less than 20 can voluntarily register under the EPF.

The EPF scheme is not applicable for people who are residing in Jammu and Kashmir.

Contributions of employees and employers towards EPF

An employer and employee both make EPF contributions in the form of a particular part of the salary. This contribution is done every month and the contribution rate depends on the basic salary and the dearness allowance of an employee.

We can state the rate of EPF contribution by both employers and employees in the below-mentioned table.

Must know features about EPF Contributions

1. Rate of Contribution:

a) Generally, the rate of contribution by employees is fixed at 12% but for some exceptional cases, the rate of contribution is 10% like: i. Those organizations which have employee strength of a maximum of 19 persons have a contribution rate of 10% ii. Those organizations which have an annual loss which is much more as compared to that of the net value of the organization has a contribution rate of 10% iii. Industries such as coir, guar, beedi, brick, gum, jute, etc. have been allowed for an employee contribution of 10% towards the EPF iv. Some industries which have been declared as sick industries by the BIFR have their rate of employee contribution towards EPF as 10% v. Certain organizations operate under a wage limit of Rs. 6500 and the employees of these organizations can contribute 10% of their salary towards EPF.

b) As said earlier, employers will contribute 12% of the salary into EPF i.e. 12% of Rs. 15,000 which is Rs. 1800. So, both employers and employees will contribute Rs. 1800 in a month towards EPF.

2. Contribution distributiona) For the Employee

The total percentage of salary which is contributed by the employee goes completely into the employee’s provident fund.

b) For the Employer

The 12% contribution which is being made by the employer includes a contribution of 3.67% towards EPF (Employee Provident Fund) and 8.33% towards the EPS (Employee Pension Scheme).

3. Total Employer Contribution

Some contributions are made towards the administration cost to the EDLI and the EPF at the rate of 1.1% and 0.01%. These contributions are also made by the employer. So, the employer contributes to a total of 13.61% of the salary towards the EPF scheme.

We can illustrate the entire procedure of EPF contribution by both employer and employee by an example.

For example, the monthly salary of Mr. Kumar is Rs. 40,000 in a month. Then, the contributions which are made into the EPF can be summarized as below.

1.Contribution by employee=12% of Rs. 40,000=Rs. 4,800 2.Contribution made by employer towards EPF=3.67% of Rs. 40,000=Rs. 1,468 3.Contribution made by employer towards EPS=8.33% of Rs. 40,000=Rs. 3,332 4.Total contribution=Rs. 9600

Hence, a contribution of Rs. 9600 is made from the salary of Mr. Kumar towards EPF.

EPF Applicability

As an employer, you would have to contribute to EPF on the Basic salary along with the DA component. An organization much match the contribution of an employee and an extra 1% contribution towards EDLI (0.5%) and EPF plus EDLI administrative charges (0.5%). Your contribution towards EPF changes slightly depending on the number of employees that you have.

More than 20 employees The employee’s share in such conditions is 12% and as an employer, you must contribute 3.67% as EPF, 8.33% as EPS, 0.5% as EDLI and 0.5% as EPF+EDLI administrative charges.

Less than 20 employees

The employee’s share in such cases is 10% and as an employer, you must contribute 1.67% as EPF, 8.33% as EPS, 0.5% as EDLI and 0.5% as EPF+EDLI administrative charges.

How to disburse EPF online?

The procedure involved in the disbursal of the Employee Provident Fund payment by online means consists of the below-mentioned steps.

Employees can file for a pay EPF online claim by visiting the EPFO portal. For a pay EPF online claim, employee’s UAN (Universal Account Number) must be activated. Also, their bank details and the KYC details must be present in the EPFO portal.

It is your responsibility to provide employees with UAN and mention the same in the salary slip. If employees have not received their UAN, they can obtain it from the EPFO portal itself. They can select the tab Know your UAN status. Then they will have to fill in their details and a PIN obtained by employees on their phone number. With this, they can easily obtain their UAN. Even after they have received their UAN, the UAN needs to be activated.

For making their UAN active, employees must visit the ‘For Employees’ in the EPFO portal. Next, they will have to select the option ‘Our Services’ and under ‘Our Services’ and they will have the option of ‘Member UAN/Online Services’. Then, they will be directed towards the UAN portal where they will have to select ‘Activate your UAN’ option. Employees will obtain a PIN on their mobile number and they can use that PIN for the final step. With this, their UAN would be activated and they can apply for the disbursal of EPF online.

The steps that are involved in filing an online claim for the withdrawal of the EPF online are listed below.

First, your employees would have to log in to the EPFO portal with the help of their activated UAN and password.

In the next step, they will have to select the ‘Manage’ tab and verify the KYC details.

Now, they can visit the tab titled ‘Our Services’ and then select the option ‘Claim’.

Then, they will be directed to a section which is titled as ‘I want to apply for’ and choose their required type of approval i.e. full or partial or pension withdrawal.

After the selection of the type of withdrawal, your PF disbursal request will be forwarded to you for approval.

After your approval, employees will obtain their money within 10 days of raising the claim.

[profiletvm]

Employee Provident Fund

The Employees' Provident Fund came into existence with the promulgation of the Employees' Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees' Provident Funds Act, 1952. The Employees' Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments. The Act is now referred as the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India. The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees' Provident Fund,consisting of representatives of Government (Both Central and State), Employers, and Employees. The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India. The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 135 locations across the country. The Organization has a well equipped training set up where officers and employees of the Organization as well as Representatives of the Employers and Employees attend sessions for trainings and seminars.The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India (click here) EPFO Organisation Structure (Annual Report 2015-16) The Board operates three schemes - EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI). APPLICABILITY OF EPF REGISTRATION under EPF is compulsory: For every factory engaged in industry employing 20 or more employeesFor every other establishment having 20 or more employees during previous year.For every employee who is getting less than INR 15000/- per month. CONTRIBUTION Every employee who joins any establishment which is covered under EPF scheme has to mandatorily contribute certain percentage of his salary. These contributions have to be made regularly. The Contribution made by an employee is pooled up in the form of saving or investment which is given to the employee at the time of his retirement or he switches his job. Rate of Contribution for establishment hiring employees 20 or above Employer’s rate of contribution: Employer has to share his contribution at the rate of 12% of Employee’s basic salary plus dearness allowance. Employee’s rate of contribution: Employer has to share his contribution at the rate of 12% of Employee’s basic salary plus dearness allowance. Out of total employer’s contribution, it is further bifurcated into 8.33% which is converted to Employees’ Pension Scheme, and remaining 3.67% is converted into EDLI account. UAN UAN stand for Universal Account Number which is allotted to employees at the time of registering an employee under EPFO portal. This number is allotted by completing the details such as name, father’s name, aadhar number, Date of birth as per aadhar etc. This UAN can be used by an employee throughout whether he changes his service or establishment. EPS Pension Facts Full Pension age 58 yearsEarly Pension age stars from 50 years. There will be 4% reduction for each year before 58 years.Member can apply for pension after retirement or after attaining 58 years, whichever is earlier.If member attains 58 years and don’t have 10 year service, will not be eligible for member pension. He can withdraw pension amount.If member retires before 50 year and have > 10 year service, can apply for Scheme Certificate. This can submit after attaining 50 year and will get pension.Out of 3 Schemes of EPFO (EPS, EPF & EDLI), only EPS has retirement age, 58 years.If Member continues working after 58 years, please stop 8.33% pension payment towards EPS (A/c No. 10) and remit the same under EPF (A/c No.1 Employer’s share - ie. 3.67+8.33 = 12%).(EPF & EDLI must be paid till permanent retirement) Read the full article

[jomeyers83]

EPF is otherwise known as the Employee’s Provident Fund and is a retirement plan available for salaried individuals. This retirement scheme will help your employees to save a portion of their salary every month.

What is EPF?

Benefits of EPF

EPF eligibility criteria

Contributions of employees and employers towards EPF

Must Know features about EPF Contributions

EPF Applicability

How to disburse EPF online?

EPF Withdrawal Rules

Interest rates on EPF

How to claim EPF? Which EPF claim forms to use?

UMANG App

Limitations of EPF

Employee Provident Fund Organization (EPFO) Contact Details

What is EPF?

The EPF is an avenue for saving and was introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. The EPF is managed by a Central Board of Trustees which consists of a representative from the Government, the employers, and the employees. This board of trustees is helped in its work by the Employees Provident Fund Organization (EPFO) which works under the jurisdiction of the Ministry of Labor and Employment. The main objective of the EPF or the Employee Provident Fund is to create a corpus that will be helpful after the retirement of your employees.

EPF is known to enjoy EEE status. EEE status is commonly referred to as exempt-exempt-exempt status of EPF. The contributions made by employees are tax-deductible under Section 80C, the interest that they earn via EPF is also interest-free. And lastly, the maturity benefits of EPF is also tax free. EPF is responsible for promoting savings among salaried individuals. The funds deposited into EPF are contributed by both the employer and the employees regularly. These funds can be used in case of the employees being unable to work or after their retirement.

The Employee Provident Fund (EPF) schemes are administered by mainly three Acts i.e.

Employees’ Provident Fund Scheme, 1952

Employees’ Pension Scheme, 1995

Employees’ Deposit Linked Insurance Scheme, 1976

The Employee Provident Fund is an ideal savings tool by which employees can save a considerable amount from their salary every month. This amount would be of great help to the employees in the future either after retirement or due to being unable to work.

Benefits of Employee Provident Fund

Some of the major benefits and advantages of the Employee Provident fund can be mentioned below.

Under Section 80C of the Income Tax Act, 1961 the contributors to the EPF can avail of the benefits of tax deductions.

According to Section 10(11) and Section 10(12) of the Income Tax Act, 1961 the contribution which has been made by the employer is also eligible for tax exemption.

There is no tax levied on the maturity amount.

The interest which is earned on the savings of EPF is also exempted from Income Tax. EPF also helps its contributors with loans whenever the necessity arises.

EPF Eligibility Criteria

The basic eligibility criteria to become a member of an EPF are mentioned below.

In general, the employees of an organization are directly eligible for obtaining the benefits of Provident Fund, Insurance, and Pension schemes as soon as they join the organization.

As an employer, you must open an EPF account for employees if their basic salary and dearness allowance amounts to less than Rs. 15,000.

For employees who receive a basic salary plus the dearness allowance more than Rs. 15,000, they can also become a member of the EPF. They can do so by getting consent from you and the Assistant Commissioner of PF.

Those organizations which have employee strength of 20 or more than 20 employees are mandated for registration under the EPF scheme. However, those organizations which have employees less than 20 can voluntarily register under the EPF.

The EPF scheme is not applicable for people who are residing in Jammu and Kashmir.

Contributions of employees and employers towards EPF

An employer and employee both make EPF contributions in the form of a particular part of the salary. This contribution is done every month and the contribution rate depends on the basic salary and the dearness allowance of an employee.

We can state the rate of EPF contribution by both employers and employees in the below-mentioned table.

Must know features about EPF Contributions

1. Rate of Contribution:

a) Generally, the rate of contribution by employees is fixed at 12% but for some exceptional cases, the rate of contribution is 10% like: i. Those organizations which have employee strength of a maximum of 19 persons have a contribution rate of 10% ii. Those organizations which have an annual loss which is much more as compared to that of the net value of the organization has a contribution rate of 10% iii. Industries such as coir, guar, beedi, brick, gum, jute, etc. have been allowed for an employee contribution of 10% towards the EPF iv. Some industries which have been declared as sick industries by the BIFR have their rate of employee contribution towards EPF as 10% v. Certain organizations operate under a wage limit of Rs. 6500 and the employees of these organizations can contribute 10% of their salary towards EPF.

b) As said earlier, employers will contribute 12% of the salary into EPF i.e. 12% of Rs. 15,000 which is Rs. 1800. So, both employers and employees will contribute Rs. 1800 in a month towards EPF.

2. Contribution distributiona) For the Employee

The total percentage of salary which is contributed by the employee goes completely into the employee’s provident fund.

b) For the Employer

The 12% contribution which is being made by the employer includes a contribution of 3.67% towards EPF (Employee Provident Fund) and 8.33% towards the EPS (Employee Pension Scheme).

3. Total Employer Contribution

Some contributions are made towards the administration cost to the EDLI and the EPF at the rate of 1.1% and 0.01%. These contributions are also made by the employer. So, the employer contributes to a total of 13.61% of the salary towards the EPF scheme.

We can illustrate the entire procedure of EPF contribution by both employer and employee by an example.

For example, the monthly salary of Mr. Kumar is Rs. 40,000 in a month. Then, the contributions which are made into the EPF can be summarized as below.

1.Contribution by employee=12% of Rs. 40,000=Rs. 4,800 2.Contribution made by employer towards EPF=3.67% of Rs. 40,000=Rs. 1,468 3.Contribution made by employer towards EPS=8.33% of Rs. 40,000=Rs. 3,332 4.Total contribution=Rs. 9600

Hence, a contribution of Rs. 9600 is made from the salary of Mr. Kumar towards EPF.

EPF Applicability

As an employer, you would have to contribute to EPF on the Basic salary along with the DA component. An organization much match the contribution of an employee and an extra 1% contribution towards EDLI (0.5%) and EPF plus EDLI administrative charges (0.5%). Your contribution towards EPF changes slightly depending on the number of employees that you have.

More than 20 employees The employee’s share in such conditions is 12% and as an employer, you must contribute 3.67% as EPF, 8.33% as EPS, 0.5% as EDLI and 0.5% as EPF+EDLI administrative charges.

Less than 20 employees

The employee’s share in such cases is 10% and as an employer, you must contribute 1.67% as EPF, 8.33% as EPS, 0.5% as EDLI and 0.5% as EPF+EDLI administrative charges.

How to disburse EPF online?

The procedure involved in the disbursal of the Employee Provident Fund payment by online means consists of the below-mentioned steps.

Employees can file for a pay EPF online claim by visiting the EPFO portal. For a pay EPF online claim, employee’s UAN (Universal Account Number) must be activated. Also, their bank details and the KYC details must be present in the EPFO portal.

It is your responsibility to provide employees with UAN and mention the same in the salary slip. If employees have not received their UAN, they can obtain it from the EPFO portal itself. They can select the tab Know your UAN status. Then they will have to fill in their details and a PIN obtained by employees on their phone number. With this, they can easily obtain their UAN. Even after they have received their UAN, the UAN needs to be activated.

For making their UAN active, employees must visit the ‘For Employees’ in the EPFO portal. Next, they will have to select the option ‘Our Services’ and under ‘Our Services’ and they will have the option of ‘Member UAN/Online Services’. Then, they will be directed towards the UAN portal where they will have to select ‘Activate your UAN’ option. Employees will obtain a PIN on their mobile number and they can use that PIN for the final step. With this, their UAN would be activated and they can apply for the disbursal of EPF online.

The steps that are involved in filing an online claim for the withdrawal of the EPF online are listed below.

First, your employees would have to log in to the EPFO portal with the help of their activated UAN and password.

In the next step, they will have to select the ‘Manage’ tab and verify the KYC details.

Now, they can visit the tab titled ‘Our Services’ and then select the option ‘Claim’.

Then, they will be directed to a section which is titled as ‘I want to apply for’ and choose their required type of approval i.e. full or partial or pension withdrawal.

After the selection of the type of withdrawal, your PF disbursal request will be forwarded to you for approval.

After your approval, employees will obtain their money within 10 days of raising the claim.

EPF withdrawal rules

Your employees can choose to withdraw their EPF contributions under certain conditions while adhering to some rules. Here are some of them.

1. Home Loan

Employees can choose to withdraw up to 90% of their contributions to pay off home loans. They must complete at least three years of service to avail the same.

2. Unemployment

If an employee remains unemployed for more than a month, they can withdraw up to 75% of their EPF.

3. Wedding

Employees can withdraw up to 50% of their EPF funds for their marriage, provided they have completed 7 years of service.

The current rules allow employees to withdraw their EPF if they do not have a job after two months of the completion of the previous job. And to avail of this benefit, the subscriber must have worked for at least 10 years.

A recent modification of the rules offers more flexibility for employees. Employees can now withdraw up to 75% of their EPF fund value if they do not have a job for more than a month. This change was introduced to help employees take care of their financial needs at such times.

You may also read: Employee loans – The complete guide

Interest rates on EPF

The interest rate on EPF for the financial year 2018-19 is 8.65%. It has been raised from 8.55% which was the interest rate in the year 2017-18. The fund which is accumulated in the Provident Fund Account is capable of attracting some interest which is completely exempted from tax.

The entire interest which is earned is transferred to EPF Account of employees and this is calculated based on the rate of interest that has been determined by the Government of India along with the Central Board of Trustees.

Let us understand some important aspects related to the interest rate on EPF.

The rate of interest i.e. 8.65 is valid for those EPF deposits which are being made in the financial year of April 2018 to March 2019.

The interest is transferred to the employee’s EPF account once in a year i.e. on 31st March of the current financial year.

For further calculation of interest, the interest which has been transferred to the employee’s EPF Account is summed up with the next month’s balance i.e. the balance of April.

For the inoperative accounts of non-retired employees, interest is offered.

For the inoperative accounts of retired employees, interest is not being offered.

The inoperative accounts earn interest and this interest is taxable under the current income tax slab.

When you contribute to the Employee Pension Scheme (EPS), employees will not be obtaining any interest. But they are eligible to obtain a pension of that specified amount after the age of 58 years.

For EPF, the interest is calculated monthly whereas the interest rate is announced every year. The interest rate can be calculated by division of the interest rate in a year by 12. By this, the interest amount which has to be given to you in a month is derived.

Understand with an example:

Let us consider an example to illustrate the entire concept of interest rates on the Employee Provident Fund. For example, an employee has started making their contribution to EPF by November 2018. Now, let us note down some of the important points related to the interest on EPF.

The interest rate which applies to the EPF is 8.65%

Now, the monthly rate of interest can be calculated as 8.65/12=0.7208%

Every month, they are transferring 12% of Rs. 15000= Rs. 1800 towards the Employee Provident Fund Account.

This amount of Rs. 1800 will be transferred into their Employee Provident Fund Account at the end of every month.

Calculation

Now, the contribution made by you is also Rs. 1800 which is divided into

3.67% is contributed towards the employee’s EPF Account

8.33% is contributed towards the employee’s EPS Account

The total contribution made towards EPF Account is Rs. 1800 +3.67% of Rs. 1800=Rs. 1800 + Rs. 50=Rs. 2350

So, now the balance which has been carried forward from November 2018= Rs. 2350 The interest which is earned for December 2018=0.7208% of Rs. 2350= Rs. 16.938 Balance at the end of the month December 2018= Rs. 2350 + Rs. 2350=Rs. 4700

How to claim EPF ? Which EPF claim forms to use?

An EPF Form is necessary for performing any activity on the EPF Account. These activities can consist of

Registration for opening an EPF Account

Withdrawal from the EPF Account

Availing a loan against the EPF Account

Transfer of the Employee Provident Fund

There are several EPF Claim forms available and some of them can be listed below.

UMANG App

The government of India has introduced the UMANG app as a unified platform to access various government-based services. The app offers several e-governance services that you can access and avail of. You can use the app to file income taxes, apply for Aadhar, clarify your queries related to provident fund and avail several central governments, state government or local bodies services.

Limitations of EPF

There is no doubt that EPF is a great tool for saving for the future for your employees. However, it has its limitations as well. For example, irrespective of the contributions one cannot reach the magical number of INR 1 crore. Since it allows employees to withdraw funds, a lot of them choose to do so while changing their jobs. Thus, getting back to square one. Also, if you withdraw your EPF before the completion of five years, you must pay taxes on them as well.

Employee Provident Fund Organization (EPFO) Contact Details

In case of any details needed or doubts you can easily contact the Customer Support Cell of EPFO. The Helpdesk number which can be contacted for queries is 1800118005. Visit the EPFO website for more details.

Moreover, the official address of EPFO for contact is: Bhavishya Nidhi Bhawan, 14, Bhikalji Cama Place, New Delhi-110066

[taxolawgy123]

What is Aadhar – UID?

A billion people possess an Aadhar card. The majority of them still do not know everything about it or have misconceptions. This article covers everything you need to know about the Aadhar card.

So what is an Aadhar card?

UIDAI or Aadhar Card is a principal identification number issued by the Unique Identification Authority of India (UIDAI) on behalf of the Indian Government. The main objective of Aadhar is to establish a unique identity of every citizen. It acts as a proof of identity and address, and not of citizenship.

The card has 12-digit unique number issued to people on verification. Any individual, who is a resident of India, may voluntarily enroll to acquire an Aadhar card.

According to the official UIDAI website, “The Aadhaar identity platform is one of the key pillars of the ‘Digital India’, wherein every resident of the country is provided with a unique identity.” 

Why was the Aadhaar card introduced in India?`

In several countries such as Argentina,  Belgium, Colombia, Germany, Italy, Peru, and Spain etc., national identification systems have been implemented. While these schemes differ by country, generally people are assigned an ID number, which is used for a wide range of identification purposes. Storing data in a centralized database. These databases are helpful in increasing the efficiency of administration.

The electoral identity card, income-tax PAN card, passport, ration card, driving license, etc., verify identity in India. They can’t handle India’s large population. The aadhar card was introduced in 2010 by the then PM Dr Manmohan Singh.

The card is used as a nationally acceptable identity card and can be linked with bank accounts, insurance, and pension.

What are the benefits of Aadhar Card?

According to the former UIDAI chairman, Nandan Nilekani, Aadhaar Card has helped save Indian  government about USD 9 billion. Implementation of Unique Aadhar Number has resulted in reduced frauds. Eliminated fake duplicate beneficiaries from  the employee list.

The use of bio metrics gives  a unique identity to every individual in India.

