• How to Withdraw PF Amount easily

    Get the PF withdrawal application processed through your previous employer:

    Unlike the above two options, PF withdrawal can also be filed via your previous employer. Most companies will ask for a duly filled withdrawal form along with a blank cheque and will get your PF request processed via the EPF office. Getting in touch with your previous company’s HR manager is the best way to go about this.

    Why Early PF Withdrawal Isn’t a Great Idea

    PF amount is a corpus that you gradually build so as to ensure enough money on retirement. PF is a great financial instrument to help you save a little amount every month and that too at a great interest rate of 8.75% p.a. This interest earned on your PF account is tax-free (if withdrawn after 5 years of PF account opening). Keeping in mind all these U+0062enefits, PF amount withdrawal is not a great idea unless absolutely necessary.

    In case you’re switching jobs, EPF should preferably be transferred rather than withdrawn.

    There are several reasons that make PF withdrawal not a very great option. A few reasons are listed below.

    • PF amount is meant as your retirement corpus and should ideally not be touched before retirement. This fosters the habit of saving and makes life stress-free for employed individuals
    • If you withdraw your PF amount within 5 years of opening the PF account, you will have to pay tax on the interest earned. Otherwise, interest on PF amounts is tax free under section 80C of the Income Tax Act
    • You can easily transfer your PF account to your new company in case you switch your job

    Withdrawing PF while you are employed is actually against the rulesProvident Fund is a fund that is made up of contributions by the employee and the employer for the respective period of employment. PF is an effective financial instrument to enable you generate enough corpus for post-retirement phase.

    Generally, 12% of the basic monthly salary goes into your PF account while the same amount is contributed by your employer too. Your PF is essentially a corpus meant to be used after retirement; however, there are provisions which let you withdraw the PF amount earlier too.

    Situations When PF Withdrawal Becomes Difficult

    Sunil left his first job 5 years ago but has still not withdrawn his PF amount. Last week when he decided to initiate the PF amount withdrawal process, he was surprised to know that the company had shut down. Sunil does not know how to obtain his PF amount which is now over Rs.2 Lacs.

    Ashok had submitted his PF documents to his previous employer for withdrawal of PF amount. However, the employer kept the form as it is and did not do anything about it. It’s been 2 months and still Ashok could not get his ex-employer to start the PF withdrawal procedure for him.

    The above two problems are just examples of situations wherein individuals might want to withdraw the amount in their PF accounts. However, not all of us are sure about the procedure involved.

    Ways to Withdraw PF Amount:

    Although withdrawal of PF isn’t allowed while you are still employed, there are ways to get this amount in case you need it badly. You can make this withdrawal in case you have switched your job and do not want to get your PF account transferred.

    Form 19 which is available either with employers or can be downloaded from EPFI website, is to be filled and submitted for withdrawing the PF amount. Once the application is submitted to the regional EPF Office, the PF amount along with the interest earned is received by the applicant within three months from the date of application. Here are three different ways in which you can easily withdraw your PF sum.

    1. Apply for PF amount withdrawal via UAN that is Universal Account Number: If you have UAN then you can directly apply for pf withdrawal. You do not require your previous employer’s approval for getting this application processed. However, the only challenge with this option is that most employers do not share the UAN with employees and in the absence of UAN this option cannot be availed.
    2. Submit your PF withdrawal application directly to the regional PF Office: Get a PF withdrawal form, fill it and submit the same directly to the regional Provident Fund Office. This procedure requires identity attestation since the PF office would want to be sure whether the right person is applying for withdrawal. Hence, your withdrawal form needs to be attested by one of the following listed authorities –
      • Any Bank Manager
      • A Gazetted Officer
      • Magistrate/ Post/ Sub Post Master/ President of Village Panchayat/ Notary Public

    Attestation by Bank Manager is best when the bank is where you maintain your account. Since this direct method of application has chances of fraud so EPF office generally asks for a letter stating the reason for direct application. Non-cooperation from employer is a valid reason but only if you have a proof for that. Also, attaching a proof of employment letter is a plus.

