EPF ACCOUNT SWITCH
Can you transfer EPF account from unexempted trust to EPFO, exempted trust?
EPF account transfer from unexempted trust: Many salaried individual have Employees' Provident Fund account either with EPFO or exempted trusts. However, what if you have an EPF account with unexempted trusts? Does EPF scheme rules allow an EPF member to transfer the unexempted trusts to EPFO or exempted trusts? Read on to know about it.
You could lose section 80C tax benefit on EPF contribution; here's why
Section 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund (EPF) contribution. However, not many are aware that if the EPF trust does not meet certain specified conditions, then both the employer and employee contribution will be taxable in the hands of an individual.
Automatic EPF account transfer from old to new job: How EPFO's facility works
Automatic EPF account transfer: Employees Provident Fund (EPF) members can now automatically transfer their provident fund accounts from their old employer to new employer. However, this facility is available to certain EPF members only satisfying certain conditions. Read on to know to whom automatic EPF account transfer facility is available and how it works.
The unintentional tax-saving investment that most salaried employees do
EPF as tax-saving investments: If you're a salaried employee and is/planning to opt for old tax regime for current FY 2023-24, then Employees' Provident Fund (EPF) contribution is one tax-saving investments that happens automatically. Many people forget to account the tax-benefit available under Section 80C on EPF investments while evaluating the total tax saving investments.
EPFO gives relief to these EPF members from submitting joint declaration form
EPFO Joint declaration form submission: EPF scheme rules require mandatory submission of this form if an EPF member wants to contribute on basic pay exceeding statutory limit of Rs 15,000 per month. The EPFO has also started sending SMSes to the EPF members to submit the joint declaration form as soon as possible.
How NPS investment of Rs 50,000 can help you save more income tax
NPS deduction of Rs 50000: Under the old tax regime, an individual can claim additional deduction of Rs 50,000 for NPS investment made. This deduction is available over and above Rs 1.5 lakh available under Section 80C of the Income Tax Act. With full utilisation of Section 80C and additional NPS investment, an individual can claim total deduction of Rs 2 lakh in a financial year.
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Moving abroad to study, work or emigrate? 7 financial tasks to have on your to-do list
Here are some money matters to take care of if you decide to move abroad to study, work or emigrate.
How to update UAN and EPF KYC details Online
UAN stands for Universal Account Number is a 12-digit number given to each EPFO member. Here are few important FAQs on UAN KYC, release by EPFO.
Five tax saving investment options to get tax free returns
The last date for completing tax saving is approaching soon. If you still have not completed the tax saving exercise, then ensure that you do it before the end of the financial year, or else you might end up paying higher income tax. Here are five investment options that help you not only save income tax but also offer tax free returns.
How to transfer EPF account from EPFO to employer’s EPF trust and vice versa
While changing jobs, it may happen that your new employer runs a private EPF trust whereas old employer used to deposit the EPF money with EPFO. In such a scenario, can you transfer the EPF account?
Don't forget to take this EPS pension certificate after leaving your current job
When an employee switches or leaves his/her current job, then one should transfer their exisitng EPF account with the new employer (provided new employer is covered under the EPF Act). While leaving the job, an employee should also get the this pension certificate for their records. Read on to know what this pension certificate is, why you should get it and how to get it.
When does EPF withdrawal become taxable?
Though the biggest USP of the Employees' Provident Fund is its EEE tax status, however, there are certain instances when EPF can become taxable. Here is a look at those circumstances when you are required to pay tax on EPF whether at the time of making contributions or at the time of withdrawal.
How to merge two or more EPF accounts
If an individual has multiple UANs, then it's important that the individual mergers all his/her UANs so that balances from the old EPF accounts can be transferred to the EPF account held with his/her current employer. Given below is the online process of merging two or more UANs of EPF accounts. Do note that an online process can be undertaken provided all the EPF accounts (old as well as new) are KYC compliant.
Who can join Employee Pension Scheme and who can't
The rules regarding the joining of Employees Pension Scheme (EPS) by an employee was amended by the government via a notification dated August 22, 2014, effective from September 1, 2014. Here is how the latest rules impact you.
EPFO guidelines: How TDS on interest will be deducted if EPF contributions exceeds Rs 2.5 lakh
EPFO has issued guidelines regarding when and how TDS on interest will be deducted if EPF contributions exceed Rs 2.5 lakh in a financial year. Further, it has also clarified the information that will be shared between the old and new employer in case of transfer of EPF accounts due to job change.
How your UAN details can help in transferring EPF account to new employer
Individual employees can effortlessly transfer their EPF with the help of their UAN numbers. Before completing an account transfer application, members must remember to link their Aadhaar and seed their bank data against their UAN in order to make PF transfer claims online.
How to activate UAN for your EPF account
To access various services such as updating nomination details, making a withdrawal etc. on the EPFO's member sewa portal, your Universal Account Number, commonly knows as UAN, must be activated. Here is how to do it.
Let workers port to the NPS as well
When more subscribers join, the pool of funds with the NPS will increase, giving fund managers greater flexibility to diversify deployment across asset classes.
How to invest my retirement corpus to earn monthly income of around Rs 1-1.5 lakh
You can broadly divide your allocation across three baskets-- government schemes, other fixed income products and equity.
Hardships faced by salaried people: 35 million workers tapped provident fund accounts since April 2020
These 35 million workers together withdrew Rs 1.25 lakh crore from their provident fund accounts. The amount includes settlements against provident fund, pension, death insurance and even transfers. The total claims settled by EPFO in FY19 stood at Rs 81,200 crore to 16.37 million subscribers. The data for FY20 is not available.
Income tax rules: Tax on PF interest, reduction in time limit of ITR filing, other changes
With the start of the new financial year on April 1, various tax and money rules come into effect. Here is a look at 11 rules that will impact your money.
Withdrawing money from EPS account: All you need to know
The Employees' Provident Fund (EPF) corpus also has a pension component, kept in the Employees' Pension Scheme (EPS) account. Here is a look at when you are eligible to withdraw money from this pension account and how you can withdraw it.
EPFO updated KYC data for 52.62 lakh subscribers in April, May
This includes Aadhaar seeding for 39.97 lakh subscribers, mobile seeding (UAN activation) for 9.87 lakh subscribers and bank account seeding for 11.11 lakh subscribers, the Employees’ Provident Fund Organisation said in a statement on Wednesday.
What happens to your EPS account when you transfer your EPF account?
According to EPF rules, 8.33 percent of the employer's contribution is diverted towards EPS account.
Govt plans to amend EPF: Allow switch from EPS to NPS, protect PF dues in case of bankruptcy
Here is a look at the three major changes proposed in the EPF Act as per the draft bill.
How EPFO's unified portal can help employees
Although it is still not mandatory for one to link their UAN to Aadhaar, doing so can make life simpler and the claims settlement process can be a breeze.
Now you need not file separate EPF transfer claim on switching jobs
EPFO subscribers are no longer required to file separate EPF transfer claims using Form-13 after changing jobs as it will now be done automatically.
Which ITR form to pick when you switch from being employee to entrepreneur
Since cutting cost is a priority at this stage, here is how to avoid paying a hefty fee to the chartered accountant and D-I-Y your tax returns.
If there is tax parity, lot of EPF investors will switch to NPS: Hemant Contractor, PFRDA
“We don’t want insurers and mutual funds to sell pension products unless regulated by PFRDA.”
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