The Aadhar card reduces the number of documents required as opposed to previous method of multiple  document requirement.

Aadhar is used as the main     document to open a bank account in Prime Minister’s ‘Jhan Dhan Yojana,’ scheme.

Aadhar card allows the holder to avail all the government subsidies that they are eligible for.

It ordinarily takes several weeks for a person to complete all processes and avail a passport. An Aadhar Card fastens the process of acquiring passport. People can apply online and attach the soft copy of their Aadhar Card which serves as both, the residence and identity proof.

The ‘Jeevan Pramaan for Pensioners’ scheme aims to eliminate the need for pensioners to be physically present to receive a pension. People can receive pension directly to their bank accounts. The agency can digitally access their details through Aadhar Card number.

People who link their Aadhar card with their Pension Account can have their provident fund disbursed directly to their accounts via their PF organization.

Individuals can also link the Aadhaar number to their LPG ID and avail the LPG subsidy directly in their respective bank accounts.

What was the supreme court ruling in 2018 about Aadhaar card?

In September 2018, the supreme court revoked several provisions of the Aadhaar card which could violate the privacy of Indian citizens.

The Supreme Court ruled that Aadhaar Act does not violate your right to privacy when you agree to share biometric data.

Private companies can’t use Aadhar card for KYC authentication purposes.

Most commercial banks,  payments bank and e-wallet companies like Paytm, previously used to request customers to get their KYC (Know Your Customer) done using Aadhar Card. Any delay or failure to comply would result in blocking of services. After the ruling, they cannot seek Aadhar data. Customers have to comply with other KYC Criteria. Authentication of Aadhaar is not required for Account settings.

To buy a new SIM card, you no longer need to provide your Aadhaar details to the telecom service provider. You can easily provide other KYC documents like Voter ID card, driving license, etc to acquire a new SIM card.

Students of CBSE, NEET, UGC also do not need Aadhaar card to appear in examinations. Even schools cannot demand the Aadhar card for admissions.

Aadhar card is mandatory to avail facilities of welfare schemes and subsidies but the Supreme Court has made an exemption for children, stating that no minor can be denied benefits of any scheme if they do not have Aadhaar card.

Where do you need Aadhaar compulsorily?

As mentioned above, the supreme court ruled that private companies cannot demand Aadhaar card details. But the judgement also states some areas where the Aadhaar card is mandatory.

PAN card: Under the section 139AA of the Income Tax Act, the linking of Aadhaar card with PAN card is mandatory. Tax evaders generally used to create multiple PAN cards to avoid income tax. By linking Aadhaar with PAN, multiple PAN cards become invalid.

Filing income tax returns (ITR): As Aadhaar-PAN linking is necessary, you will require the same for filing income tax returns.

Welfare schemes: Aadhaar is mandatory to avail benefits under various government-run social welfare schemes and subsidies.

Why you should register your mobile with Aadhaar?

There are various reasons for registering your mobile number with the Aadhar card. Use OTP through registered mobile number to avail facilities. This OTP gives the Aadhaar card an added layer of security. Register your mobile number with Aadhaar in simple and easy ways. Enjoy its facilities and benefits.

You can also download the mAadhaar app and carry your Aadhaar card on your phone once you have your mobile number registered with your Aadhaar.

Fee for Registering Your Mobile Number in Aadhaar

People have to pay a fee of 25 INR to take advantage of the service when they visit the Aadhaar Enrollment Center for either registering or updating their mobile number.

They will have to pay an additional 25 INR every time they update their mobile number. No fees for updating other details.

Documents Required to Register Your Mobile Number in Aadhaar.

Candidates do not have to submit any document for updating or registering their mobile number in Aadhaar. Only the Aadhaar update Form, that contains their current mobile number, has to be submitted along with the fee.

What is the password for e-aadhaar?

Aadhar Card is a unique ID. Used in financial and non-financial activities across India. e aadhar is advisable to download PDF format E-Aadhar from the UIDAI official website along with a . If you update your details on the Aadhaar card and do not receive the updated card, download the PDF of the Aadhar card after you receive an SMS  notifying you about the completion of the update.

Process of getting E Aadhar:

Go to https://eaadhaar.uidai.gov.in/ and then enter your Aadhaar number.

Receive an OTP on the number mentioned on your card.

Get access to download your Aadhar card on entering OTP.

Click and download it on your device. Since it is a PDF file, you can open it using your PDF reader, for example, Adobe Reader. You can also download the pdf version of the Aadhar card from your mobile phone using the UIDAI official Aadhaar app.

To open the PDF, you will require a password without which you cannot access the file. The password ensures that your Aadhaar details are secure so that your E-aadhar card cannot be used by an unknown individual.

The password is an 8 letter which is a combination of the first four letters of your name and your year of birth. For e.g. Suppose your name is RAMESH SINGH and your year of birth is 1976, then your password is RAME1979.

[caservices]

Key Changes in the Provisions of Income Tax Act, 1961 effective from 1st April 2021 and onwards

The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the ‘Finance Act, 2021’. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021.

Since, we have already entered into a new financial year, i.e. FY 2021–22, let’s walk through some crucial changes that have taken place in Income-tax provisions that we have extracted from the whole set of amendments that are applicable for the current year.

Here are some of the major Income-tax related changes applicable for FY 2021–22 -

TDS/TCS to be deducted/collected at original (higher) rate on Non-Salary Payments

The taxpayer needs to deduct TDS/collect TCS at original rates (i.e. without considering concession of 25% rate).

High TDS/TCS rates for the Non-filers of Income-tax Return [Applicable from 1st July 2021]

In view of the newly inserted section 206AB of the Income-tax Act, 1961 (‘the Act’), TDS at the rate of higher of following rates would require to be deducted on any sum or income or the amount paid, or payable or credited, by a taxpayer to a specified person -

Twice of the rate specified under provisions of the Act, or

Twice of rate or rates in force, or 5%TDS on purchase of goods

[Applicable from 1st July 2021]

Specified buyers of goods, responsible for paying any sum to any resident, need to deduct tax @0.1% of purchase amount exceeding Rs. 50 Lakh in view of newly inserted section 194Q of the Act.

TDS needs to be deducted at the time of credit of sum to the seller’s account or at the time of payment thereof by any mode, whichever is earlier.

Tax on Interest on Provident Fund

Interest accruing on employee’s contribution to specified provident funds during the year, on contributions in excess of Rs. 5,00,000 per annum will now be taxable in case there is no contribution to such fund by the employer. In case the employer also contributes to such fund, then the interest income accrued on it during the previous year to the extent it relates to the contribution made by the employees over Rs. 2,50,000 per annum will be taxable.

Ensure timely deposition of employee’s contribution to PF, ESI or any other employee welfare funds to avoid disallowance

Now Employer has to deposit employees’ contribution to these funds on time as per the due date under the relevant Act in order to claim the deduction in the respective A.Y. Else the deduction shall not be allowable at all.

No Depreciation on Goodwill

Goodwill is no more an asset for the purpose of claiming depreciation under the Act. Consequently:

a) Where goodwill is purchased by the taxpayer, the purchase price of the goodwill will be considered the cost of acquisition to compute capital gains under section 48 of the Act.

b) Where depreciation was claimed by the taxpayer in relation to such goodwill prior to the AY 2021–22, then the depreciation so claimed shall be reduced from the amount of the purchase price of the goodwill for the purpose of computation of cost of acquisition.

