Team-BHP
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https://www.team-bhp.com/forum/)
Quote:
Originally Posted by .sushilkumar
(Post 5546124)
Any interest earned on employee contribution beyond 2.5 Lakh is Taxable. Accordingly EPFO have made provision to show the taxable eligible amount beyond 2.5 L separately in PF slip. |
For me it already shows some amount in taxable column. But the interest earned on my contribution is way less than 2.5 L, not sure what is wrong here.
At 8% annual rate of interest, for interest amount to be more than 2.5 L, principal amount (only employee contribution) needs to be Rs 3,125,000. I don't have this much :)
Quote:
Originally Posted by INJAXN
(Post 5546501)
For me it already shows some amount in taxable column. But the interest earned on my contribution is way less than 2.5 L, not sure what is wrong here.
At 8% annual rate of interest, for interest amount to be more than 2.5 L, principal amount (only employee contribution) needs to be Rs 3,125,000. I don't have this much :) |
TAX is not on the full earned interest.. If your contribution goes over 2.5L in a calendar year, the interest earned for the amount over 2.5L is liable to be taxed.
Anyone got the interest credited for the year 2022-23?
Quote:
Originally Posted by Latheesh
(Post 5549266)
Anyone got the interest credited for the year 2022-23? |
Doesn't it usually happen around Sep/Oct or even later in some cases? My understanding is that the EPFO announce the interest rate in June and it gets credited in Oct.
Quote:
Originally Posted by m8002?
(Post 5549327)
Doesn't it usually happen around Sep/Oct or even later in some cases? My understanding is that the EPFO announce the interest rate in June and it gets credited in Oct. |
Our EPF is managed by company trust and I can see interest for FY 2022-23 already added.
Quote:
Originally Posted by Latheesh
(Post 5549266)
Anyone got the interest credited for the year 2022-23? |
I got the EPF balance from my previous organisation member ID transferred to my current organisation member ID. Had raised the request online during the 3rd week of April'23 & it was processed in the beginning of 2nd week of May'23. The updated passbook shows the 2022-23 interest amount for the value accumulated in my previous organisation credited when they did the transfer to my member ID of the current organisation. However the 2022-23 interest on the balance pertaining to the member ID of my current organisation is not yet credited.
The pension fund value accumulated in my previous organisation is not transferred to my current organisation account/ID. Is there a separate procedure to be followed for that or did the EPF guys goof up or does that amount stay in the respective member ID's? Any insights on this is greatly appreciated.
Quote:
Originally Posted by m8002?
(Post 5549327)
Doesn't it usually happen around Sep/Oct or even later in some cases? My understanding is that the EPFO announce the interest rate in June and it gets credited in Oct. |
EPFO board recommends the interest rate and sends to finance ministry. After finance ministry approves, gazette notification will be issued. Then EPFO will start crediting the interest. The delay happens in finance ministry and last time it took a year :Frustrati
Trusts can credit interest based on the provisional interest rate also and can verify once final notification is issued.
Quote:
Originally Posted by Latheesh
(Post 5549266)
Anyone got the interest credited for the year 2022-23? |
Mine, the interest for 2021-22 is yet to be credited and you are already talking about 2022-23 :)
Quote:
Originally Posted by Torque123
(Post 5549400)
The pension fund value accumulated in my previous organisation is not transferred to my current organisation account/ID. Is there a separate procedure to be followed for that or did the EPF guys goof up or does that amount stay in the respective member ID's? Any insights on this is greatly appreciated. |
I have the same scenario. My current company guided me to raise a grievance with EPFO to get the EPS transferred. EPFO will respond by attaching Anexure K document. You need submit this to your organization's PF team. They will process it further. I am currently waiting on this last step.
My one-year tussle with the EPFO, KR Puram saw a couple of positives in April, one my Date of Exit entry was rectified, second the EPS contribution was updated as per actuals. Since May, I have twice applied for a final PF withdrawal, but it was rejected after 18 days without giving any reason. I escalated against this rejection on
https://pgportal.gov.in/, now waiting for a resolution or appealing to the next level for a speedy resolution.
In parallel, I have raised a grievance asking the reason for the rejection and resubmitted another claim for PF withdrawal. I also plan to talk to my lawyer friend and see if we can file a PIL sort of thing to make the EPFO more accountable to its subscribers.
When can I withdraw my PF?
i.e. after how many years/months of my last job & under what circumstances?
I no longer work in the corporate sector & some guidance on the above will help.
Quote:
Originally Posted by amay1283
(Post 5549499)
I have the same scenario. My current company guided me to raise a grievance with EPFO to get the EPS transferred. EPFO will respond by attaching Anexure K document. You need submit this to your organization's PF team. They will process it further. I am currently waiting on this last step. |
How did you raise the grievance to EPFO? I have the same issue, the EPS amount from the my previous 2 accounts are lying in those accounts and are not transferred to the new account.
Quote:
Originally Posted by montsa007
(Post 5562160)
When can I withdraw my PF?
i.e. after how many years/months of my last job & under what circumstances?
I no longer work in the corporate sector & some guidance on the above will help. |
You may apply to withdraw after 2 months of last job.
Quote:
Originally Posted by dass
(Post 5562212)
How did you raise the grievance to EPFO? I have the same issue, the EPS amount from the my previous 2 accounts are lying in those accounts and are not transferred to the new account. |
You need to register a grievance with EPFO at
https://epfigms.gov.in/grievance/grievancemaster
Select status as PF member. No prior claim ID. Enter the required details after that. For request description mention that you require annexure K to transfer EPS from previous organisation to current. Provide member IDs for previous organisation and submit the request. In a few days they respond back with the document. Submit that document with your company's PF department. They will take it forward for transfer
Quote:
Originally Posted by deehunk
(Post 5562147)
Since May, I have twice applied for a final PF withdrawal, but it was rejected after 18 days without giving any reason. I escalated against this rejection on https://pgportal.gov.in/, now waiting for a resolution or appealing to the next level for a speedy resolution. |
Finally, I was able to get back my money after this last escalation.
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