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

A Full Guide to GST E-Way Bill 2 for Faster Compliance

Have you encountered any challenges while trying to create a GST E-way bill using the government portal? If yes, SAG Infotech is here to provide some important solutions for you. NIC has launched the GST E-Way Bill 2 Portal. Designed to Offer GST E-way Bill Services with High Availability Using the e-way bill site, taxpayers and logistics operators can log in with their current account and password. Data from the GST E-way Bill2 site will be verified, combined, and available on the main GST E-way Bill portal for all business and analytical objectives. To guarantee that e-invoice generation is unaffected, this portal is integrated with another e-invoice portal for e-way bill generation. Users can freely create and amend E-Way Bills using the GST E-Way Bill2 Portal. The seamless integration and merging of the e-Waybill1 and e-Waybill2 systems will lessen reliance on the e-Waybill1 system in emergencies. E-way bill details are synchronised with the main portal in only a few seconds

Gen Online Payroll Software for Small Business in India

In today's digital world, every person and businessperson works very hard to manage data manually, which can be a time-consuming and labour-intensive task, particularly when information needs to be constantly updated and verified. Likewise, managing large volumes of employee-related data can be a challenging and overwhelming task for HR professionals. Therefore, to address the workload and complexity of these tasks, the IT sector has developed Payroll software. In recent years, we have seen a huge growth in the number of Payroll software options. Yes, there are many types of HR Payroll software available in the Indian market at present. If you're looking for a reliable and popular payroll software option, you can choose Gen Online Payroll software, brought to you by SAG Infotech. Whether the business is medium or small, Gen Payroll software can make managing numerous important tasks of a human resources manager hassle-free. The Online Payroll software assigns a unique

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore. This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores. Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic. They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged. This dedication is also evident in the ₹24,460 crore in

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

Search This Blog