Employer and the employee make contributions to the EPF for employee retirement.
The Employees’ Provident Fund Organisation (EPFO), has allowed employees to make partial withdrawals from their PF accounts and the money can be used as a personal loan to fund emergencies.
The EPFO thoroughly verifies if the application is genuine or not, before granting permission to avail the loan from the EPF account.
The applicant needs to complete 10 years of continuous service and must submit a certificate from the agency indicating outstanding principal and interest along with form 31 to withdraw funds.
Grant of advances in special cases:
In case of lock-out or closure of establishment for more than 15 days or in case the employee is rendered unemployed without compensation or has not received a salary for more than 2 months, the employee can withdraw funds, without serving any service period.
Read More https://indianmoney.com/articles/how-to-get-a-loan-from-epf-account
Employee provident fund- EPF form31
EPF Form 31 also known as ‘advance form’ is an application form that must be filled by an employee who wishes to withdraw funds partially from their EPF account.
Some fields must be filled by the employee and the rest by the employer and the EPF commissioner.
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The EPF form contains the following fields that must be mandatorily filled by an employee as per rules of the employee provident fund scheme 1952.
Father name/husband’s name (in case of married woman)
Read More https://indianmoney.com/articles/epf-form-31
Employment Provident Fund is created with an intention to help private sector employees to save a fraction of their monthly salary.
And this savings will be helpful for the employees in the event of employee’s termination or if the employee is no longer fit to work or after their retirement.
Apart from these, you also need to provide the KYC details including:
For instance, if the monthly salary is Rs 20,000, the contribution from employee towards his or her EPF would be Rs 2,600/month i.e.
To withdraw money from EPF account, employees can now make use of UAN based Form 19.
This facility is available to all those employers whose UAN is activated and verified with KYC details including Aadhar card number, and bank account number.
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Income Tax on salary can be saved in many ways.
People and organizations are often imprecise to this part.
People have to keep a self-check on the different ways in which Tax on Income can be saved.
For organizations, invoicing software like Accoxi which manages your company’s tax system can do the job just fine.
Accoxi is also referred to as tax-ready software which has the properties of GST invoicing software that comes with how tax can be managed and returns to be filed.Following are the ways in which individuals and organizations can save Income Tax on the income earned:As per Section 80C, up to Rs.1.5 lakh limit can be applied to FD under 5 years tenure, Provident Fund (PPF) with tax-free rate of interest, ELSS funds, National Saving Certificate (NSC), Life Insurance Premiums, National Pension Systems (NPS), Home loan repayment, tuition fee payment, Employees Provident Fund (EPF), Senior Citizens Saving Scheme (SCSS) and Sukanya Samriddhi Yojana.Contributions made to National Pension Scheme is tax deductible up to Rs.50000 (which can be withdrawn at 60 years of age)Health insurance premium payments offers tax deduction of up to Rs.25000Reduction on payment of rent qualifies you for tax deduction up to Rs.60000 per annumHome loan is tax deductible up to Rs.2 lakh per annumInterest on savings account is tax free up to Rs.10000 per year and for senior citizens the limit rises to Rs.50000Charity donations are tax deductibleAccoxi is the free invoicing software for small business, medium business or large business.
Your organization’s (or as an individual) income graph can make drastic turns on the positive side, if tax planning is done wisely.
Commonly also called just provident fund, it is an instrument of investment which gives employees something to fall back on after retirement.
If you are an employer in India, or a foreign businessperson looking to manage a team of employees in India,then couple of companies provide a Employee Of Record (EOR) services in india, this blog will inform you on the specifics, if you want to kickstart EPF in your organisation.1.1.
Continuing ever since, it has 3 primary schemes under it:The Employees’ Provident Fund Schemes, 1952The Employees’ Pension Scheme, 1995The Employees Deposit Linked Insurance Scheme, 1976.Of the 3, the EPF Scheme 1952 called for both employees and employers to invest some money into a regulated, authority-maintained provident fund.
Public sectors are still ardent on the practice of handing pensions, whereas the trends show it is declining in the private sector.
Here are deeper insights on calculating pension under EPS.Last of the 3, the EDLI scheme is funded externally by the EPFO (Employees Provident Fund Organisation).
Applicability of Provident Fund for an establishmentEPF is applicable for establish if:The establishment is a factory engaged in any industry specified in Schedule 1 and in which 20 or more persons are employed.The establishment employs 20 or more persons.The establishment falls under a class of such establishments which the Central Government by notification from the official gazette, specify eligible.
