EPFO withdrawals more easy than before: Employees’ Provident Fund Organization news

Employees’ Provident Fund Organisation is full form for EPFO. Moreover, now EPFO announced withdrawal scheme. This helps PF members in many ways. Even it helps you in different cases. Therefore you should know when you use them. You can now keep reading to know. About benefits of EPF withdrawal scheme.

Submission of certificates not necessary

Yes you read correctly. The Government of India changed rules about EPFO withdrawals. And because of that you can withdraw money easily. Earlier we told you about self declaration form. In addition the same thing is required here. Besides you can check another option. This is EPFO claim settlement period is 10 days from now.

As you can withdraw some percentage of provident fund. This money comes from Employees’ Provident Fund Organisation. But this is through self declaration only. Additionally you can use this money for treatment. This treatment is for illnesses.

Apart from that there are other uses also. It can be for equipment of handicap. Or for housing loans. Finally it can be for education purposes. Before you submitted certificates. But now you do not submit certificates.

Therefore it is easy for Government officials and EPF subscribers. And all you require is self declaration application. Hence new system makes easy for all. However you must follow some rules. Because this will make things easy for all.

Single page form to withdraw EPF amount

Firstly you should know some important points here. It is that you can never withdraw complete amount. But you can withdraw some amount only. Second this amount will depend on provident fund amount.

Third it also depends on reason for withdrawal of EPF amount. Finally knowing your PF balance online offline. This will be plus point for you. As according to that you can withdraw amount.

In addition there is composite single page form. This form is for different PF withdrawals. So you can fill this form and submit it. This will only help you later. However you should complete the form carefully. As you will get money based on this form.

On other hand you used different forms before. While you also submitted different documents. Moreover these documents depended on PF withdrawal purpose. But with recent changes. This rule also changed.

Withdraw provident fund for home loans

Again like we told you earlier. You can withdraw your PF savings. But you must follow rules. You can now continue reading to know more about it.

Points to remember when withdrawing money for home loans from EPFO

  • EPF balance should be Rs. 20,000 or more than Rs. 20,000
  • When spouse is EPF member
  • Then authorities take combined balance of them for eligibility
  • However members of provident fund will never get money
  • As EPFO organisation pays money to housing society
  • Or they may also pay this money to bank or lending institution
  • Moreover they can pay this amount to Government agency
  • Finally all this is on your behalf
  • When amount of these housing loans withdrawal is more than total property cost
  • Then member must return rest of amount
  • While time for returning is 30 days
  • Time counts from date of allotment
  • On other hand it can be completion of project also
  • Finally it can be after changes in houses

Other rules to follow

Apart from that there are other things. You must keep these things in mind. Because this helps you in future.

  • In case you do not get house or the flat
  • Then you must refund money to EPF
  • Moreover you get 15 days to refund money
  • In addition you must be member of housing society
  • Or you should be member of co operative society
  • Because only then you can withdraw the PF amount
  • On other hand you can select monthly payment options
  • This applies to outstanding loan clearance
  • But such system applies only to government or lending agencies
  • It can also be Government lending agency or banks
  • However this loan should be only in EPF organisation member name
  • Finally it can be on both spouse name
  • But it happens only if both are EPF members

What is tax on EPF withdrawals?

Some people think there is no tax on PF withdrawal. But this is not true. Tax is applicable. And it is only for some things. Or some situations. In addition there will be deduction of TDS also. You can keep reading to know more about it.

EPF balance is taxable in some cases. Further this rule applies in very few cases. This is only when employee withdraws EPF balance. If this is before five years of service. Thus you must pay taxes on provident fund balance. You can also check EPF withdrawal for medical treatment allowed without certificates.

How to calculate years of service for EPF balance

Here you will know duration of years of service. Besides it is not compulsory. That you continue working for same company. Because only rule is you work for five years. And your PF account must transfer to another company. As only then contributions to PF account continue.

Who can withdraw complete EPF before retirement?

It is possible to withdraw full EPF amount. But even for this you must follow some rules. In case a person does not have job. While time duration is two or more than two years. At this time they still do not have job.

Then they withdraw full EPF balance amount. However you can never remove complete EPF amount. This is till you reach retirement age. Moreover this PF amount comes with different contributions. These contributions are from employer and employee. In addition there is interest on employee and employer contribution.

When it is talk of Employees Provident Fund withdrawal. Then there is one more rule. This rule is that you can withdraw only employee contribution. Furthermore you can withdraw interest earned on your contribution. But you can never withdraw employer contribution. Or interest of employer contribution.

Therefore you should be careful before you apply for EPF withdrawal. Because many things together are important here. In addition you know all about EPFO withdrawal process. Finally you can go to EPF UAN login portal for employee and employer. Because you will know latest news EPF here.

Updated: September 25, 2020 — 12:11 pm
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