Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 16th May 2012, 19:07   #226
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,257
Thanked: 1,231 Times
Default re: The "Provident Fund" Thread

It appears that the limit for Gratuity increased to 10 lakhs after the 6th Pay Commission was implemented with retrospective effect from 2007. But amounts over 3.5 lakhs were taxable.

It was only in May 2010 that the Income Tax Rules have been amended by the Central Board of Direct Taxes to make the entire amount of 10 Lakhs non-taxable.

There is some controversy whether this exemption is only for Government employees and PSU employees, but to me it looks like it is applicable to all, including private sector employees. I shall update this thread after I gather information.

Last edited by vnabhi : 16th May 2012 at 19:09.
vnabhi is offline   Reply With Quote
Old 24th May 2012, 11:42   #227
BHPian
 
Join Date: Oct 2005
Location: @ Driver's Seat @
Posts: 681
Thanked: 57 Times
Default re: The "Provident Fund" Thread

Quoting from the article below

Quote:
employees will have to sacrifice the bonus they get on 20 years of pensionable service.
Is anyone aware of this bonus if you are in 20 years of service. Thats a new thing in here.


Article Link : EPFO bonus may go in exchange for pension hike - The Economic Times
lambuhere1 is offline   Reply With Quote
Old 20th June 2012, 16:50   #228
Senior - BHPian
 
black12rr's Avatar
 
Join Date: Dec 2005
Location: Ridin earth now
Posts: 1,259
Thanked: 272 Times
Default re: The "Provident Fund" Thread

I did not know where to ask . Is Superannuation part of CTC or not ? . Does every company has Superannuation by default ? . How do I know whether my previous company had Superannuation or not ?
black12rr is offline   Reply With Quote
Old 26th July 2012, 09:47   #229
BHPian
 
Join Date: Oct 2005
Location: @ Driver's Seat @
Posts: 681
Thanked: 57 Times
Default re: The "Provident Fund" Thread

E-passbook for your PF Account. Great Initiative

Member Portal - Beta

I have not yet explored it. Would love to hear from you
lambuhere1 is offline   Reply With Quote
Old 26th July 2012, 10:27   #230
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,257
Thanked: 1,231 Times
Default re: The "Provident Fund" Thread

Quote:
Originally Posted by lambuhere1 View Post
Quoting from the article below

Is anyone aware of this bonus if you are in 20 years of service. Thats a new thing in here.

Article Link : EPFO bonus may go in exchange for pension hike - The Economic Times
Thanks for the update. I got to read this post just now.

I don't think it is a big difference, as the difference in monthly pension after withdrawing the bonus of 2 extra years of pensionable service on completing 20 years of service under FPS is quite meager.

If you read through the example given in the url below, the difference works out to Rs 186 per month (Rs 2321 Vs 2135)

Epf Pension Calculation Formula | HR Letter Formats
vnabhi is offline   Reply With Quote
Old 27th July 2012, 18:18   #231
Senior - BHPian
 
mail4ajo's Avatar
 
Join Date: Mar 2006
Location: San Antonio, TX
Posts: 1,826
Thanked: 215 Times
Default re: The "Provident Fund" Thread

Is it possible to claim a PF which is atleast 7 years old?
mail4ajo is offline   Reply With Quote
Old 27th July 2012, 21:36   #232
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,257
Thanked: 1,231 Times
Default re: The "Provident Fund" Thread

Quote:
Originally Posted by mail4ajo View Post
Is it possible to claim a PF which is atleast 7 years old?
Of course you can. You need to contact your ex-employer and the PF office local to that employer's office.
vnabhi is offline   Reply With Quote
Old 10th August 2012, 12:09   #233
BHPian
 
Join Date: Nov 2006
Location: Delhi
Posts: 527
Thanked: 58 Times
Default re: The "Provident Fund" Thread

Can we withdraw full or part amount from PF if you are still in service ? If yes then how much and how?
sam003 is offline   Reply With Quote
Old 10th August 2012, 12:43   #234
Senior - BHPian
 
carwatcher's Avatar
 
Join Date: Feb 2010
Location: Bardez, Goa
Posts: 1,185
Thanked: 997 Times
Default re: The "Provident Fund" Thread

As per today's ToI Rs. 26000 Crore lying unclaimed in PF and Bank accounts.
Rs 26,000 crore left unclaimed in bank, provident fund accounts - The Times of India
carwatcher is offline   Reply With Quote
Old 10th August 2012, 13:22   #235
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,961
Thanked: 1,971 Times
Smile re: The "Provident Fund" Thread

