Team-BHP - The "Provident Fund" Thread

Quote:

Originally Posted by faustus77 (Post 3781192)

NPV and others.
Need urgent information.
Read about UAN and transfer of PF from an old employer's account.
My daughter is working with a private firm since May 2014.
As on 31/3/15 I want to see the interest (tax exempted), credited as on that date so that I can file her returns. Plan to do in a day or two.
How does she go about it.
How to get the UAN reference?

1. UAN will be applied for by the employer so get in touch with employer. It is mandatory now. UAN is a Universal account number, a unique identifier for the PF account holder. The PF account number per se will remain the same, UAN is a new identifier. Going forward this UAN will be linked to all PF accounts opened in the name of the employee at various companies she works with during her career.
2. If there is no other prior PF account from a job with an earlier employer, there is no transfer process involved.
3. Interest credited - I think you mean how much interest was accumulated on the PF account. If so, this need not be considered for IT returns since it is credited to the PF account, not a bank savings account :) Unless, the PF account is closed and the proceeds transferred to a bank savings account, there is no Income tax implication.

*It is possible that the employer has received the UAN but not communicated to the employee. Do check the PF website, one may be able to find out their UAN with the help of existing PF account number, not too sure about this though.

Quote:

Originally Posted by NPV (Post 3781230)

1. Yes we will be able to check the UAN number from the http://uanmembers.epfoservices.in/ site.
2. For a continuous service of 5 years and above, there will be no tax deduction if the PF is withdrawn.
3. UAN needs to be unique. But in my case my current employer has created a new UAN number. My previous employer had a different one. I asked my HR to update and link both PF numbers to one UAN. But the EPF office has told there is no option, yet, to delete the UANs. So I will have two UAN numbers as of now.

Quote:

Originally Posted by NPV (Post 3781230)

NPV
Hi.
Thanks a lot for your quick response. I have forwarded your email to my daughter and she will try and get the information from her old and new company.
Thanks once again. Regards
Babhishek. Hi.
Yes the interest credited is tax free but to update her balance sheet would like to have that amount.Regards

Stock markets have fallen heavily in the last few days. And the EPFO has begun investing 5% of the incremental corpus in equities this year. They plan to increase equity exposure to 15% next year. I hope our retirement savings are not ruined by stock market fluctuations.

The Central Board of Trustees had asked the Finance Ministry for a guarantee of 8% on the money invested in equities - this was refused. Investment in different financial instruments should be made optional based on individual subscriber preferences. I'd still prefer a low risk return from debts - other's may differ.

The finance ministry is more interested to prop the stock market using our retirement savings than subscriber interests. And I'm quite sure that at the year end, the money invested in equity will fetch far less than the 8.75% from the debt instruments we got in 2014-2015, quite contrary to what the paid press articles have to say.

Can someone please let me know how to withdraw all my funds from both PF and Pension Fund?

I've only worked for one company - for 5.5 years - and have resigned. I want to take out all the money out as I do not plan to be employed anytime soon. My only PF account is linked to my UAN.

Please let me know how to proceed with withdraw from these funds. Is that something that's doable online now?

Help much appreciated. Googling it only resulted in confusion.

Quote:

Originally Posted by hellmet (Post 3810122)

Can someone please let me know how to withdraw all my funds from both PF and Pension Fund.

You will need to fill up 2 forms (IIRC, Form 19 & Form 10), one for PF and the other for pension and give it to your previous employer for endorsement. They will then endorse it and forward it to the PF office. Enclose a copy of your PAN card and a canceled cheque as well.

Please note that you need to be out of a job for 2 months to be eligible for PF withdrawal.

Quote:

Originally Posted by hellmet (Post 3810136)

Thank you!! I'm on notice period now and will be relieved soon. Can I take these endorsements from my employer right away, or do I have to wait 2 months?

Hellmet,

IIRC, I think, you can get it sooner, if you intend to immigrate to foreign land.

Immigration & Female (employee) wedding are the two reasons, one can cite, to withdraw PF amount ( as special cases ) - without the 2 month delay :) -- according to the claim on the blog (link below)

There are only "mentions" at these sources - No direct point to link on EPFO site:

http://www.planmoneytax.com/get-epf-...y-resignation/

http://www.businesstoday.in/moneytod...ry/192006.html

Hope that helps,

Do share your experience as it is a matter of interest for me too.

Ace.

Quote:

Originally Posted by hellmet (Post 3810136)

Thank you!! I'm on notice period now and will be relieved soon. Can I take these endorsements from my employer right away, or do I have to wait 2 months?

You have to wait 2 months after your last date. The company's PF agent said that they look to see if there are any deposits to our PF account to corroborate, but I am not too sure.

Most established companies have a rule that they will only endorse after 2 months of unemployment. Depending on how your company is set up, endorsement and submission to PF office may hardly take 1-2 days. PF comes into your bank account in 2-3 weeks.

In our case, we applied only after end of 2 months. We couldn't get EPS (pension) because they don't allow you to withdraw after 10 years.

Quote:

Originally Posted by driverace (Post 3810222)

I am not an expert, just someone who withdrew PF recently, but I was told that you need to apply with the same form to withdraw PF but you need to attach a copy of the immigration visa (not tourist, business or any other visa) or passport of another country to be eligible for this.

For wedding, AFAIK you get a loan.

Quote:

Originally Posted by comfortablynumb (Post 3837253)

Question on behalf of a friend - Can one stop the monthly PF contributions, and opt for subsequent salary payouts without the PF deduction? The finance dept in our co says no, but would like to validate it via any experts here.

Cheers,
Vikram

As per PF Act thats not permissible. Once a member, always a member. Although if he is voluntarily contributing at a rate higher than Rs 15000 per month, the contribution can be brought down & restricted to the statutory rate, under due intimation to PF office.

Quote:

Originally Posted by comfortablynumb (Post 3837253)

EPFO-notification-6500-to-15000.pdf

It can be done at the time of joining but not after the PF account has been opened by the current employer. Please refer to the attached gazette notification.