EPFO Coronavirus Relief: Employees Can Withdraw EPF Without Tax Implications

The Employees' Provident Fund Organisation (EPFO) has allowed the registered employees to withdraw their provident funds to fight against the problems created by the outbreak of coronavirus being faced by the registered employees. The registered members can withdraw a total of worth three months of their salary and dearness allowance or upto 75% of their total account balance whichever is lower. The members are not required to deposit the amount later after the withdrawal. The members working in an exempted or private company will have to contact the employer for the withdrawal.

The announcement was made by the EPFO on 26th March 2020 after which they have received more than 1.4 lakh withdrawal requests and the organisation has provided a total of more than Rs. 280 crores to the requesters. The organization said that they are trying to issue the demanded amounts within 72 hrs of the request.

The members are given an option to withdraw the amount online. To withdraw the amount, the member is required to have an activated Universal Account Number (UAN). The documents like Aadhaar Card Number and the registered bank account number along with IFSC code of the bank, should be linked with the UAN. No other formalities and documents are required to be submitted for the withdrawal.

The organisation suggested that the members should only withdraw the amount only if they are facing any kind of problems only. The process of withdrawal is made easier by the department but this should not be used unnecessarily. The purpose of the fund is to provide long term financial benefits to the employees at the time of their retirement. The amount deposited as PF is tax-free that will help in reducing the tax liability of the member easily so a wise and informed decision should be made by the member. So, you can fill your income tax return filing through Gen IT Software that is India's most popular software. The organisation advised the members that they should be withdrawing the amounts from their PF accounts only if no other option is available to them.

Comments

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA. MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog