A few of the providers a worker can avail out of the portal include downloading and viewing Workers’ Provident Fund (EPF) announcement, submitting claim for lack of cash, move of EPF accounts, submitting nomination etc..
To avail these services, then you have to first register yourself to the EPFO portal site and after that you can login into your EPFO portalsite.
How to Access EPFO portal
NEW DELHI: The Workers’ Provident Fund Organisation (EPFO) permits readers, that have later become jobless, to draw money in their PF accounts.
EPFO rules say that jobless EPF account holders may avail non-refundable progress up to 75 percent of the equilibrium after being jobless for at least a month. You’re also not likely to publish some unemployment-related files to this EPFO for a dip in EPF residue is regarded as a indication of unemployment.
The benefit of choosing an improvement is your PF accounts membership stays intact letting you move your remaining balance to some other employer. If your account remains active, you might even draw retirement in the time of retirement.
Should you would rather stay jobless for 2 weeks, then it’s possible to then draw you whole PF corpus and shut your EPF accounts . The need for two months of waiting interval, but doesn’t apply to girls who step from occupation to become married, based on a EPFO order.
People people who have crossed age 54 years have been permitted to draw up to 90 percent of the PF equilibrium at any moment after crossing 54 decades but within a year of retirement on superannuation, whichever is later.
Income taxation EPF withdrawal
ClearTax creator and CEO Archit Gupta stated in case the EPF withdrawal occurs after 5 decades of continuous support, the total removed (both interest and principal ) is exempt from taxation. In the event the withdrawal occurs before completion of five decades of continuous support, it’s completely taxable.
“But, a drawback made prior to 5 years on account of the ailing health of the worker or stopped business of their company or for another reason beyond the control of the company the exact same is exempt from taxation,” Gupta informed Livemint.
The best way to draw from EPF accounts
It’s possible to file a drawback claim together with your UAN over the EPFO portalsite. Before you do so, ensure the UAN was activated and the bank information and KYC documentation was upgraded on the portal site, BankBazaar CEO Adhil Shetty stated.
Two ) About the’Our Services’ tab, then pick the”Claim’ choice from the drop-down listing.
3) There are three forms of withdrawal assert — complete withdrawal, partial withdrawal, or retirement withdrawal — ‘I wish to Employ’ section. The drop-down box with all forms of withdrawal is going to be exhibited only if you’re entitled to avail it.
There are two Kinds of types for withdrawal:
Aadhaar-based composite claim form may be used should your Aadhaar amount and bank accounts are connected along with your UAN.
Non-Aadhaar based publication claim type demands attestation of this form from the company, including Aadhaar based assert that could be produced without company’s attestation.
4) Your PF sum will be credited direct into a bank accounts once it’s approved.