The post EPFO TO ALLOW PF WITHDRAWAL VIA UPI SOON: INSTANT EPF MONEY IN YOUR BANK ACCOUNT — HERE’S HOW IT WILL WORK first appeared on Rightsofemployees.com.

Now a major shift in Indian payroll has finally arrived. Specifically, the new labour laws became effective on April 1, 2026. Indeed, these reforms change how your monthly pay is calculated. Therefore, while your total CTC stays the same, your in-hand salary might look different. In fact, the government wants to help you save more for your retirement. Simple as that.

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

Salary Change Snapshot: ₹6 Lakh CTC

Now you can see exactly how the monthly cash flow shifts. Actually, the law requires your “Basic Pay” to be at least 50% of your total pay. In fact, here is the data for a ₹6 Lakh annual package.

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

The New Definition of “Wages”

Now the biggest change is the uniform definition of what counts as a wage. Actually, it simplifies the way companies must split your salary.

The 50% Rule

First, your basic pay, DA, and retention allowance must now make up half of your total pay. Next, if your allowances (like HRA or Bonus) exceed 50%, the extra is added back to your basic pay. Thus, many employees will see their “Basic Pay” component go up significantly. Furthermore, this change is not just a paper move. Specifically, it affects all other benefits that are linked to your basic pay. Therefore, your total social security pool grows larger every month. Period.

Higher EPF and Gratuity Benefits

Now you might wonder why your take-home pay is dropping. Actually, that “lost” money is moving into your long-term savings.

Building Your Future

First, both your EPF and Gratuity are calculated as a percentage of your Basic Pay. Next, because your Basic Pay is now higher, your monthly EPF contribution also increases. Thus, for a ₹6 Lakh CTC, your EPF deduction goes up by about ₹600. Furthermore, your gratuity for one year of service will now be roughly ₹14,423. Specifically, after five years, this total grows to over ₹72,115. Therefore, you are trading a small amount of current cash for a much larger retirement fund. Period.

Expert Advice: Reallocation, Not a Cut

Now tax experts suggest that employees should not view this as a salary cut. Actually, it is a smarter way to manage your total earnings.

Tax Planning Tips

First, your employer’s total cost (CTC) usually stays the same. Next, you can manage the impact through better tax planning. Thus, using Sections 80C and 80D can help you lower your tax bill. Additionally, the new tax regime now offers a higher standard deduction for 2026. Moreover, optimizing your HRA can further protect your income. Consequently, with a little planning, your total financial health will actually improve over time.

Frequently Asked Questions

Q: When did these laws start?

Now, they became effective starting April 1, 2026. Thus, your April salary slip will likely show these changes.

Q: Can I opt out of the 50% Basic Pay rule?

Actually, no. It is a mandatory legal requirement for all companies in India. Therefore, all salary structures must follow this law.

Q: Why did my take-home pay decrease?

Actually, it is because your EPF contribution went up. Thus, more money is going into your provident fund rather than your bank account.

Q: Is this change better for me in the long run?

Since it builds a larger retirement and gratuity pool, most experts say yes. Therefore, it provides better financial security for your old age.

The Bottom Line

Now the New Labour Laws of 2026 focus on your future comfort. While seeing a smaller paycheck is never fun, the long-term gains are significant.

Overall, the shift ensures that every salaried worker builds a solid nest egg. Therefore, make sure to check your new salary slip carefully this month. Thus, you can adjust your personal budget to match your new in-hand pay. Meanwhile, keep checking our blog for more updates on the 8th Pay Commission and tax tips! Lastly, we wish you a very secure financial year ahead!

Save more. Rest easy. Period.

Recent Posts

• Delhi EV Policy 2026: No Petrol 2-Wheelers by April 2028
• PPF Rules 2026: Can Both Parents Invest ₹3 Lakh for a Child?
• Bengaluru-Mumbai Vande Bharat Sleeper: Route & July Launch
• Lok Sabha Expansion: Centre Proposes 850 Seats & 2011 Census Use
• Samrat Choudhary: Bihar’s First BJP Chief Minister 2026

The post New Labour Laws: How Your ₹6 Lakh CTC Salary Changes first appeared on Rightsofemployees.com.

Leaving A Job Early? This EPFO Form Saves Your Pension

Many workers make a big mistake when they switch jobs. Specifically, they take their pension cash early instead of saving their service years. While a small payout feels good now, it can hurt your future safety. Therefore, the EPFO Scheme Certificate is the best way to protect your retirement goals.

What is an EPFO Scheme Certificate?

The EPFO gives this paper to workers who leave a job before 10 years. Specifically, this official document tracks your “pension years” for the government. Instead of taking a cash payout, you carry these years to your next job. Currently, you must hit 10 years of total service to get a monthly pension for life.

Why Choose the Certificate Over Cash?

Most people pick the “Withdrawal Benefit” to get a quick payment of Rs 20,000. However, this choice resets your work history back to zero. Specifically, you will have to start your 10-year count all over again. Meanwhile, if you keep the Scheme Certificate, those years stay on your record. This helps you get a monthly pension of Rs 3,000 to Rs 5,000 later in life.

Benefits for Your Family

The Scheme Certificate does more than just save your years. Specifically, it provides a “Family Pension” if a worker passes away suddenly. This safety net stays on even if you are between jobs. Furthermore, if you work for 20 years, the EPFO adds two extra years to your record. This bonus raises your final monthly pay when you turn 58.

