EPF Rules for Early Withdrawal
The EPF organization
makes the early withdrawal procedure in the PF amount very easy. Here are the new EPF rules for early
withdrawal:
-
PF amount withdrawals are possiblein three situations:
1.
The amassing amount in the EPF member
or together with his or her partner amounts to twenty thousand rupees with
interest.
2.
He or she needs to be a member
for the minimum 3 years in EPFO.
3.
The PF member withdraws the money
just one time for partial withdrawal.
-
The member can withdraw the PF
amount till 90% of the contributions of theemployee
and the employer with the interest to purchase the building of ahouse or flat or the total cost of the property
or for purchase a land.
-
For purchase the building of
flat or house the EPFO member permit to withdraw the thirty-six months of basic wages with DA (Dearness Allowance) and
on the purchase of land the twenty-four
months of basic wages with DA.
EPF Tax Rules on PF Withdrawal
-
The tax befits on the PF amount
in the equivalent economic year if the member withdraws
the money in the earlier 5 years.
-
And the expected amount over-extraction is relieved from income tax if
the member contributes in EPF about 5 years.
-
The current ITT endorsed the
rule that which countries concern accumulated in your PF account is taxable
after you resigned from the job.
-
Either the member or his family
members suffer from disorder the member can withdraw up to six months of basic
salaries and Dearness Allowance (DA) of the member’s whole contribution to the treatment.
The
EPF amount can also be used to finance the LIC policies of the member. The
rules regarding early PF withdrawals mainly depend upon the number of years for
which the employee is an EPFO member. Follow our blog for more information on
provident fund rules and requirements.
Related Posts:
Comments
Post a Comment