logo
‘PF Near You' on April 28

‘PF Near You' on April 28

The Hindu24-04-2025

The Nidhi Aapke Nikat (PF Near You) programme will be held on April 28 in all districts under the jurisdiction of the Tiruchi regional office of the Employees' Provident Fund Organisation.
Stakeholders, including employees, employers, and pensioners with grievances relating to Provident Fund or pension can attend the programme, according to an official release. Pensioners can submit their digital life certificates at the venue.
The programme will be held at the following places from 9 a.m. to 5.45 p.m. on the day:
Mahatma Gandhi Centenary Vidyalaya, Thennur, Tiruchi; Periyar Matriculation Higher Secondary School (HSS), Jayankondam, Ariyalur; Swamy Vivekananda Matriculation School, Keelapuliyur, Perambalur; ITC Limited, ICML,Viralimalai, Pudukottai; Karur Vetrivinayaka Matric HSS, Vangal Road, Karur; Shri Venkateswara Matriculation School, Srinivasapuram, Thanjavur; Arifa, Innovation & Incubation Council, Keelaiyur, Nagapattinam; Sri Sankara Matriculation Hr. Sec. School, Peralam, Tiruvarur; Vaitheeswara Matriculation School, Athukudi, Mayiladuthurai; Mangalam Matriculation School, Near Govt Hospital, Bhuvanagiri Post, Cuddalore; Solar Matriculation School, Tindivanam, Villupuram; and Oxaliss International School, Thachur, Kallakurichi district.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Thinking of withdrawing your PF? A surprise 30% tax may hit you
Thinking of withdrawing your PF? A surprise 30% tax may hit you

Business Standard

time18 hours ago

  • Business Standard

Thinking of withdrawing your PF? A surprise 30% tax may hit you

Are you tempted to withdraw your Provident Fund (PF) savings after quitting your job? Doing that without completing five years of continuous service could dent your savings, with up to 30 per cent of the amount going in taxes. Legal experts and tax professionals say that hasty PF withdrawals defeat the purpose of long-term retirement savings and have hefty tax implications. 'Withdrawing your PF before five years of continuous service is treated as a taxable event,' said Vishal Gehrana, partner designate at Karanjawala & Co. and advocate-on-record at the Supreme Court. 'Not only is the entire amount taxable as per your slab, but if you haven't submitted your PAN, TDS (tax deducted at source) is deducted at 30 per cent.' What exactly gets taxed? Both employee and employer contributions, and the interest earned on them, become taxable income under Section 192A of the Income-tax Act, 1961. The Employees' Provident Fund Organisation (EPFO) deducts TDS if the withdrawal is more than Rs 50,000, said Gehrana. Kunal Savani, partner at Cyril Amarchand Mangaldas, said: 'The employer's share along with interest becomes taxable as profits in lieu of salary. While the employee's own contribution may be tax-free, interest on it could still be taxable, especially if thresholds are crossed.' Are there exceptions? Yes. Tax is not applicable if the withdrawal is due to ill health, business closure, or reasons beyond the employee's control. In such cases, the law provides relief. Also, once an individual completes five years of continuous service or withdraws PF after retirement, the entire amount is tax-exempt under Section 10(12) of the Income-tax Act. Mistakes to avoid Withdrawing PF instead of transferring it when switching jobs Not maintaining five years of cumulative service Failing to submit PAN, leading to higher TDS Assuming Form 15G/H always prevents TDS (they work only if income is below the taxable limit) Treat PF as long-term asset 'Instead of withdrawing PF early, transferring the account to the new employer preserves service continuity and tax benefits,' said Gehrana. He recommended maintaining documents to support your case in the event of a tax notice. A recent X post by tax professional Sujit Bangar summed it up aptly: 'Withdrawing PF after resigning job? If you've not completed 5 years, the entire amount is taxable. 30 per cent TDS. Don't act in a hurry.' Transfer your PF account when changing jobs to maintain service continuity and qualifying for tax-free withdrawals after five years. Avoid full withdrawals unless absolutely necessary. Instead, opt for partial advances allowed for medical, housing, or education needs, which are typically not taxable. Time your withdrawal in a financial year when your total income is below the taxable limit to reduce or eliminate tax burden. Submit Form 15G or 15H, if eligible, to avoid TDS on withdrawals below the tax threshold.

PF withdrawal decoded: Timelines, common delays, how to ensure smooth claim
PF withdrawal decoded: Timelines, common delays, how to ensure smooth claim

