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Old 7th August 2018, 06:02   #646
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Originally Posted by sachinayak View Post
This year, we are touching August, and still no sign of interest.
We are sailing in the same boat. I inquired my organization and was asked to contact epf office directly.
Surprisingly there are not many news articles on this. One of them dated Aug 5 says interest will be credited soon (https://www.timesnownews.com/busines...-online/264658)
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Old 15th August 2018, 10:07   #647
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When I try to view my passbook on the EPF website I get this error : Error Code FO0001=4063 . Anyone else facing a similar problem ?

I hope they credit the interest for last year soon - it's taking way too much time.
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Old 15th August 2018, 12:00   #648
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I hope they credit the interest for last year soon - it's taking way too much time.
Agree, its complete 4 months since the end of FY and there is no interest credit as of now to the PF accounts. I had enquired with my HR and they confirmed that it would be done in July but still not yet done. I have tweeted to following accounts @santoshgangwar, @socialepfo @labourministry. Lets see what the response is going to be although not hopeful of getting on.
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Old 15th August 2018, 17:16   #649
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Default Re: The "Provident Fund" Thread

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When I try to view my passbook on the EPF website I get this error : Error Code FO0001=4063 . Anyone else facing a similar problem ?
You may try the UMANG app for EPFO services (including viewing passbook)
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Old 20th August 2018, 12:57   #650
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Originally Posted by ghodlur View Post
Agree, its complete 4 months since the end of FY and there is no interest credit as of now to the PF accounts. I had enquired with my HR and they confirmed that it would be done in July but still not yet done. I have tweeted to following accounts @santoshgangwar, @socialepfo @labourministry. Lets see what the response is going to be although not hopeful of getting on.
In the same boat. I always include this interest income in my ITR2. I am held up from submitting my returns due to this delay. Looks like we will have to submit the ITR this time without declaring this notional interest income.

BTW it appears like not many bother to include this information in their yearly tax filing.
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Old 20th August 2018, 13:14   #651
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In the same boat. I always include this interest income in my ITR2. I am held up from submitting my returns due to this delay. Looks like we will have to submit the ITR this time without declaring this notional interest income.

BTW it appears like not many bother to include this information in their yearly tax filing.
The interest income is tax free if you're employed - ie contributing to the PF. Do you mean you report this in the exempt income section for reporting purposes only ? I thought that wasn't mandatory.

If you're not contributing to PF - that usually means not being employed and having kept the money in PF , the interest income is taxable.

Last edited by sdp1975 : 20th August 2018 at 13:17.
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Old 20th August 2018, 16:11   #652
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Default Re: The "Provident Fund" Thread

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In the same boat. I always include this interest income in my ITR2. I am held up from submitting my returns due to this delay. Looks like we will have to submit the ITR this time without declaring this notional interest income.

BTW it appears like not many bother to include this information in their yearly tax filing.
It is only an income exempt or not when it accrues to you. So don't wait to file your ITR.
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Old 20th August 2018, 22:09   #653
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In the same boat. I always include this interest income in my ITR2. I am held up from submitting my returns due to this delay. Looks like we will have to submit the ITR this time without declaring this notional interest income.

You can revise the ITR once interest is known (if filed before last date).
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Old 21st August 2018, 08:33   #654
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Default Re: The "Provident Fund" Thread

I could see the interest for the year 2017-18 declared at 8.55% on the PF contributions. Can anyone confirm the interest rates for me if recd? For 2016-17 interest rates were 8.65% whereas for 105-16 it was 9%.

Year on year the interest rates have dropped on PF contributions from an high of 12% to now 8.55%. Is it wise to keep the contribution or warrants for a withdrawal to invest in other avenues like Mutual funds. Since my PF is in company trust, withdrawal is a bit easy.
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Old 21st August 2018, 08:34   #655
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Default Re: The "Provident Fund" Thread

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Originally Posted by ghodlur View Post
I could see the interest for the year 2017-18 declared at 8.55% on the PF contributions. Can anyone confirm the interest rates for me if recd? For 2016-17 interest rates were 8.65% whereas for 105-16 it was 9%.

Year on year the interest rates have dropped on PF contributions from an high of 12% to now 8.55%. Is it wise to keep the contribution or warrants for a withdrawal to invest in other avenues like Mutual funds. Since my PF is in company trust, withdrawal is a bit easy.
PF is EEE / Exempt Exempt Exempt - so the actual return is much higher. Stick to it - anyway the redemption rules even for company trusts are not as loose as that. You can possibly redeem some amount from it for specific expenses like house construction or medical treatment.
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Old 21st August 2018, 09:07   #656
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Default Re: The "Provident Fund" Thread

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Originally Posted by ghodlur View Post
Year on year the interest rates have dropped on PF contributions from an high of 12% to now 8.55%. Is it wise to keep the contribution or warrants for a withdrawal to invest in other avenues like Mutual funds. Since my PF is in company trust, withdrawal is a bit easy.
Just to give you my own example on why we should not withdraw the amount from PF. I did partial withdraw of 11l in 2014 and if i had not withdrawn that amount, my current PF balance would have been increased by 19l. I think that's the power of compound interest. I am not into MF, so I am not sure whether I would have received the same returns (8l profit for 11l in 4 years) if i had invested the MFs? I think only in case of real estate (plot) we can expect that kind of returns, that too in big cities only?
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Old 21st August 2018, 09:31   #657
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Default Re: The "Provident Fund" Thread

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Since my PF is in company trust, withdrawal is a bit easy.
Withdrawal may not be easy, though a loan can be taken for children's education, marriage or for land purchase/home construction. For withdrawal, one needs to be out of a job for at least 3 months (it was 6 months earlier and recently updated to 3 months I think).

For salaried people, PF is a decent saving and this amount also serves as a retirement corpus, so please do not withdraw (don't even take a loan if you don't need the money urgently).

Last edited by NPV : 21st August 2018 at 09:40.
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Old 21st August 2018, 09:44   #658
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Withdrawal may not be easy, though a loan can be taken for children's education, marriage or for land purchase/home construction. For withdrawal, one needs to be out of a job for at least 3 months (it was 6 months earlier and recently updated to 3 months I think).

For salaried people, PF is a decent saving and this amount also serves as a retirement corpus, so please do not withdraw (don't even take a loan if you don't need the money urgently).
Earlier it was 3 months and now it has been reduced to 2 months since April 2018.
Like you mentioned, PF withdrawal is not possible unless you are jobless for more than 2 months or for some pre-defined reasons. But, one thing that I have observed with my own experience (of withdrawing twice in last 12 years) is, when PFs are managed by company trust, the withdrawal will be super fast (within a week) and less hassles also.
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Old 21st August 2018, 10:22   #659
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Default Re: The "Provident Fund" Thread

Provident Fund is like "Spare Wheel" of the car. It would appear worthless lying down on the boot without enough returns, till the day you actually require it. So please do not think about withdrawing it or comparing it with other forms of investments. It is tax and risk free.
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Old 28th August 2018, 15:32   #660
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Originally Posted by sachinayak View Post
Does any one know when will the interest for 2017-18 get credited into our PF accounts? Last year, it was credited towards the 3rd week of June. This year, we are touching August, and still no sign of interest.
Sharing information that I just read online

Quote:
Officials said the process is taking time as EPFO is undertaking a cross-verification exercise to match information from both employers and employees and to weed out inoperative accounts.

The crediting process has started for some zones and is likely to be over by the end of this month, the officials added. “There has been some delay but the process has started. We are undertaking cross verification of accounts… the crediting has started for some zones and will be over by the end of this month for all subscribers,” an EPFO official said.
Source: https://indianexpress.com/article/bu...-fy18-5301166/
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