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Employees' Provident Fund Scheme, 1952. (Refer to instruction). Name of the members in Block Letters. Father's Name or (husband's Name in. FORM -13 (REVISED) THE EMPLOYEES' PROVIDENT FUND SCHEME, 1952 (Para-57) [APPLICATION FOR TRANSFER OF EPF ACCOUNT] NOTE: (1) To be submitted by the member to the present employer for onward transmission to the Commissioner, EPF by whom the transfer is to be effected.
What is EPF
The Employees’ Provident Fund (EPF) is a savings scheme introduced under Employees’ Provident Fund and Miscellaneous Act, 1952. It is administered and managed by the Central Board of Trustees that consists of representatives from three parties, namely, the government, the employers and the employees. The Employees’ Provident Fund Organization (EPFO) assists this board in its activities. EPFO works under the direct jurisdiction of the government and is managed through the Ministry of Labour and Employment.
The EPF scheme basically aims at promoting savings to be used post-retirement by various employees all over the country. Employees’ Provident Fund or EPF is a collection of funds contributed by the employer and his employee regularly on a monthly basis. The employer and employee contribute 12% each of the employee’s salary (basic + dearness allowance) to the EPF. These contributions earn a fixed level of interest set by the EPFO. The amount of interest to be received on the deposit along with the total accumulated amount is totally tax-free, i.e. the employee may withdraw the entire fund without worrying about paying any kind of tax on it.
The accrued amount may also be withdrawn by the nominee or the legal heir of the employee post his death or can be withdrawn by the employee himself post-resignation.
Read More:Saving Schemes List: Types, Interest Rates & Tenures
Employees’ Provident Fund (EPF) Schemes
The scheme caters to the needs of more than 5 crore members and is governed by three Acts.
Eligibility Criteria
Employee’s Contribution towards EPF
The Employees’ Provident Fund is a fund where both the employer as well as the employee contributes a part of the salary. These contributions are made regularly on a monthly basis. The interest rate fixed depends upon the employee’s basic pay along with the dearness allowance in his salary.
In general, the contribution rate for the employee is fixed at 12%. However, the rate is fixed at 10% for the below-mentioned organizations:
Employer’s Contribution towards EPF
The minimum amount of contribution to be made by the employer is set at a rate of 12% of ₹ 15,000 (although they can voluntarily contribute more). This amount equals to ₹ 1800 per month. It means that both the employer as well as the employee has to contribute ₹ 1800 each per month towards this scheme. Initially, this amount was set at 12% of ₹ 6,500 which would equal to ₹ 780 to be contributed both by the employer and the employee.
Pokemon blaze black 2 egglocke download. Important Points Related to EPF Contributions
Interest Rate on EPF
The interest rate for the financial year 2017 – 2018 is 8.55%. The interest rate for the following financial year i.e. 2018-19 is scheduled to be declared in the month of January 2019. The accumulated fund in the PF account attracts certain interest which is 100% tax exempted. The interest earned is directly transferred to the Employees’ Provident Fund account and is calculated depending upon the rate which is pre-decided by the GOI along with the Central Board of Trustees (CBT). The CBT administers the Act. The year in which the new interest rates are announced stays valid for the next financial year i.e. from the year starting on 1st April of one year to the year ending on 31st March of the next year. Let’s understand this with the help of an example:
Calculation of Interest Rate on EPF
The interest rate is announced on a yearly basis, whereas, the interest is calculated on a monthly basis. The interest rate is calculated by dividing the per annum rate by 12. This is done in order to arrive at the amount of interest to be given to the employee for a particular month.
For example :
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Let’s suppose that an employee started his contributions from the month of November 2017.
Note: Although interest has been earned in December 2017, it is only credited at the end of the financial year on 31st March.
EPF Forms
An EPF form is mandatory for all activities that employees wish to undertake in their accounts; the activities include registration, withdrawal, transfer of PF, availing loans from an existing EPF account or for any other reason.
Mentioned below are the various types of forms available :
Forms for EPF Claims
UAN
Universal Account Number (UAN) is a 12-digit unique number assigned to each and every member who registers with the EPFO. This number is linked with all PF accounts of a member. The member can log in to the EPF member portal using the UAN and access all his PF accounts at one place.
UAN is linked with Aadhaar and PAN of the employee. In case the employee fails to link his Aadhaar and PAN with his UAN, he will not be able to avail almost all the online services offered by the EPF member portal.
UAN Member Login PortalEmployee Provident Fund Form Download Free
EPF member portal allows all members to avail all services online from eKYC to transferring PF. The members have to first register at the EPF member portal and then activate his UAN. Once the password is generated, the member can get their eKYC done and then avail other services online from the comforts of his home anytime. Following services can be availed through the EPF member portal : True skate deck images download.
EPF Passbook
All contributions made by a member and his employer are mentioned in the EPF passbook. The passbook also contains other important details such as establishment ID and name, member ID and name, office name, employee’s share, employer’s share, EPS contribution, etc.
The member can download the EPF passbook online by visiting the EPF website.
Checking EPF Balance
A member can check the EPF balance accumulated in the account online by following these simple steps:
The member can also check his EPF balance by sending an SMS to 7738299899 in the format EPFOHO <UAN> ENG.
EPF balance can also be checked through a missed call on the number- 011-22901406.
Read More:How to Check EPF Balance
Lodging EPF Grievances
The EPFO also provides for a grievance system which enables members to register their complaints.
