EPF deduction is not optional in case of rejoining untill concerned employee withdraw his/her epf and pension contribution. I am looking if there is any possiblility to do so and if it can be done, is there any notification from government...
Employee Provident Fund (EPF):Employee’s contribution is matched by Employer’s contribution(till 12%).The employer contribution is exempt from tax and employee’s contribution is taxable but eligible for deduction under section 80C of Income tax Act. The EPF amount earns interest as declared by...
Step 3:Once verified, you will be shown a screen which displays your updated EPF balance information along with personal details like your name, date of birth, Aadhaar number; PAN for tax deduction, last month EPF contribution etc. The Mobile App is a good and handy way to check your EPF...
As we know the Employees Provident Fund actually consists of EPF,EPS(Employee Pension Scheme) and InsuranceEDLIS(Employees Deposit Linked Insurance Scheme).Distribution to EPF,EPS and EDLI remains the same for exempt and unexempt as shown in the table below.Our articleBasics of Employee Provident...
EPF contributions are a mandatory deduction from the monthly salary and the employer is mandated to make a corresponding contribution to the employee EPF account. The EPF account is linked with a valid Aaddhar number and a bank account number which is to be verified using an OTP. The employ...
was earlier mentioned that excess EPF contribution above Rs 2.5 lakh will be taxed in a manner similar to how fixed deposits are taxed. Now banks deduct TDS on FD interest. I am not sure if PF authorities will deduct any TDS themselves or the liability remains completely with the employee....
For employees who are covered under EPF(Employee Provident Find or EPF), besides their compulsory contribution to PF there is a provision for an additional orVoluntary contributionto EPF popularly called asVoluntary Provident FundorVPF.The employer will not contribute more. How does taxing of interes...
EPF rule tweaked.Now, an employee can earn tax-free interest on contributions of up to Rs 2.5 lakh.A limit of 5 lakh will be applicable to cases where employersdo notmake contributions to the provident fund. Finance Minister Nirmala Sitharaman introduced an amendment to raise this threshold lim...
When an employee applies for EPF claim online then it takes 5-30 days to get the PF amount into the bank account. But the time depends upon how fast the EPFO office clears the claim.Some EPFO offices clear the claim in around 5 days while some take more days. ...
The Employee needs to follow up for no fault of his. Yes, it sucks but you need to fight out to get your money.For your next job make sure that your entire Employer contribution is going towards EPF The solution suggested by EPFO is “You are advised to approach the employer for rectif...