Reduction in time limit for filing ITR

Now, original/revised ITR for a Financial Year u/s 139 can only be filed maximum up to 31st December of the relevant AY with late fees, if applicable.

However, due to Covid 19 pandemic, for AY 2021–22, the last date for filing the revised/belated return has been extended from 31st December, 2021 to 31st January, 2022.

No ITR filing for Senior Citizen aged 75 years or more

Resident senior‐citizen aged 75 years or more, earning only pension income (may have interest income from the bank in which pension is received) would be exempt from filing ITR. The exemption shall be subject to furnishing of declaration to the bank by senior citizen.

Filing of Form 10-IE for opting new tax regime

For opting new tax regime for Individuals and HUFs as per section 115BAC of the Act, the taxpayer would require to file Form 10-IE on or before the due date of filing of ITR u/s 139(1) of the Act.

Tax Audit u/s 44AB of the Act not required, if turnover/gross receipts don’t exceed Rs. 10 Crore

Now, tax Audit u/s 44AB of the Act would not be required, if turnover/gross receipts don’t exceed Rs. 10 Crore subject to the condition that the cash receipts and payments should not exceed 5% of total receipts and payments respectively.

Hindu undivided family (HUF) not eligible taxpayer for presumptive taxation scheme for professionals

Finance Act, 2021 has removed limited liability partnerships (LLPs) and Hindu undivided family (HUF) from the scope of presumptive taxation regime available for the professionals.

Unit-Linked Insurance Plan with high premium

Unit-Linked Insurance Plan (ULIP) issued after 1st Feb 2021 with high premium (i.e. premium for the year exceeding Rs. 2,50,000), will be eligible for concessional tax rate of 10% on long term capital gains u/s 112A of the Act only if minimum equity component (90% or 65%) is maintained throughout the term of such insurance policy.

Notice u/s 143(2) of the Act

Now notice u/s 143(2) of the Act for selection of ITR for scrutiny assessment will be issued within three months from the end of the financial year in which the return is furnished.

Equalisation levy

Now, non-resident e-commerce operator is not required to charge 2% equalisation levy on the value of sale of goods owned by or services provided by residents or non-residents having permanent establishment in India.

Further, equalisation levy will not be charged on income in the nature of royalty or fee for technical services where such income is taxable under the Act read with DTAA.

Time limit for completion of assessment under section 143(3)/144 of the Act

Assessment u/s 143(3) or 144 of the Act for AY 2021–22 and subsequent years will now be completed within 9 months from the end of the AY in which income is first assessable.

Authored by CA Manish Gupta and assisted by Kriti Agrawal

For any queries, kindly contact at info@manishanilgupta.com

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[supervidyavinay]

The Employees' Provident Fund (EPF) rules allow you to withdraw from your EPF account for various reasons. You can withdraw money from your EPF account upon retirement after attainting the age of 55 years. You can also withdraw money from your EPF account for various purposes before retirement.These include purchasing a house, child's wedding and education, and funding financial emergencies caused due to the coronavirus-induced lockdown. You are also allowed to file a claim due to job loss or after you leave your job. However, before filing a claim, you should make sure that the prescribed conditions under the EPF scheme are met.Eligibility to file withdrawalPuneet Gupta, Director, People Advisory Services, EY India lists out the basic conditions that must be satisfied by an EPF member before filing for applicable advance or withdrawal from the EPF account: Reason for partial withdrawal/ advance When Purpose Maximum amount that can be withdrawn Education After 7 years of EPF membership Education of son or daughter after class 10 50% of employee’s share of contribution with interest only Marriage After 7 years of EPF membership Marriage of self, son/daughter, brother/sister 50% of employee’s share of contribution with interest only Purchase of land for construction of house After 5 years of EPF membership Land should in the name of individual and / or spouse Least of the following: (a) 24 months’ basic wages and dearness allowance of member; or (b) Member’s share of contribution along with employer’s contribution and interest; or (c) Actual cost towards acquisition of the site Purchase of house / Construction of house After 5 years of EPF membership House should in the name of individual and / or spouse Least of the following: (a) 36 months’ basic wages and dearness allowance of member; or (b) Member’s share of contribution along with employer’s contribution and interest or; (c) Total cost of construction Renovation of house After 5 years from the date of completion of the of the house House should in the name of individual and / or spouse Least of the following: (a) 12 months’ basic wages and dearness allowance of member; or (b) Member’s share of contribution along with interest Medical emergency (For e.g. cancer, TB etc.) - For specified medical treatment of self and family member Least of the following: (a) 6 months’ basic wages and dearness allowance of member; or (b) Member’s share of contribution with interest Non-receipt of wages - Employee has not received wages for more than 2 months continuously (for reasons other than strike) Employee share with interest Job loss - Un-employed for a continuous period of not less than a month Up to 75% of the EPF balance i.e. member’s share, employer’s share and interest Balance 25% can be withdrawn after remaining unemployed for continuous period of two months To meet pandemic related financial exigencies (For e.g. Coronavirus) - If the area is declared to be affected by epidemic or pandemic Least of the following: (a) 3 months’ basic wages and dearness allowance of member; or (b) 75% of EPF balance i.e. member’s share, employer’s share and interest Repayment of housing loan After 10 years of EPF membership Loan should in the name of individual and / or spouse Least of the following: (a) 36 months’ basic wages and dearness allowance of member; or (b) Member’s share of contribution along with employer’s share of contribution (c) Amount of outstanding principal and interest of the said loanincluding the interest; or Withdrawal within one year before the retirement After attainment of 54 years of age by the member or; Within 1 year before his/ her actual retirement on superannuation, whichever is later Any purpose Upto 90% of the EPF balance i.e. member’s share, employer’s share and interest Withdrawal for investment in Varishtha Pension Bima Yojana After attaining the age of 55 years Amount to be transferred to the Life Insurance Corporation of India for investment in Varishtha Pension Bima Yojana Upto 90% of the EPF balance i.e. member’s share, employer’s share and interest Other than the above mentioned reasons, an individual can also claim applicable advance or withdrawal from the EPF account under the following circumstances:a. Withdrawal/ financing for purchase of house or construction of house including acquisition of site from the Central Government, State Government or a Housing Agency under a notified Housing Scheme;b. Withdrawal/ financing for purchase of house or construction of house including acquisition of site from the Central Government, State Government or a Housing Agency under a notified Housing Scheme - for a member of a co-operative society or a registered society having 10 or more members;c. Where establishment has been locked out or closed down for more than 15 days and the employees are unemployed without any compensation;d. Where member is discharged or dismissed or retrenched by the employer and such discharge or dismissal or retrenchment is challenged by the employee in a court;e. Where establishment has been locked out or closed down for more than 6 months and the employees continue to remain unemployed without any compensation;f. Where member is affected by calamity of exceptional nature such as floods, earthquake or riots;g. Where members are affected by cut in the supply of electricity in the establishment;h. For purchase of the equipment required by physically handicapped member.Documents required for filing claim onlineGupta says "To file an EPF withdrawal claim online, you are not required to submit any documents, however, the scanned copy of cheque/ passbook has to be uploaded on the Member e-Sewa portal."He adds, "The bank account number, IFSC and name should be visible on the scanned copy of the cheque and should be readable. EPFO can reject the claim application if the scanned copy of the cheque is not readable."Checklist to file withdrawal from EPF account onlineOnce you have ensured that the conditions (minimum membership requirement, etc.) for the purpose for which claim is being filed are satisfied, certain additional eligibility conditions must be satisfied to be eligible for filing a claim online.These conditions are as follows:A) Universal Account Number (UAN) must be activated;B) Aadhaar number should be linked and verified with UAN;C) Bank account with correct IFSC should be seeded with UAN;D) EPF account must be KYC-compliant;E) Mobile number linked with Aadhaar should be active;F) In case of retirement, correct date of birth should be updated in the EPFO records.Gupta says "It is important to have the correct date of birth seeded in the records of EPFO for availing the Provident Fund and Pension benefits."Step-by-step guide to file EPF withdrawal claim onlineStep 1: Visit Member e-Sewa portal https://ift.tt/2l8mi4m on the EPFO portalStep 2: Log in to your account by entering UAN, password and captcha codeStep 3: Once logged in, click on 'Claim (Form-31, 19, 10C & 10D)' under the 'Online Services' tab.Step 4: A new tab will open where you will be required to enter the correct bank account number (seeded with UAN). Click on verify.Step 5: Once your bank account details are verified, you will be required to confirm terms and conditions as stated by the EPFO.Step 6: Click on 'Proceed For Online Claim'.Step 7: From the drop-down menu, you will be required to select the reason for applying for withdrawal from your EPF account. Only those options will be visible for which you are eligible.Suppose, if you are applying for advance for purchase of a house, then ensure that you have completed five years of EPF membership and other specified conditions. Similarly, in case where the claim is filed due to job-loss, then ensure that date of exit is updated in EPFO records before filing a claim.Step 8: Once the reason for withdrawal/advance is selected, you will be required to enter your complete address. For an advance claim, the amount to be claimed is also to be stated. The individual will be required to upload the scanned copy of cheque/ passbook. Do make sure that the scanned copy of cheque/ passbook uploaded is as per the instructions provided by the EPFO. Select the terms and conditions once again. Click on 'Get Aadhaar OTP'.Step 9: A one-time password (OTP) will be sent to your mobile number registered with Aadhaar. Enter the OTP in the required box. Once the OTP is entered successfully, then your claim application will be submitted. Tracking your claim statusTo track the status of your claim, you can log in to your account on the Member e-Sewa portal. The status can be tracked in 'Track Claim Status' under the 'Online Services' tab.After the submission of your withdrawal claim, the EPFO will match the data in its records from the data submitted by you in your online claim form. Once the data matches, the EPFO will process the application and credit the money to your bank account linked with UAN. Points to noteThe online process to file a claim from your EPF account can be done only if your PF money is held with the EPFO. If your PF money is managed by a private trust or your organisation is an exempted organisation, then you have to file the claim process with your employer. from Economic Times https://ift.tt/2V1omgl

