If you are planning to withdraw money from PF account, first find out how much tax you will have to pay on it.
10% tax is deducted on non-completion of 5 year period
If you withdraw less than 50 thousand rupees, you do not have to pay tax
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Many people are facing economic problems due to the Koro epidemic. To address this problem, people are withdrawing money from the Employees Provident Fund (EPF / PF). In this case, if you are also planning to withdraw money from the PF fund, the first thing you need to know is how much tax you will have to pay on it. It is also important to know when and how much money you can withdraw.
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PF withdrawal rule
If the employee completes 5 years in the company and then withdraws money from the PF, he does not have to pay any income tax. A period of 5 years may also involve one or more companies. It is not necessary to complete 5 years in a single company. The total duration must be at least 5 years. TDS and tax are deducted 10% if the 5 year period is not completed. If you withdraw less than Rs 50,000 from PF fund before 5 years of employment, no tax will be levied. If you withdraw more than Rs 50,000, 10 per cent tax will be levied.
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Withdrawals due to illness are also not taxed
If an employee loses his job due to illness or closure of the company and his 5 year period is not completed, he does not have to pay tax.
Withdrew Rs 35,445 crore in 5 months
The Employees Provident Fund Organization (EPFO) has settled a total of Rs 94.41 lakh provident fund claims worth Rs 35,445 crore during the five months from April to August of the current financial year.
You can know the balance of PF from one SMS
To know the balance of the amount deposited in the PF account through SMS, you have to send an SMS from the registered mobile number.
EPF allows you to know the balance in ten languages via SMS. You can know the balance in English, Hindi, Telugu, Punjabi, Gujarati, Marathi, Kannada, Malayalam, Tamil and Bengali.
To know the balance via SMS you have to send a message to 7738299899 with the first 3 letters of the language in which you want to receive information from your registered mobile number with EPFOHO UAN.
For example, if you want to receive a message in English, you have to type EPFOHO UAN ENG and send it to 7738299899
The same goes for SMS for other languages. If you do not receive the balance message, you can call the toll free number 1800118005.
These easy steps can be lifted by PF
To withdraw PF, the employee must first login to the official website of EPFO https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
As soon as the website opens you have to enter UAN and password and captcha on the right side. Then click on Sign In.
On the opened page you can see the employee profile on the right side of the page. Now click on the 'Manage' tab and select KYC from the drop-down menu.
On the second page, click on the Services Online Services tab and select Form (Form-31,19, and 10C) from the drop-down list.
Now you can see the member information here. Now enter 'Yes' and last four digits of your bank account to verify.
Select Form No. 31 on the second page. Then you will find 'I want to apply for' which you have to click on. Then click on ‘Proceed for online claim’.
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