EPF Withdrawal Process: EPF withdrawal has always been considered complicated and time-consuming. The process used to take months and often result in unsatisfactory results. To tackle this problem, A new online EPF withdrawal facility has been started by the EPFO (Employees Provident Fund Organization). check below and easily know the PF withdrawal Process forms & eligibility TDS Status. check Pf Withdrawal online form from here. check about EPF Withdrawal Process from here.
What Will Be the Benefits of an Online Facility?
The hassle that was required in the filling of the PF forms led to incorrect undertakings regarding employments. Many individuals wouldn’t even fill a form even after changing their jobs. This convenient facility will impact the approach of people towards PF and benefit them a lot.
How to fill EPF Form online:
EPF Withdrawal Process forms can be filled easily. check for forms in the online, The forms are available on the Employees Provident Fund Organization’s website. basic things should me mentioned and the required fields need to be filled in order to complete the form. EPF Withdrawal Process forms are available at www.epfindia.com
What are the details required to fill a PF withdrawal Process forms:
The first thing required is a mobile number which has to be connected to a universal account number.
The name with which the universal account number is associated with
The reasons for accessing the account.
Note the advance or withdrawal process.
Fill out details of the bank, to which these withdrawal forms have to be charged.
Provide personal details like postal address and signature.
Send these filled forms to the Regional Provident Fund Office.
these are the steps to fill PF withdrawal Process form
How to check the status of your application?
The status of your application is available on the same website. You can check it by clicking on the know your PF claim status link.
What are the conditions regarding the withdrawal from PF account?
Rule 1 The full PF amount can only be withdrawn only at retirement.
This means that it is possible to withdraw funds at any time but the complete amount present in the compound can only be withdrawn when the employee retires.
Rule2 The retirement age is 55 years.
The minimum age that is considered to be retirement age is 55 years.
Rule3 90% of the total amount can only be withdrawn when there is only one year left for retirement. Before that time, more than ten percent amount has to be present in the account.
Is employer’s signature required in PF withdrawal Process form
No. Earlier the employer’s signature was a compulsion. However, now the signature is not required if the KYC details are updated on the UAN portal by the employee. The employee has to download the specific form as per their need and fill it out.
In which cases is TDS not deducted?
TDS is Tax Deducted at Source. The cases In which no TDS is deducted are
When PF is transferred from one PF account to the other.
service is terminated due to the ill health of the individual or discontinuation of business.
When an employee withdraws PF after a service of at least five years.
When the PF payment is less than 30,000 INR but the member has been employed for less than five years.
If an employee working for less than five years withdraws an amount of more than 30,000 INR but provides Form 15G/15H with their PAN card.
The form 15G and 15H are only valid when the annual income of the employee is less than 2,50,000 INR.
How much TDS is charged on all other transactions?
The percentage of TDS is determined on the basis of the PAN card.
If the Pan card is submitted by the employ then TDS is charged as 10%.
If the employ fails to submit the PAN card, then a maximum marginal rate of 34.608% is charged.
The new facility that has been started hopes to have an impact on people. It is directed towards helping people fill out their PF withdrawal forms in a more convenient way. thanks for reading the article, if you have any doubts regarding PF withdrawal Process forms & eligibility & TDS Status do comment below, we will clarify all your doubts. thank you.