Employee Provident Fund Scheme Rules have been tweaked again, and now PF member can withdraw funds only if they are indented to buy a house, pay home loan EMIs other things.
To withdraw PF Fund, PF member need to fill the new composite Claim Form. Those who have Aadhaar Card, Bank Account details available on Universal Account Number Portal & have active UAN, can submit the form directly to the concerned EPFO Office, without attestation form by employer.
The application which applicant need to make for withdrawal is available on EPFO website. PF member need to chose correct option for withdrawal said - Final Settlement, part PF withdrawal or Pension Withdrawal (pension facility can be avail only after accomplishment of 10 year of membership.
PF member need
* 11-digit UAN or Universal Account Number,
* Date of joining and leaving service,
*Purpose for withdrawal and the amount required. The purpose can be only one of the following: housing loan/ purchase of site/ house/ flat or for construction/ addition, alteration in existing house/ repayment of housing loan. No document (New Declaration Form/utilisation certificate, etc.) is required
In case the advance is for purchase of site/house/flat or construction through agency or repayment of housing loan, then indicate the name in whose favour the payment has to be made
* If the withdrawal is for treatment of illness, then member will have to submit a certificate from the doctor stating the same and certificate by employer that ESIC facility is not available to the member
* In case, PF member are using the funds for marriage of self/son/daughter/brother/sister, no document is required. You may submit the marriage card if you like
* For post-matriculation education of children:, no document is required to be submitted
* In case you have suffered on account of a natural calamity of exceptional cases, you do not need to submit documents either
* In case PF member want to purchase equipment (for physically handicapped members), a medical certificate is required
Keep in mind that if PF member have just one year left for retirement, can withdraw 90 percent of your total PF balance and you won’t need any documents for the same.
In case PF member want to investment in Varistha Pension Bima Yojana, 90 percent of total PF balance can be transferred to LIC. No document is required.
Keep in mind, if PF Member plan to permanently settle abroad, he/she is permitted to withdraw the whole amount.
As far as taxation of the PF withdrawn funds, TDS is deducted if the service is less than 5 years. No TDS is deducted in case the total balance is less than Rs 50,000. However, TDS is deducted at 10 percent if the member submits PAN in such cases. In case you don't submit PAN, then TDS at 34.608 percent is deducted.
The total service in the present establishment as well as previous establishment is counted. So make sure you merge all PF accounts without fail.
* 11-digit UAN or Universal Account Number,
* Date of joining and leaving service,
*Purpose for withdrawal and the amount required. The purpose can be only one of the following: housing loan/ purchase of site/ house/ flat or for construction/ addition, alteration in existing house/ repayment of housing loan. No document (New Declaration Form/utilisation certificate, etc.) is required
In case the advance is for purchase of site/house/flat or construction through agency or repayment of housing loan, then indicate the name in whose favour the payment has to be made
* If the withdrawal is for treatment of illness, then member will have to submit a certificate from the doctor stating the same and certificate by employer that ESIC facility is not available to the member
* In case, PF member are using the funds for marriage of self/son/daughter/brother/sister, no document is required. You may submit the marriage card if you like
* For post-matriculation education of children:, no document is required to be submitted
* In case you have suffered on account of a natural calamity of exceptional cases, you do not need to submit documents either
* In case PF member want to purchase equipment (for physically handicapped members), a medical certificate is required
Keep in mind that if PF member have just one year left for retirement, can withdraw 90 percent of your total PF balance and you won’t need any documents for the same.
In case PF member want to investment in Varistha Pension Bima Yojana, 90 percent of total PF balance can be transferred to LIC. No document is required.
Keep in mind, if PF Member plan to permanently settle abroad, he/she is permitted to withdraw the whole amount.
As far as taxation of the PF withdrawn funds, TDS is deducted if the service is less than 5 years. No TDS is deducted in case the total balance is less than Rs 50,000. However, TDS is deducted at 10 percent if the member submits PAN in such cases. In case you don't submit PAN, then TDS at 34.608 percent is deducted.
The total service in the present establishment as well as previous establishment is counted. So make sure you merge all PF accounts without fail.
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