[joroanblog]

Task Security of Government Jobs in India

The Government of India has actually got many departments for the smooth operating of the country. Railways, Telephone services, Municipality Services, Administrative Services, Health Services, Legal Services, Public Sector Banks and so on are few of the essential ones. For the functioning of all these divisions there is a need of team. Many individuals are hired or utilized in the government offices for the functioning of the corresponding department. Beginning with the grade four degree (most affordable) staff till course one policemans there are various kinds of blog posts in government offices. There are numerous government employees functioning around India. The federal government of India also provides security for such a great deal of staff members. JOB SECURITY OF GOVERNMENT JOBS IN INDIA: Federal government tasks are regarded as highly safe and secure as well as are liked over exclusive jobs by most Indians. There are several reasons for which Government Jobs in India are regarded as very protected as well as stable. A few of them are: 1. There is no threat of loss of work, because the Government of India is a permanent body. 2. There is no threat of any type of decrement of incomes according to job. The incomes as soon as taken care of will just have periodic increments till the end of the service but decrements or demotions never happen in govt. jobs. 3. There is an assurance of spend for work. If the salary of one month could not be given because of some technical reasons, then the wage is given the following month together with the salary of the following month. So, an individual earns money for his or her work and there is no loss of salary regardless of efficiency or economic problems. 4. The Government of India sometimes reveals event incentive which adds up to the revenue so as to fulfill the demands throughout celebrations. 5. Some quantity of the income is subtracted each month and is maintained as Provident Fund which is lent to the staff member at time of requirement as loan without any passion. As well as if she or he does not utilize the PF then they get the full PF quantity with rate of interest during retirement. 6. There is a proper as well as distinct time limit for functioning hrs. In no case can this be lengthened, if it is long term then the worker is paid for the extra job done by him. 7. All the public holidays as declared by the federal government are also suitable to government employees as well as they need not work on those days. Some added optional vacations are additionally given. 8. The staff member is provided a set number of Casual fallen leaves, mostly 15 days in a year. During nowadays though he is on leave he is paid. These aid the employee if he is sick. 9. The Government of India enables the team of a particular category to create into associations for their benefit. These organizations can claim any type of benefit from the federal government if they really feel that is necessary. These organizations additionally come to assist their coworkers if they are in any kind of trouble related to their work. By this there is a safety to the workers and also they can be saved from being made use of. 10. The retired workers are provided pension plans so regarding satisfy their demands after retirement. In case of fatality of the individual, the pension is turned over to the partner or nominee of the employee. 11. In case of fatality of a staff member the work is offered to a member of the family if a requirement emerges. If the member of the family is not eligible to the message he might be offered a few other task based on his credentials so as to sustain the family members. 12. The Government of India additionally gives with a few other allowances like HRA (House Rent Allowances), TA (Traveling Allowances) and also DA (Dearness Allowances) to the worker as might be called for. 13. The federal government based on the rank of the staff member likewise provides him with the allowance of an LTC (Leave and Travel Concession) through which the federal government births the fees of a holiday journey of a staff member and the people based on him i.e., his family once or twice a year as per the regulations. 14. Health Security is another attribute of the Indian Government by which the federal government bears the burden of any kind of ill-health of either the worker himself or any others dependent on him. There are likewise separate medical facilities arranged for the function by the federal government. 15. In case of trains the education and learning of the children of employees is paid by the federal government. have a peek at this web-site Tamilnadu Govt Jobs 2020

[vsplusonline]

Covid-19: Revival of economy through tax measures

New Post has been published on https://apzweb.com/covid-19-revival-of-economy-through-tax-measures/

Covid-19: Revival of economy through tax measures

By Bipin Sapra and Raju Kumar Besides human life which is most important, COVID 19 has had a worst impact on the economic activity, driving substantial part of the industry to a standstill. Due to various measures taken by the Governments to prevent spread of the virus, multiple areas such as supply chain, employee well-being and mobility, working capital and other financial commitments and challenges around cyber security and confidentiality due to working from home are some of the immediate challenges being faced by the businesses. In addition, various financial, regulatory and tax compliances is another area which gets impacted.

The government (GoI) has so far been very supportive and empathetic towards businesses and was quick to respond through delayed application of few amendments introduced in Finance Act 2020 (FA 2020) along with relief measures on various tax and other statutory compliances announced subsequently.

The move to defer tax withholding on ecommerce operators and widening of collection at source provisions to 1 October 2020 is likely to provide sufficient time for gearing up internal systems to comply with these provisions.

Further, additional clarificatory changes to curb duplicated dividend taxation in REIT/InvIT structures and including notified foreign pension funds within exemption provided for sovereign wealth funds, should contribute to infrastructural goal in the long run. At the same time, there was a bit of element of surprise in expansion of equalization levy provisions to include ecommerce supply and services within and the industry may expect deferral of its application to fully gear up their systems to comply with this new levy.

The need to embrace new-age digital technologies is a big learning for business from the lockdown and a need is felt for improving investment in technology particularly in various aspects of business including supply chain and finance. It could range from digital documentation management to task management and undertaking multiple tax compliances.

The GoI has overall been proactive in its counter COVID measures and has adopted a collective approach, including on taxation front by easing the procedural framework. Extension of statutory deadlines (including belated/revised income tax returns and GST annual returns/audit certification) to 30 June 2020 and new GST returns system and e-invoicing to 1 October 2020 is a welcome move and has been well acknowledged, however, next is to address the situation of cash crunch.

Though the penal provisions on delayed payment of taxes (like advance tax, GST) and filing of GST returns have been liberalized, but an experiential approach from other economies, particularly for self-employed and individual taxpayers, providing for flexibility to defer without penal implications is also expected. To further ensure liquidity, government announcement on release of pending income-tax refunds of upto Rs 5 lakhs and GST and customs refund claims worth Rs18,000 crore as may benefit 1 lakh business entities, could also ease the liquidity worries for small taxpayers.

Particularly on the indirect tax front, the GoI has considered an all-inclusive approach by providing temporary cash flow relief to large taxpayers by way of permitting 15 days delay in payment of taxes without interest and thereafter at a reduced rate of 9% (vs. 18% regular interest) till 30 June 2020, and a more eased off relief to business entities with upto Rs 5 crore turnover from payment of any interest for tax periods February, March and April 2020, if paid by 30 June 2020.

This should certainly help in assuaging their cash flow situation. Further, permitting availment of input tax credit on a provisional basis with a cumulative matching for February to August 2020 returns subsequently, speaks of GoI’s current focus of taxpayer centricity and is well acknowledged. Another area which should contribute to ongoing continuance of business if not a spike up, is enabling of 24×7 custom clearances till 30 June 2020.

Eyeing this year as exceptional and taking leads from past economic crisis of 2008, the GoI may consider temporary incentives directly by way of accelerated depreciation on new assets, rebate in headline tax rate and industry-wide GST rates with sector specific incentives/fiscal support (like for tourism and hospitality), and indirectly to reduce employment loss by permitting deferral of employer share to PF/similar contribution or additional credits to businesses for salaries of employees retained.

Leading on from its own experience of the pioneer move of linking contribution to PM Cares Fund to CSR goals as also eligible for 100% deduction, the expectation is for such further measures focused at boosting indigenous manufacturing capabilities particularly for augmenting the consumption in post lockdown era.

Thus, more incentive schemes like the productivity linked incentive scheme announced recently for manufacturing of mobile phones and its parts, is sure to draw attention of the businesses.

Another step up, which is being felt industry-wide, is to provide a conditional clarification on foreign companies not constituting a permanent establishment owing to unplanned presence of their employees in India due to COVID-19. Once brought to shape, the move is certain to ease out the worries of our investment and business relations.

Whilst the measures would certainly impact the government’s treasury, the need of the hour unlike other distress economic situations, is to rather have a more short/medium term focus than longitudinal to contain the economy and to protect its people and their interests who form the helm of an economy sailing through, by cohesively adopting fiscal measures that support trade and industry, ensuring stability of the economic system by compensating for the foregone economic activity and restarting the growth trajectory by increasing purchasing power of citizens. Bipin Sapra and Raju Kumar at Tax Partners, EY India. Views expressed are their personal.

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How to change/update date of birth in EPF UAN online?

How to change/update date of birth in EPF UAN online? If your date of birth is not proper with respect to EPFO database, then it creates a huge issue at the time of pension. Hence, it is always best to cross-check your date of birth and correct it online.

In a move to extend the availability and reach of online services in the wake of the COVID-19 pandemic, EPFO has issued revised instructions to its field offices to facilitate PF members to rectify their date of birth in EPFO records, thus ensuring that their UAN is KYC compliant

Valid documents eligible for change/update date of birth in EPF UAN

Birth Certificate issued by Registrar of Births and Deaths.

Any School/Education related certificate.

Certificate-based on the service records of the Central/State Government Organizations.

Any other reliable documents issued by government departments.

In the absence of proof of birth as above, Medical Certificate issued by Civil Surgeon after examining the member medically and supported with an affidavit on oath by the member duly authenticated by a Competent Court.

Aadhaar/e-Aadhaar-The change of date of birth shall be accepted as per Aadhaar/e-Aadhaar up to the maximum range of plus or minus of THREE YEARS of the date of birth recorded earlier with EPFO. (Earlier it was just one year. However, superseding all earlier notifications, EPFO released new notification on 3rd April 2020 and extended the period to 3 years).

How to change/update date of birth in EPF UAN online?

Let us now go through the process of change/update date of birth in EPF UAN online.

Step 1-Visit the EPFO’s Unified Member Portal. Log in to the account using your login using UAN number and password. Then under the tab “Manage”, select the option “Modify Basic Details”.

Step 2-Then you have to first enter your Aadhaar number and proceed for the entry of the date of birth AS PER AADHAAR records.

Step 3-Once you click on update details tab, the below screen will appear. Here you can view the details you entered, check the status of the details updated and also can delete the request. But do remember that employee can delete the request before an employer can approve the request.

Step 4-However, if your UAN is already Aadhaar verified, then you are not allowed to change the details. The message appears  as below.

This is how you can proceed with change/update the date of birth in EPF UAN correction online. Once employee submit the request, then the below process will happen at the back end.

# Employer will login to Employer Interface of Unified Portal.

# Employer can view the change requests submitted by employees by clicking on “Member>Details Change Request”

#  Employer can view the online requests received from employees and can thus take appropriate action by giving the proper remark.

#  After approval of the request, employer can see the latest status of the request.

# After approval of the request by the employer, the request will appear as a task in login of Dealing Hand, of concerned EPFO office, in the Field Office Interface of Unified Portal.

# Dealing Hand can login and view the online change requests by clicking “Member>Details Change Request”.

# After due verification Dealing Hand can submit his/her recommendations to Section Supervisor.

# The Dealing Assistant can put the case either for Approval or Rejection by selecting the appropriate radio button i.e. Recommended for Approval or Recommended for Rejection with proper remarks.  In the same manner, Section Supervisor can submit his/her recommendations to APFC/RPFC.

# Finally APFC/RPFC can Approve/Reject the case.

Note:-Do remember that EPFO did not set any deadline for this. Even though it is completely an online process, your employer’s approval is a MUST. Also, the update is allowed only as per Aadhaar details. Hence, before jumping into EPF UAN for correcting or updating the date of birth, first try to correct for any mismatch in Aadhaar.

Once the Aadhaar details are perfect, then go ahead for UAN correction. Otherwise, your request may be rejected upfront.

If you wish to update the other details like name and gender, then refer our post “EPF UAN name, gender and date of birth correction – Online procedure“.

Refer our latest posts:-

EPF Subscriber – Govt credit 3 months contribution to EPF account

Sec.194K – TDS on Mutual Fund Income – How to avoid TDS?

Four Box Strategy – If follow this, then you NEVER worry of Economic slowdown

NPS Returns for 2020 – Who is best NPS Fund Manager?

