Q. What is the basic salary limit for EPF?
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| A. Employees in organizations covered under the EPF Act, with a basic salary up to Rs. 15,000 per month, are eligible for Employee Provident Fund. |
Q. How much provident fund is deducted from salary?
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| A. Now, an employee contributes 12% of the basic wages + DA + allowance in EPF. The employer also pays 12% of pay out of which 8.33% of pay is diverted to the Pension Fund and the balance, 3.67%, is diverted to EPF. |
Q. Is it compulsory for an employer to pay an EPF?
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| A. Yes, It is compulsory for an employer to pay an EPF to meet your financial needs in the future. |
Q. Why is PF not deducted from salary?
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| A. Under this Act, it is mandatory to contribute to the PF for employees earning a total salary up to Rs. 15,000. However, if an employee's salary goes above this, the contribution is not mandatory, but it is optional. |
Q. How can I withdraw my maximum PF amount?
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| A. At age 54 or within one year of retirement, you can withdraw PF 100% and unemployment 1 month after 75% and 2 months after 100%. |
Q. Will employees be able to directly join the EPF?
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| A. NO, EPF is only available for employees of enterprises under the EPF Act. This category is businesses with 20 or more employees. Individuals who are in business, self-employed, or retired are not eligible to open an EPF account. EPF contribution is 12% of the basic salary and DA. |
Q. Which is better, PPF or EPF?
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| A. The interest rate on the investment amount in EPF is 8.25% and it is 7.1 % for a PPF account. The money in the EPF account can be withdrawn when you resign from your job. However, the deposited amount in PPF cannot be withdrawn after 5 years and until maturity, 15 from the date of depositing the amount. |
Q. What amount of PF withdrawal is tax-free?
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| A. EPF withdrawal is tax-free under the following conditions: 1. Withdrawal amount below Rs. 50,000, 2. Withdrawal amount above 50,000 and service less than 5 years 3. Withdrawal after 5 years of continuous service and 4. Withdrawal for medical emergencies. |
Q. Is TDS deducted on EPF withdrawal?
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| A. As per the income tax rule, TDS is deducted on EPF withdrawals if the total amount exceeds Rs. 50,000. If the EPF withdrawal total amount is below Rs. 50000, TDs are not deducted. |
Q. How to show EPF withdrawal in ITR?
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| A. EPF withdrawal is considered as exempt income under Section 10(12). In ITR you can mention EPF withdrawal in the exempt column. |
Q. Is 15G mandatory for PF withdrawal?
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| A. If the EPF withdrawal amount is above Rs. 50000, 15G is mandatory for EPF withdrawal. Otherwise, TDs is deducted from the claim amount. |
Q. EPF and Taxation Under the New Tax Regime?
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| A. As per the income tax limit, EPF and NPS are tax-free up to 7.50 lakh per year, and returns on employee contributions above Rs. 2.5 lakh per year is taxable. |
Q. How to change the registered mobile number in epf without login?
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| A. You can change your mobile number in EPF without logging into the member portal, click Forget Password" validate using Aadhar, enter your new mobile number, and verify you get OTP. Then you change your phone number. |
Q. How to log in epf passbook if forget your password?
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| A. Step 1: Go to the EPF website, and click on 'Forgot Password', Step 2: Enter your UAN code, age, name, date of birth, and gender, Step 3: Click on 'Verify', Step 4: Enter your mobile number and then enter the OTP sent to your phone, finally change your password. |
Q How do check EPF balance through sms?
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| A. EPF balance SMS number is 7738299899, is you check the balance, write down an sms in the registered mobile number "EPFOHO UAN to 7738299899" |
Q. How to check EPF balance by missed call?
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| A. Check EPF balance missed call number is 9966044425. Give you a missed call from a registered mobile number. |
Q. How many days take for epf withdrawal online?
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| A. Now, it is processed in 15 to 20 working days, EPF withdrawal amount be credited to your registered bank account. |
Q. Can I withdraw my pension contribution in epf after 10 years?
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| A. No, you cannot withdraw your pension contribution from 10 years of service, after 50 years you can withdraw pension contribution. |
Q. Difference between a pension and a provident fund?
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| A. Pension and Provident funds both saving tools. Pension amount you get after retirement and Provident fund provided lumpsum amount. |
Q. What is pension share in epf?
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| A. The pension share in EPF is 8.33% of the employer's contribution to the Employees' Pension Scheme. |
Q. EPF illness claim how many days?
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| A. An EPFO illness claim, will process within 3-4 days. However, offline claims may take up to 20 days. |