EPF on Umang App
Mobile users can avail services provided by the EPF through the Umang app. The portal has five separate sections:
Employee Centric Services
General Services
Employer Centric Services
Pensioner Services
eKYC Services
Aadhaar seeding can be done directly through the Umang app.
Linking Aadhaar with UAN for EPF
Members have to link their Aadhaar number with UAN for EPF. Aadhaar seeding is mandatory for availing online services. The member has to link his Aadhaar with EPF to process claims online or withdraw funds.
Benefits of the Employees’ Provident Fund (EPF) Scheme
EPF scheme is among one of the largest and biggest saving schemes available to Indian employees. The key benefits of the scheme are mentioned below:
FAQs
1. I have withdrawn a part of my EPF corpus. Will I continue getting interest on the withdrawn amount as well?
Ans: No, You will not get interest on the withdrawn amount. However, the amount remaining in the EPF account will continue earning interest.
2. How is UAN assigned?
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Ans. When you join a company having more than 20 employees, you become entitled to EPF benefits. EPFO allots a unique 12-digit permanent number known as Universal Account Number (UAN) to the member. All PF accounts of a member are linked with his UAN. In case you want to avail online services through the EPF portal, you have to link your UAN with Aadhaar and PAN.
3. Will I have to activate my UAN for transferring PF online?
Ans. You have to activate UAN by registering at the EPF member portal before you can process claims or withdraw funds online. You can do it easily by visiting the EPF member portal.
4. I have switched my job. Should I get a new UAN?
Ans. No, the UAN allotted to a member remains the same throughout the service period. A new PF account will be opened by the new employer which will be linked to the UAN of the member.
5. I have switched my company. Should I withdraw EPF corpus or transfer my fund?
Ans. It is recommended that you transfer your fund from the old PF account to a new one. If you withdraw the amount before 5 years of service, the withdrawn amount is taxable and should be mentioned under income from other sources while filing ITR.
6. I am currently unemployed and need funds. Can I withdraw my EPF corpus?
Ans. Yes, you can withdraw 75% of your EPF corpus after one month of unemployment. In case you remain unemployed for 2 consecutive months, you can withdraw the remaining 25% of the fund.
7.Is it still mandatory for members to link Aadhaar with EPF to avail online services? If not, is there a way to delink Aadhaar with UAN?
Ans. As per the recent circular released by the EPFO, UIADI has clarified that EPFO can continue to avail Aadhaar based authentication services for EPF schemes. So, in a way, you can not avail your EPF online services in case you delink your Aadhaar with UAN, as for now.
The circular also goes on to say that if a member visits the EPFO office for an offline claim using Aadhaar KYC, the PRO will facilitate Aadhaar seeding facility on the spot in order to make the EPF claim online.
Further, employees with their Aadhaar seeded with the UAN may not be allowed to raise offline claims from now on.
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8. Are both the employee’s and employer’s contributions to my EPF account tax-exempt?
Ans. Contributions made to the EPF are tax exempt, however, the tax calculations are different. The employer’s contribution to the EPF account is not considered as part of your taxable income. So the employer’s contribution is tax-exempt at its source.
Whereas, the employee’s contribution is counted as part of his/her taxable income. However, the employee’s contribution is tax deductible under section 80C upto a maximum of Rs. 1.5 lakh per annum. So an employee’s contribution towards the EPF account is eligible to for tax-exemption but only under section 80C.
Also, in case you withdraw your EPF fund before 5 years of contributions, then both employee’s, as well as employer’s share, become taxable.
Employee Provident Fund Form Download For Windows 7Latest News :
a) Government notifies 75% EPF withdrawal
The Ministry of Labour notified a key amendment to EPF Scheme on 6th December, allowing employees to withdraw 75% of their EPF balance within 1 month of unemployment. This change had been announced in June 2018, after a meeting of the Central Board of Trustees of the EPFO. Employees do not have to withdraw the balance 25%, but they are allowed to do so after another month (hence, after two months of unemployment).
Under the EPF scheme, 12% of an employee’s monthly salary + dearness allowance is deducted towards EPF. The employer also contributes 12% which is split into 8.67% (towards Employees Pension Scheme or EPS) and 3.3% which goes towards EPF. Employees can also withdraw their EPS amount under the same rules as EPF, but a minimum of 6 months of service is required in order to eligible to do so.
You can withdraw EPF by filling form 19 and EPS through form 10C. However you can withdraw both by filling the composite claim form. You can read the full EPF withdrawal procedure here. b) EPFO adds nearly 1.2 Crore Subscribers in last 11 months
As per the latest data released by the Ministry of Statistics and Programme Implementation (MOSPI) in its Employment Outlook, EPFO has added nearly 1.2 Crore subscribers from September 2017 to July 2018. During this period, the estimated number of new subscribers of NPS stood at 6.48 Lakhs.
The highest number of subscribers has been added in the age group of 22 to 25 years. This count was 31.37 Lakhs across the country.
More than 29 Lakh subscribers added were in the age group of 18-21 years while 21.87 Lakh members subscribing for EPF were above 35 years of age. Download game subway surfers hack pc.
More than 14 lakh members started contributing for EPF again during this period. However, 72 Lakh EPF accounts became inoperative due to non-submission of funds for 36 months continuously.
Employee Provident Fund Of India
Read More: EPFO Login Portal : Registration, Password Reset & Services
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