Paying LIC (Life Insurance Corporation of India) premium regularly can be a daunting task at times, especially for people belonging to lower income group. However, if you are a salaried individual with an EPF account, you can pay your LIC premium from your EPF corpus. Though the facility has been in place for a long…
Employee Provident Fund is basically a retirement fund managed by the Employees’ Provident Fund Organization (EPFO) under the Employees’ Provident Fund and Misc. Act, 1952. Since the private sector employees do not have a dependable pension offering, PF savings play a crucial role in ensuring social and financial security post-retirement. Generally speaking, you can withdraw…
Note: The information on this page may not be updated. For latest updates, click here. Filing income tax returns (ITRs) is an important step in managing one’s personal finance. One should be vigilant and should not be in a hurry while calculating income tax and filing income tax returns, else one can end up receiving…
Employee Provident Fund (EPF) is one of the most popular and trusted scheme for securing a long-term retirement fund. It is managed by Employees’ Provident Fund Organization under the Employees’ Provident Fund and Misc. Provisions Act, 1952. Both the employer as well as the employee contribute to the EPF account and one can withdraw the…
हिन्दी में पढें PAN is required during EPF withdrawal/settlement if you do not want some excess tax to be deducted from your EPF account. If you fail to submit PAN, the tax deducted at source (TDS) can be as high as 34.6%. Is EPF withdrawal taxable? EPF or Employee’s Provident Fund is taxable if withdrawn…
Do you know that the Employee Provident Fund Organization (EPFO) has increased the minimum assurance (life insurance) benefits under its Employee Deposit Linked Insurance (EDLI)? Now, the assurance benefits for the eligible employee will stand at a minimum of Rs. 2.5 lakhs and maximum of Rs. 7 lakhs. So this could be a good time…
The Supreme Court delivered its judgement in favour of the constitutional validity of Aadhaar. It has touched various aspects of the Aadhaar Act and has clarified whether Aadhaar is mandatory for a specific process or not. As per the interpretation by experts, Aadhaar is not mandatory for EPF. Thus, you don’t have to link your…
Considering the fact that many of the PF members in need were unable to withdraw their balance because of being unable to produce valid papers, the EPFO has now said it will accept subscribers’ Aadhaar cards as a valid birth proof for rectifying their date of birth. This will ultimately ensure that the subscriber’s account…
If you are facing issues in accessing your EPF account, the UMANG app can be a solution for you. The UMANG (Unified Mobile Application for New Age Governance) app, launched by the Modi government provides one-stop access to numerous government services. The application is available in English, Hindi and multiple regional languages. UMANG, which can…
Note: The information on this page may not be updated. For latest information, click here. There are 8 pension fund managers in NPS Tier 1. In the first few years of the NPS, they were given very limited choice in the type of companies they could invest in and hence there was little difference between them….