Quote:
Originally Posted by sam003 View Post
Can we withdraw full or part amount from PF if you are still in service ? If yes then how much and how?
Of course you can, subject to certain qaulifications for reason of withdrawal. Attached is the link below which will give more details.
Guide Lines for PF Withdrawal | HR Letter Formats

If your PF is held through a trust managed by your company then you need to contact your HR for more details on the withdrawal process.
ghodlur is offline   Reply With Quote
Old 10th August 2012, 19:44   #236
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,257
Thanked: 1,231 Times
Default re: The "Provident Fund" Thread

Quote:
Originally Posted by sam003 View Post
Can we withdraw full or part amount from PF if you are still in service ? If yes then how much and how?
Yes, you can, and ghodlur's link is correct. But it is always advisable to resist the urge to do so (though I am guilty of yielding to the urge twice).

I'm not sure how much time it takes, but if your PF is managed by a trust, then it is a smooth affair. But Trusts are rare, and mostly found in government undertakings.

There was a limit of maximum two withdrawals in one's lifetime from the Trust of the company I used to work in.
vnabhi is offline   Reply With Quote
Old 10th August 2012, 19:59   #237
BHPian
 
SankalpDesai's Avatar
 
Join Date: May 2010
Location: Frankfurt
Posts: 228
Thanked: 53 Times
Default re: The "Provident Fund" Thread

Quote:
Originally Posted by carwatcher View Post
As per today's ToI Rs. 26000 Crore lying unclaimed in PF and Bank accounts.
Rs 26,000 crore left unclaimed in bank, provident fund accounts - The Times of India
I too have a share in that pot. It's a nominal amount hence not raising a hell for the same although I have already initiated the process of withdrawal from my previous PF account. I seriously feel this amount would have been much lesser if the PFO was computerized and the homo-sapien neanderthals working in PF department were a bit more 'customer friendly'.
SankalpDesai is offline   Reply With Quote
Old 10th August 2012, 21:01   #238
Senior - BHPian
 
carwatcher's Avatar
 
Join Date: Feb 2010
Location: Bardez, Goa
Posts: 1,185
Thanked: 997 Times
Default

Quote:
Originally Posted by SankalpDesai View Post
I seriously feel this amount would have been much lesser if the PFO was computerized and the homo-sapien neanderthals working in PF department were a bit more 'customer friendly'.
In case you are not aware, PF department has been computerised at a very fast pace during last few years. The staff also has become much more public-friendly and computer savvy, throughout India their offices have been renovated. IIRC they will give (or its already started) each individual an account no. like PAN that will take care of all your PF related issues.
carwatcher is offline   Reply With Quote
Old 10th August 2012, 21:46   #239
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,257
Thanked: 1,231 Times
Default re: The "Provident Fund" Thread

Quote:
Originally Posted by carwatcher View Post
In case you are not aware, PF department has been computerised at a very fast pace during last few years. The staff also has become much more public-friendly and computer savvy, throughout India their offices have been renovated. IIRC they will give (or its already started) each individual an account no. like PAN that will take care of all your PF related issues.

Yes, this is correct.

OT---'Home sapien neanderthals' made me guffaw!
vnabhi is offline   Reply With Quote
Old 28th August 2012, 12:44   #240
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,257
Thanked: 1,231 Times
Default re: The "Provident Fund" Thread

Quote:
Originally Posted by lambuhere1 View Post
E-passbook for your PF Account. Great Initiative

Member Portal - Beta

I have not yet explored it. Would love to hear from you
Thanks once again for that link. I registered on that site on July 26th and requested for a soft copy of a passbook.
I got the response today (after a month) and was able to view and download my passbook in pdf form. It was updated till August 1st PF deposit, which is the most current one.

That site rocks.
vnabhi is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
"Cayenne" we "XC-eed" in our "Endeavour" to "Safari"? Taking powerful metal off-road SS-Traveller 4x4 Excursions 55 10th November 2016 22:56
Help needed for fund raising serious_maniac Shifting gears 1 22nd November 2013 09:44
New Job - no provident fund. heavy_foot Shifting gears 25 2nd February 2010 16:18
Cheshire Homes India Chennai - Fund raising Dinner mail4ajo Shifting gears 0 25th August 2008 23:04


All times are GMT +5.5. The time now is 04:30.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks