PF
How much tax do you pay on PF over 2.5 lakhs?
This comes at a time when the Employees Provident Fund Organization (EPFO) has reduced interest rates to 8.1% for the current financial year 2021-22 (FY 22). “The interest earned on the employee's contribution to the provident fund account will be ...
How to set up PF in Finjinn
Step 1 Login to Finjinn App using your credentials. You will be directed to the Home Page. On the Home Page , click the menu bar (3 horizontal lines on the top left hand corner). Step 2 Click on Settings (Configure Profile, policies) Step 3 In this ...
How to make changes to the details of an employee in UAN?
Once the details are updated in UAN, normally changes are not allowed. In case changes are required, a joint declaration needs to be submitted through employer along with documentary evidence so that PF Office will make the necessary changes.
Is it mandatory to change the nomination once the member is married?
Yes, once you get married the previous nomination made by you automatically becomes invalid in your PF and EPS account. As per the rules of the EPF scheme, the member is required to do fresh nomination after marriage.
Who are the Family members who can be nominated?
If the member is married, then spouse & children are the family members who qualify as nominees. If member is not married, then any relative of employee can be nominee.
How to file the Nomination?
Visit https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and login to your EPF account using UAN number and password. Under the 'Manage' tab select the 'e-nomination' option in order to make a nomination.
How to submit nomination for EPF / EPS Account?
Nomination for both EPF & EPS can be submitted through Form 2. It can be submitted both online and offline. For online Log in at the UAN portal through the link https://unifiedportal-mem.epfindia.gov.in/memberinterface/ using the UAN (Universal ...
Which are the mandatory KYC Documents?
Aadhaar is mandatory for Employer to create UAN. Apart from that PAN & Bank Account Number is mandatory KYC Documents.
What are the accepted KYC documents?
Below are the accepted KYC Documents: · National Population Register · AADHAR · Permanent Account Number (PAN) · Bank Account Number · Passport · Driving License · Election Card · Ration ...
Is it mandatory to update KYC by members for UAN?
Yes, it is mandatory to update KYC by members for UAN to obtain online services from EPFO. Once the KYC details are submitted by the employees, the employer has to verify and approve the KYC details using the Digital Signature registered on the ...
What is the benefit of having UAN?
Once the member activates the UAN on the unified portal they can enjoy the following benefits: · Download/Print Updated Passbook anytime. · Download/ Print UAN Card. · List all Member IDs of member to UAN. · File ...
Does UAN change with change in employment?
UAN does not change with the change of employment. If your new employee already has the Universal Account Number (UAN) allotted, then he is required to provide the details along with Form 11 to you on joining the establishment. EPF website does ...
Can an employee generate his own UAN?
Yes, there is an option for every employee to generate UAN on their own if they have not been allotted an UAN earlier. Visit the unified portal (member) of EPFO, by clicking here https://unifiedportal-mem.epfindia.gov.in/memberinterface/ On the ...
Who can generate UAN?
UAN is allotted to every member by PF office through employer’s login on the portal. Although the Employees' Provident Fund Organisation (EPFO) allows employers to generate their employees' UAN through its portal, individual users can also create ...
What is UAN?
Universal Account Number (UAN) is a 12 digit identification number, which is assigned to both employer and employee by which contribution to the EPF is done. The number is issued by Ministry of Labour and Employment and is generated and assigned by ...
Can an employee take Advance from PF Account?
Yes, there are various types of Advances which are available as per PF Act. Based on the type of Advance, the eligibility criteria changes. Click here for more details of types of loans and eligibility criteria.
Is Interest earned on the PF Contribution taxable?
Interest earned on Employee Contribution up to 2.50 lacs in a year is exempt from Income Tax. Interest earned on Employee Contribution over and above 2.50 lacs in a year is treated as Taxable Income. If there is no Contribution by the employer to ...
Is there a limit for calculating EPS contribution?
EPS Contribution is calculated on the restricted PF Salary of an employee. Current EPS wages is INR 15,000/- PM. With basic salary ( for pension purpose) capped at Rs 15,000, 8.33 per cent of the salary is diverted or put into EPS
What is the break- up of Employer Contribution?
Yes, employer contribution is bifurcated into 8.33% towards Employee Pension Scheme (EPS) and balance 3.67% towards Provident Fund Contribution.
What is the penalty for late payment of PF?
Under Section 7Q an interest of 12% per annum, is levied on the employer every day in case of failure to deposit the EPF contribution before the deadline. PF Office may also levy damages under section 14B which may be equivalent to the due amount.
What is the due date for PF payment?
The due date for PF Payment is on or before the 15th of the following month. i.e., PF contribution for the month of June must be paid on or before 15th of July.
Is it mandatory for employer also to contribute towards Voluntary Contribution?
Employers are under no obligation to contribute to their employees' Voluntary Provident Fund. Likewise, an employee is also under no obligation to contribute to the Plan.
Can an employee contribute more than 12% towards PF?
As per EPF , an employee is bound to contribute 12 per cent of his/her basic salary into one's PF account. However, if an employee wants, he or she can add more into the PF account by opting for Voluntary Provident Fund (VPF).
Is PF deduction mandatory if employees PF Salary is above INR 15,000?
If an employee is already covered under PF, then irrespective of Salary, such employee should be covered under PF. If it is first employment and PF Salary is above INR 15,000/- then employee can be excluded from PF Coverage. If such employee is ...
What are the documents required for PF Registration?
Employer must submit an online request for Registration with the below documents - · PAN Card of the Proprietor/Partner/Director · Proof of address such as the Electricity Bill or Water Bill or Telephone Bill of the Registered Office ...
Can a Company who has less than 20 employees, register for PF Coverage?
Yes, if any Company has less than 20 employees, they can apply for Voluntary coverage and submit documents online for Registration.
When is PF Registration mandatory for Employers?
PF registration is mandatory for any Factory/ Company / Establishment who have hired 20 or more employees.
A brief introduction to PF
Provident Fund Provident Fund is a compulsory Government managed Social Security scheme for employees, who contribute a part of their salary towards their retirement fund every month. These monthly savings get accumulated every month, annually ...