    EPF Withdrawal Without Employer Signature

    Trying to get a signature from your previous employer can be a quite a hassle if you have left your job on a bad note. Earlier, it was mandatory for employees to have the attestation of their employers to facilitate a withdrawal. Today, the EPFO has eased the process on realising how impractical the situation of having your employer’s signature to make a withdrawal can be. The introduction of the EPFO’s member portal and the UAN have eased all processes related to EPF, including making withdrawals. There are two steps to make a PF withdrawal without your employer’s signature: The first is with an Aadhaar card and the second is without an Aadhaar card.

    With an Aadhaar Card:

    • To ease the process, the EPFO has a withdrawal option on its member portal just by linking your Aadhaar card. By linking your Aadhaar card, no attestation from your employer is required to carry out the process.
    • The Aadhaar card and salary bank account should have been verified by your employer though, and the details embedded in the EPFO’s member portal.
    • Next step is to make sure that your UAN is activated. Having these areas covered, you can now start the process of making a PF withdrawal without your employer’s signature.
    • On the EPFO web portal, download the new EPF forms to make a withdrawal - Form 19, Form 31 and Form 10C.
    • On these forms enter your name (as stated on your UAN, Aadhaar card and bank account), registered mobile number, address, PAN card number, reason for leaving and date of joining.
      • Form 19 UAN is for making PF withdrawals.
      • Form 10C UAN is for making withdrawals from your pension benefits.
    • Attach a cancelled cheque for the EPFO to verify your bank account number. Next, submit the form and the cancelled cheque to the nearest EPF office.
    • Note that your bank account number and the bank account number stated in UAN database should match. Also, your details mentioned in the form should match that on the UAN database. Any discrepancies with regard to the details could result in a disapproval to make a withdrawal from the EPFO.

    Without an Aadhaar Card:

    • For those who do not have an Aadhaar card, the process of making a withdrawal without the employer’s signature can get tedious.
    • Download the forms (Form 19, Form 31 and Form 10C) from the EPFO’s member portal.
    • Next, fill in the details and get an attestation from a credible authority, such as - a Gazetted officer, magistrate, member of the EPFO, or manager of the bank you hold your salary account with.
    • Make sure that you get a signature or stamp on every page of your form and verified bank details.
    • To avoid cases of fraud, one will have to state reason for direct application of withdrawal. Stating ‘Non-cooperation’ from ex-employer is usually a good enough reason.
    • Attach an indemnity bond with a 100 Rupee stamp paper.
    • Attach copies of your payslips, appointment letter, Form 19, and your employee ID card.
    • Lastly, attach a copy of your KYC documents - identity and address proof - before submitting all the forms at the EPF office.

    PF Joint Declaration Form

    A PF joint declaration form is a form made between the employee and his/her employer when the total contribution towards PF is at a higher rate - in other words, when the total wages exceeds the wage ceiling limit of Rs.6,500 per month. The form can be accessed and downloaded from the EPFO’s member portal. Here are the steps required to fill the form before submission:

    • Address the form to the regional PF commissioner.
    • State your name and your employer’s name.
    • Fill in your name, your father’s or husband’s name, PF account number, date of birth and lastly your date of joining and leaving.
    • Next, attach a document of identification - either a copy of your Aadhaar card, PAN card, voters ID, Passport or driving license.
    • Sign the form. You will then have to get the attestation of an authority and the establishment seal.

    EPF Login for Employer

    With the introduction of the EPFO’s member portal, making contributions towards an employee's PF account for the employer has become relaxed and easy. Employers first need to have their company registered on the EPFO’s member portal and then can make contributions, check transactions and balances, and attest claims by employees digitally. Listed are the steps required to login to an employer’s account using the EPFO’s member portal.

    • The first thing is to register one’s company on the EPFO member portal. Log on to the EPFO site (http://esewa.epfoservices.in/choose_ofc_details.php), enter the state the company is situated in and the establishment code.
    • Once the registration is done, an employer can now login to his/her account on the site - https://employerclaims.epfoservices.in/
    • Next, enter the registered username and password and login to the account.
    • From here, an employer can make contributions, digitally sign employee’s claims, check balances, transactions and so on.

