Categories: Business

how to withdraw money from EPF account and tax rules | Due to Covid-19, there will not be any cash loss even after leaving the job, benefit from sitting at home with PF account

Photo: MSN

how to withdraw money from EPF account and tax rules

new Delhi. Have you lost your job due to corona virus epidemic or do you need money for treatment, do not panic, you can arrange money from home comfortably. Once UAN is activated and the KYC process is complete, you can withdraw money from your PF account online at home. You can withdraw money from your PF account in two ways:

With account settlement

If you have lost your job, you can withdraw the entire amount from the EPF account after two months. This amount includes both EPF and pension. If you want, you can withdraw the entire amount of EPF leaving the pension amount. This process is called EPF settlement. On getting the job again, the EPF amount is then deposited in the account.

With no account settlement

In this process the entire amount is not withdrawn from the account. It does not have to settle the account. During the job, only part of the EPF amount can be withdrawn from the account as per rules. No tax is to be paid on this amount withdrawn. The EPFO ​​has made a tab called Kovid-19 on its website in Kovid-19 crisis. With this help, every employee who has not lost his job can also withdraw 75 percent or three months basic salary whichever is less from his PF account.

You can withdraw money from your PF account for your child, sibling or even your own wedding, the limit is 50 percent. For this, it is necessary to operate the account for 7 years. That is, you can avail this facility only after 7 years of opening an account.

You can withdraw money from your PF account for higher education of yourself or your children. You can withdraw money from your PF account even at the time of buying a house, medical emergency, critical illness etc.

Remove money from PF account online while sitting at home

One has to login by filling UAN, password and captcha code on EPF website unifiedportal-mem.epfindia.gov.in. On the new page, click Online Services in a green bar at the top. Here the first option will appear written as CLAIM (FORM-31, 1910C & 10D). Click on it. Now see your full information in the page that opens. Crosscheck it. Also, the last four digits of the bank account number will not be given in the column containing the bank account number. They have to be filled in themselves. After filling the last four digits, you have to click on the Verify written in the accompanying blue bar. After this, click on Proceed For Online Claim written in blue bar at the bottom of the page. Here is the last line I want to apply for. Click on Select Claim Option in front of it. Here full EPF Settlement, EPF Part withdrawal (loan / advance) and Pension Withdrawal options will be seen. You have to click on the option you want. Now some more information will open on this page. It will have to upload a scan copy of Form-15G, home address, check or bank passbook. After this, I am applying … in the left site at the bottom. Read it. A small box will be formed at the beginning of the line. Click on this box. Now, in the blue bar at the bottom, it will appear as Get Aadhaar OTP. On clicking on it, OTP will come on the mobile number linked to Aadhaar. Fill in the OTP box below. Now the process of withdrawing PF money is complete. In about 5 to 10 days, the PF money will be transferred to your registered bank account.

Keep an eye on the account from the app

Through the mobile app, you can not only know the balance of your PF account, but can also do many things including withdrawing money. For this, UMANG app has to be downloaded in mobile phone. The employee can update the date of leaving the previous company online himself. Actually, withdrawal or transfer of EPF amount was stuck due to not having the date of leaving the job earlier. Now this will not happen. However, the date will be updated only when the company will not deposit the amount in the EPF account for two months or can say that it can be updated only after two months of leaving the company.

This post was published on August 27, 2020 12:00 pm

Content Team

Recent Posts

Ban on gaming apps hopes for opportunity for domestic sector

Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…

Coal India Q1 profit plunges 55 percent YoY

Photo: GOOGLE Coal India Q1 result new Delhi. Coal India's profit fell 55 per cent in the first quarter to…