Business Standard

timea day ago

  • Business Standard

PF withdrawal decoded: Timelines, common delays, how to ensure smooth claim

Withdrawing your Provident Fund (PF) should ideally be a straightforward process, but in reality, many employees face avoidable delays. Here's a breakdown of how PF withdrawal works, why delays happen, and what you can do to avoid them. How Long Does It Take to Get Your PF? If your KYC is verified and your employer has updated your exit date, the EPFO usually processes your PF claim within 7–15 working days. But often, claims get delayed due to small but critical issues—like mismatched Aadhaar or bank details, or your employer not completing the exit formalities online. "The typical timeline for receiving Provident Fund (PF) withdrawal proceeds, upon successful submission of a claim, ranges between seven to fifteen working days, provided all Know Your Customer (KYC) credentials are duly verified and the employer has confirmed the exit date. However, in practice, delays are frequently encountered due to discrepancies in the employee's Aadhaar, bank account details, or the employer's failure to update the exit status on the Employees' Provident Fund Organisation (EPFO) portal. Under Paragraph 69 of the Employees' Provident Funds Scheme, 1952, the disbursal of PF is to be effected upon due verification, and any unjustified delay in settlement may be challenged before the Regional Provident Fund Commissioner or escalated through the EPFO grievance redressal mechanism," said Sonam Chandwani, Managing Partner at K S Legal Associates. Which Forms Are Required? Form 19 – For final settlement of PF. Form 10C – For EPS (pension scheme) withdrawal if you're below 58 years. Form 10D – For monthly pension if you're 58 or older. Form 15G / 15H – For TDS exemption if your withdrawal is above ₹50,000 and you meet eligibility criteria. "One of the primary procedural difficulties encountered by claimants relates to the determination of the appropriate form to be used, particularly in distinguishing between Form 10C and Form 10D. Claimants often struggle with understanding whether they are eligible for a lump-sum withdrawal or a monthly pension, or whether the exit formalities have been duly completed by the employer. Moreover, confusion persists in relation to the applicability of Form 15G or 15H for TDS exemption, especially in the absence of adequate explanation on the EPFO portal. These procedural ambiguities are exacerbated by the lack of structured legal guidance and the limited responsiveness of the employer or field office concerned," said Chandwani. Why Do PF Claims Get Delayed or Rejected? Exit Date Not Updated: Employers often forget or delay updating the exit date on the EPFO portal. KYC Mismatch: Discrepancies in Aadhaar, PAN, or bank details. Unverified Bank Accounts: Your bank account must be linked and verified with your UAN. E-nomination Not Done: EPFO has made e-nomination mandatory; claims are blocked if this step is skipped. Incorrect Form Use: Many struggle with whether to use Form 10C or 10D, especially for pension-related claims. DSC Approval Pending: Employer's digital signature not provided or delayed. "In many instances, employers default in their obligations under Section 5 of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, by not fulfilling exit formalities despite cessation of employment. Such failures often result in the rejection of claims, although employees may seek recourse by filing a complaint against the employer or by raising the issue before the EPFO authorities," Chandwani added. Compliance Checklist Before You Apply Aadhaar, PAN, and bank account verified and linked to your UAN E-nomination completed on the EPFO portal Employer has updated your exit date Appropriate form chosen based on age and eligibility No mismatch in IFSC codes or file formats during upload Claim filed after rent-free period if applicable EPFO has made e-nomination compulsory, and failure to complete the same often results in the portal disallowing the submission of the claim altogether. Technical difficulties during the uploading of documents remain a persistent concern for applicants. Common issues include portal errors during Aadhaar authentication, incorrect or incompatible file formats, file size limitations, and IFSC code mismatches with the bank account number provided. In cases where employer Digital Signature Certificate (DSC) approval is necessary, delays are encountered due to the employer's non-responsiveness or administrative inefficiency. Although these challenges are procedural in nature, they often culminate in the denial or undue delay of statutory entitlements under Paragraph 69 of the PF Scheme. Common Technical Issues Aadhaar verification errors File upload problems due to size or format IFSC code mismatches Portal crashing or not reflecting updated employer status What to Do If Your Claim Is Delayed or Rejected First step: Raise a grievance through the EPFO Grievance Portal Escalation: Approach the Regional PF Commissioner Legal Route: If all else fails, you can file a writ petition in the High Court under Article 226 for enforcement of your statutory rights. Further compliance checks are triggered under the Income Tax Act for TDS purposes. Incomplete fulfilment of these pre-requisites commonly leads to rejection of the application. It is pertinent to note that the EPFO has made e-nomination compulsory, and failure to complete the same often results in the portal disallowing the submission of the claim altogether.

Want ELI scheme benefits? Make sure your UAN and Aadhaar are linked by this date
Want ELI scheme benefits? Make sure your UAN and Aadhaar are linked by this date

India Today

time2 days ago

  • India Today

Want ELI scheme benefits? Make sure your UAN and Aadhaar are linked by this date

The Employees' Provident Fund Organisation (EPFO) has announced an extension of the deadline for Universal Account Number (UAN) activation and Aadhaar linking with bank accounts until June 30, 2025. This extension is crucial for employees aiming to benefit from the Employment Linked Incentive (ELI) THE ELI SCHEME ALL ABOUT?The ELI scheme was announced during the Union Budget 2024–25. It's an ambitious government initiative designed to generate over two crore jobs in the country within two scheme aims to provide financial incentives to both companies and employees, encouraging businesses to hire new staff and integrate them into a formal work environment. Furthermore, it seeks to enhance the skill set of the workforce, thereby increasing the employability of the scheme includes three major programmes aimed at helping both employers and employees. It's also part of a larger package meant to provide jobs, training, and support to around 4.1 crore young people in India over the next five years. The government has set aside Rs 2 lakh crore for OF UAN ACTIVATION AND AADHAAR LINKINGActivating the UAN is essential for utilising the EPFO's online facilities, which include checking the provident fund balance, transferring funds, and downloading Aadhaar linking is required to ensure that the provident fund amount is credited directly to the employee's bank DEADLINE AND MULTIPLE EXTENSIONSadvertisementInitially, the deadline for UAN activation and Aadhaar linking was set for November 30, 2024. However, this date has been extended multiple times to accommodate employees and ensure maximum participation in the ELI decision to extend the timeline reflects the government's commitment to increasing employment opportunities and enhancing livelihoods across the nation. This extension also allows more time for employees to comply with the requirements, ensuring that no one is left EPFO 3.0 PLATFORMThe EPFO is on the verge of launching EPFO 3.0, a new platform aimed at enhancing the user experience with improved accessibility and new platform promises features akin to banking services, such as ATM PF withdrawals and faster claim processing. Additionally, the EPFO is working on upgrading its grievance mechanism, introducing a more efficient grievance portal to address member concerns swiftly. This initiative is expected to streamline operations and make the EPFO's services more user-friendly, thus facilitating better service Watch

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store