    EPF Customer Care

    For those in need of contacting the EPFO for queries or grievances, the EPFO member portal has an option of accessing the contact number and email ID of the regional EPF office. In case of issues such as balance, refund and transfer discrepancies, the dedicated EPF customer care will take of any queries. In case of delays in transfer claims and so on, the customer care will update members on their customer toll free number, if in case their member portal is down. To find the customer care number, follow the steps:

    • Visit the EPFO member portal - http://www.epfbng.kar.nic.in/
    • Click on ‘contact us’ on the top bar.
    • Check the toll free number of the EPF regional office and call to answer your queries by the EPFO.

    EPF Balance Full Statement

    Back then, one could get their balance statement of the contributions they made the whole year at the beginning of each year. If there were corrections, the process was tedious. Thankfully, with the introduction of the EPFO’s member portal, checking one’s balance, accessing the full balance statement or downloading the PF passbook is just a few clicks away. Listed below are the steps required to check one’s full balance statement.

    • Log on to the EPF balance page - http://www.epfindia.com/site_en/KYEPFB.php
    • At the bottom of the page, click on the ‘know your balance’ tool button.
    • The ‘member balance page’ will then prop up. Select the state where your PF account is held.
    • Fill in your EPF account number, your registered mobile number and your name as stated in your EPF account.
    • Click on ‘submit’. Next, an SMS stating your balance will be sent to your mobile number. You can check your full balance statement and download it if required. To download the statement, click on ‘download passbook’.

    News on How to Withdraw PF

    • Lower GST rates on restaurant bills

      Eating out has become cheaper since yesterday, as restaurant bills have started showing lower GST rates. The new tax slabs came into effect yesterday, and it encompasses over 200 items, including mass consumption products.

      Large retail outlets have advertised the price reduction for items like detergents, shampoos, and beauty products. The GST Council has reduced the rates of taxation on chocolates, furniture, waffles, cutlery items, wristwatches, ceramic tiles, suitcases, and cement articles. The reduced rate of taxation on these items is expected to bring relief to businesses and consumers alike.

      Several items that attracted 28% tax have been shifted to the 18% tax bracket. A uniform rate of tax, i.e., 5%, is applicable on all restaurant bills.

      28 November 2017

    • GST Registration Completed by Jammu and Kashmir Government Despite Opposition

      Despite facing opposition from trade bodies based within the state, the government of Jammu and Kashmir has managed to complete the registration of business units and traders under the new tax structure. The Goods and Services Tax has been successfully implemented across the state. The Commercial Taxes Department released official data according to which around 74,800 traders have registered across Jammu and Kashmir. Shameem Wani, the Additional Commissioner of the Commercial Taxes Department said that the completion rate of GST within Jammu and Kashmir is almost 100%.

      20 November 2017

    • GST Council to Reduce the Price of Around 200 Items

      From shampoos to handmade furniture to plywood to sanitary ware, the rates of more than 200 items are expected to become cheaper. The GST Council is ready to meet today and approve tax cuts on several different products of daily use so that businesses and consumers can both benefit. The Council is set to meet for the 23rd time, and the price of food served at restaurants could also reduce by the end of the meeting. Relief is expected to be provided to SMEs to make the compliance burden easier for them.

      The Finance Minister of Assam, Himanta Biswa Sarma, is heading a panel which has recommended eliminating the tax rate distinction between restaurants that have ACs and those that do not. At the moment, GST is charged at 12% for restaurants without ACs, while air conditioned restaurants are taxed at 18%. Uniformity of rates is on the agenda at the Council’s 23rd meeting.

      16 November 2017

    • Ease of doing business rankings reflect the improvement in living conditions : PM

      Prime Minister, Narendra Modi has said that the progress of the country in the World Bank’s ease of doing business rankings reflect the improvement in living conditions. The PM was speaking at a business conference in New Delhi. He also congratulated the people who have worked for the cause.

      Modi said that the country is moving towards an economy that is knowledge-based and developed in skill and technology. He stated that the government is focussing on setting up an environment conducive to business. He also mentioned that most of the FDI approvals are processed through the automatic mode.