What is the meaning of Force Majeure clause in Life Insurance in India?

Latest Mutual Fund cut-off time in India 2020

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[webart-studio]

The right way to verify PF declare standing, activate UAN

Worker Provident Fund (EPF) is among the most widely-used funding schemes by the salaried class within the nation. The advantages of EPF are prolonged to all institutions with 20 or extra staff. In February, over 6 crore EPFO members had trigger to cheer when the federal government hiked the rate of interest to eight.65% for 2018-19.

Whereas the retirement fund physique strongly advises towards treating PF cash as a checking account – in spite of everything, the social safety advantages accrue solely when continuity is maintained – the physique permits its members to make partial withdrawals after 5-10 years of service for assembly such particular wants. The retirement fund physique just lately additionally gave its subscribers an choice to withdraw PF as much as 75% of the steadiness after one month of unemployment.

What’s extra, in 2017, EPFO had launched an internet facility for PF withdrawals, which not solely reduce brief the processing time for requests but additionally diminished tedious paperwork.

There are just a few PF withdrawal guidelines that you’ve got to remember. For example, to withdraw your PF on-line it’s worthwhile to get your Common Account Quantity (UAN) activated and KYC verified. “If the above situations are met, then the requirement of an attestation of the earlier employer to hold out the method of withdrawal might be completed away with,” says Cleartax.

For the uninitiated, UAN is a novel 12-digit quantity allotted to every EPFO subscriber. To get your UAN, it’s worthwhile to both verify your month-to-month wage slip or contact the human useful resource division at your home of employment. Alternatively, it’s also possible to acquire your UAN on the EPFO portal.

Simply go to the location and on the backside proper of the web page, you’ll find the ‘Know Your UAN standing’ hyperlink underneath the ‘Vital Hyperlinks’ part. If you click on on it, you can be redirected to a web page that can ask for particulars resembling an EPF member ID or linked Aadhaar-PAN quantity and your date of start. After filling in all the main points, it asks for an OTP, which is distributed in your cellular, and as soon as validated, you’ll obtain your UAN by SMS.

To activate the UAN, it’s worthwhile to go to the location and click on on the ‘Activate UAN’ hyperlink on the backside proper of the web page. After you fill within the related KYC particulars – Aadhaar, PAN and financial institution particulars together with the IFSC code – you’ll have to look forward to six hours for the newly-activated account to be accessible.

Here is how on-line PF withdrawal might be completed in just a few straightforward steps:

Log into the EPFO portal along with your UAN and password to provoke the web PF withdrawal course of

Click on on the ‘Handle’ tab and choose KYC to verify whether or not your KYC particulars are correct.

Subsequent, go to the tab ‘On-line Companies’ and choose the ‘Declare’ choice from the drop-down menu

The ‘Declare’ display screen will show the member particulars, KYC particulars and different service particulars. You’ll have to enter the final 4 digits of your checking account quantity. Click on on the tab ‘Proceed for On-line Declare’ to submit your declare type.

Within the EPFO declare type, choose the declare you require, be it full EPF Settlement (Type 19), EPF Half withdrawal (Type 31) or pension withdrawal (Type 10C), underneath the tab ‘I Need To Apply For’. Based on Cleartax, if a member just isn’t eligible for any of the companies like PF withdrawal or pension withdrawal, that choice is not going to present up within the drop-down menu.

The final step is to click on on ‘Get Aadhaar OTP’ and a one-time password will likely be despatched to your registers cellular quantity. With this your on-line PF withdrawal declare is submitted and, if permitted, the PF quantity will likely be credited to your checking account inside 10 days.

The right way to verify PF declare standing:

Go to the EPFO portal and click on on ‘Our Companies’ and select ‘For Workers’ to verify the PF declare standing on-line

Click on on ‘Know Your PF Standing’

Enter your UAN and the captcha picture

Within the web page that opens, it’s important to enter particulars such because the state of your PF workplace, your institution code and your Provident Fund account quantity

Click on on the ‘Submit’ button to know the standing of your PF declare

Additionally learn: EPFO replace: Supreme Court docket ruling to considerably push up pension of personal sector staff

Additionally learn: Quitting your job? EPFO plans to make EPF switch declare automated

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[kruthisharma-blog]

5 Beneficial Services Offered on the EPFO Portal

The Employees' Provident Fund Organisation (EPFO) offers online services to its subscribers through its official portal. In order to avail those services, the subscribers must have a Universal Account Number (UAN) and be registered on the unified portal. EPFO is a social security organisation that encourages employees to save money for their post-retirement life.

Employee Provident Fund (EPF) members can avail the services on the EPFO platform after activating their accounts. To activate the EPF account, one needs a UAN which is given to an employee by an employer. The UAN helps employers effectively manage their PF contributions to an employee’s account. Furthermore, the various member IDs of an employee/EPF subscriber are all clubbed under one UAN in order to keep track of the old and new EPF contributions.

EPFO Portal Services for Employers

Establishments under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 with 20 or more employees must register with the EPFO. In order to facilitate compliance by such establishments, the EPFO has offered various online services on its platform. The list of services offered for employers on the EPFO portal includes:

List of exempted establishments

Online registration of establishments

Online ECR/Challan Submission/OCTP

EPFiGMS (Register your grievance)

For principal employers

Pradhan Mantri Rojgar Protsahan Yojana

TRRN query (up to December 2016)

TRRN query search

Establishment search

UAN dashboard

Employers can use the EPFO portal to register their establishments, generate UAN for their employees, make contributions through online payments to their employees’ accounts, file the monthly returns integrated with the contributions and charges, and so on.

EPFO Portal Services for Employees

After UAN activation, the employees can log in to the website to avail the services offered. The list of services offered for employees on the EPFO portal includes:

Member passbook

Member UAN/Online Service (OCS/OTP)

OCS/UMANG-FAQs/Eligibility

Know your claim status

EPFiGMS (Register your Grievance)

Fillable application form for COC

Pensioner's portal

One Employee - One EPF Account

Inoperative A/c helpdesk

Locate an EPFO office

Here are the 5 important and beneficial services that are offered through the EPFO portal to the employees:

View and update PF passbook: EPFO members can view and print their PF passbook on the portal. They can also update and edit their personal details online. They can get details about the monthly EPF contributions, current PF balance and Know Your Customer (KYC) status by SMS or by giving a missed call to 011-22901406.

Check EPF claim status: EPFO members can easily check their EPF claim status on the website by just entering their UAN and captcha.

PF withdrawal and transfer: By linking their UAN with their Aadhaar, employees can partially or fully withdraw their PF balance online through the EPFO portal under certain circumstances. They can also transfer their PF balance from one account to another through the EPFO portal.

e-SEWA: This service is provided to employees who are registered with the EPFO portal. Using this service, one can download the UAN card, update KYC details, view PF passbook and so on.

Inoperative accounts helpdesk: With this online helpdesk, members can track inoperative old EPF accounts. They can also transfer the balance in those accounts to the current account by furnishing their previous employment details. If a member wants to withdraw the balance from an inoperative account, he or she may only receive the interest on the initial contributions made during the first 15 years. No interest is paid post the first 15 years.

Salaried employees who are registered with the EPFO portal and have activated their UAN can carry out various online services with regards to their EPF accounts such as EPF online transfer, view and download PF passbook, link previous member IDs with the present, update the UAN card, update KYC details, auto-transfer request upon job changes, and so on.