      Modi said that the country’s ease of doing business ranking will improve further in the coming year when the impact of GST is considered. The World Bank report this year did not reflect the GST impact as it was consolidated on 1 June, just ahead of GST implementation.

      14 November 2017

    • Year-end sales likely to be massive post GST

      Several retail stores and chains are gearing up for the year-end sales next month with discounts up to 50% on kitchen appliances, gadgets, branded clothes, toys, etc. due to a restriction under the Goods and Services Tax (GST) regime.

      Businesses that purchased goods without invoices before GST implementation will not be eligible to claim transactional credit after 6 months. This indicates that those retailers who still have possession of these goods will not be able to balance the tax paid on them against GST liability after 31 December 2017. This could lead to massive stock clearance sales this year-end with retailers selling these products at very low profits.

      The CEO of a prominent retail chain mentioned that the lacklustre sale this Diwali has paved way to unsold stocks of various products. The company will be looking to sell these off by year-end to benefit

      13 November 2017

    • 100% SGST reimbursement to be provided to industries in Jammu and Kashmir

      The government has approved the ‘Industrial Development Scheme’ under which a set of incentives will be given to industrial units and service sectors in Jammu and Kashmir. This includes the reimbursement of State Goods and Services Tax (SGST) as well.

      The scheme for Jammu and Kashmir will offer 42% reimbursement to the state units. The scheme has received the nod from the state cabinet and directions have been provided to the industries department for its implementation.

      Following the decision taken by the state cabinet on 23 October 2017, the finance department issued an order stating that reimbursement of 100% of SGST will be provided to eligible units. The order also indicates that the finance department will release a detailed notification clarifying the eligibility criteria and mode of disbursement for the same.

      07 November 2017

    • Army doesn’t want to be Part of GST

      The army has declared that it does not want to be part of the Goods and Services Tax as it is not comfortable with disclosing the geographic location or deployment details of its units. The army has said that GST can cause security risks, and has brought up the issue with the government. According to army sources, units move on a frequent basis, at a minimum of once in two years. Units are also moved every year in some cases. For operational reasons, a few of the units are also deployed across state borders, thereby creating and administrative and accounting “nightmare” owing to the GST requirement.

      6 November 2017

    • DCB Bank’s Profit for the Second Quarter Rises by 22%

      A 22% increase in profits was recorded by DCB Bank in the second quarter of 2017 in comparison with the previous year. The profit for Q2 of this year was Rs.59 crore, and the profit for Q2 last year was Rs.48.5 crore. The net interest income for the bank increased by 30.5% year-on-year. Last year. The net interest income was Rs.190 crore, and this year it was recorded at Rs.248 crore. Other income increased by Rs.3 crore from Rs.62 crore to Rs.65 crore.

      Over the course of the second quarter of this year, deposits increased by 16% year-on-year to Rs.20,567 crore, while advances increased by 20.5% year-on-year to Rs.17,395 crore. The CEO and Managing Director of the bank said that they are cautious with regard to loan growth, and that it is essential to continue to remain vigilant when it comes to managing credit quality.

      26 October 2017

    • GST and Demonetisation Backed by Chief of IMF

      Following the lowering of the growth forecast for 2017-18 and 2018-19 by the IMF (International Monetary Fund), Christine Lagarde, the chief of IMFF, said that the Indian economy remains on track so far as the mid-term is concerned.

      The Managing Director of IMF said, “Turning to India... we have slightly downgraded India; but we believe that India is for the medium and long-term on a growth track that is much more solid as a result of the structural reforms that have been conducted in India in the last couple of years."

      24 October 2017

    • Only 70% of the Assessees File Detailed Returns for July

      Around 70% of the assessees who have registered under the Goods and Services Tax had filed their sales return for the month of July on the 10th of October, which was the official deadline. Officials said that the compliance was low. Since the deadline was extended twice before, there were no more extensions. Around 4.59 million entities of the 6.5 million who were eligible had filed the GSTR-1 return for July, which was the first month of GST. An official of the GST Network said, "We will assess why many people have not filed. We have already sent reminders to those who filed GSTR-3B, the summarised return form, but not GSTR-1."

      23 October 2017

    Tax Calculator
    Forms
    Sections
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.