How to Get Your Certificate Online

You can apply for this form through the EPFO Unified Portal. Specifically, you must follow these easy steps:

1. Log in with your UAN and password.

2. Click on “Online Services” and pick Form 10C.

3. Select “Scheme Certificate” instead of the cash option.

4. Submit the form to link your service years.

Quick Facts: Pension vs. Cash

LATEST :- 

• EPFO Interest Credit Explained: Earn ₹52,000 on Your PF Balance
• Zero Tax Income: How to Pay Nothing on ₹14.66 Lakh in 2026
• How to Apply for Aadhaar for a Child Below 5 Years
• Draft Income-tax Rules 2026: New Forms and Simplified Filing
• India’s New AI Rules 2026: 3-Hour Deadline for Deepfake Removal
• RBI Update 2026: No Demonetisation for Rs 100, Rs 500 Notes
• New Passport Rules to Start February 15 Across India

The post EPFO Scheme Certificate: Protect Your Future Pension first appeared on Rightsofemployees.com.

The New Zero Tax Threshold for 2026

Recently, tax experts revealed a path to pay no tax on high salaries. Specifically, workers under the New Tax Regime can shield ₹14.66 lakh from the taxman. First, you must have a specific salary structure. Then, your employer must contribute to both retirement funds. In fact, Section 87A offers a full rebate if taxable income stays under ₹12 lakh. Therefore, the goal is to lower your taxable pay through smart deductions.

Now, look at the math for 2026. Standard deductions for salaried staff currently sit at ₹75,000. Next, add employer funds to the mix. These funds do not count toward your taxable total. As a result, a CTC of ₹14.66 lakh shrinks quickly. Still, you need your firm to cooperate with this plan.

How EPF and NPS Reduce Your Bill

First, ensure your basic salary is 50% of your total cost to company. Then, your boss can put 12% into your EPF account. This money is tax-free. For example, a basic pay of ₹7.32 lakh moves ₹87,900 into EPF. Later, apply the standard deduction of ₹75,000 to the remaining balance. Finally, use the NPS employer route for more gains.

Today, firms can put 14% of basic pay into your NPS. This moves about ₹1.02 lakh out of the tax zone. After these steps, your taxable income falls below the ₹12 lakh line. Thus, the Section 87A rebate wipes out your entire tax bill. In fact, this saves you up to ₹60,000 in cash.

Reality Check

Reality Check: The Finance Ministry calls the New Tax Regime “simple.” Still, reaching these zero-tax levels requires complex math. In 2025, many workers failed to update their salary structures in time. Therefore, they paid thousands in unnecessary taxes. Meanwhile, many private firms do not offer the 14% NPS contribution. Instead, they stick to basic EPF rules. Yet, the Ministry assumes everyone has access to these tools. This gap means the “tax-free” dream is only for a few.

The Loopholes

The Loopholes: High earners must watch the ₹7.5 lakh cap. This rule limits total tax-free employer funds. In fact, any amount over this cap faces a tax hit. Additionally, employee contributions to NPS do not count for deductions here. Only employer-paid funds qualify for this specific 2026 tax hack. Therefore, workers with low basic pay cannot hit the full ₹14.66 lakh limit.

What This Means for You

Recently, the government shifted more people to the new regime. Now, you must act fast to save money. First, check if your boss offers NPS benefits. If not, your tax-free limit drops to ₹13.56 lakh. Then, ask for a salary restructure before April 1, 2026. Indeed, a small change now saves a lot later.

Next Steps

Use your HR portal to check your CTC breakdown. Then, ask your finance team to add NPS employer contributions to your plan. Would you like me to create a sample salary breakdown for your specific income level?

Related News:

• UP Property Alert: Mandatory Aadhaar Verification Starts February 1
• No 8th Pay Commission Hike in Budget 2026: The Hard Truth
• Sunetra Pawar Makes History: Maharashtra’s First Woman Deputy CM
• Budget 2026: 7 Tax Changes That Are Impacting Middle-Class Taxpayers
• New Senior Citizen Rules 2026: Govt Plans Major Benefit Pack
• EPF Claim Settlement Rules: Govt Cuts Wait Time to 8 Days
• Valentine’s Week 2026 List: Full Schedule and Dates
• Post Office RD Scheme 2026: Earn ₹5 Lakh in Interest
• UPSC Civil Services Exam 2026: Registration Starts for 933 Posts

The post Zero Tax Income: How to Pay Nothing on ₹14.66 Lakh in 2026 first appeared on Rightsofemployees.com.

Listen up. We’re talking about PF employees across the country—the numbers are going up every year. All those private companies? They set up these PF accounts, and the whole thing is monitored by the Employees’ Provident Fund Organisation, the EPFO. The thing is, the Central Government hands out interest every single year. And they’re about to talk interest rates again. Soon.

This time, there’s heavy chatter. We’re hearing interest rates could go up to 9.25%. Seriously, 9.25%. There are all sorts of discussions behind closed doors about the numbers. But if that 9.25% is approved for PF employees? A substantial chunk of money could land in their accounts. It all depends on how much you’ve already saved, of course, the size of your EPF pot. Let’s look at the numbers—the messy part—to see how much you could actually be getting.

So, What’s the Interest Tally Going to Be?

The Central Government could very well approve a 9.25% rate for the financial years 2025 and 2026. Here’s the kicker: That rate is one full percentage point higher than last year’s. That’s a massive boost for employees, or nothing makes sense. Last time around, they only transferred 8.25% interest.

Now, let’s do the math. Just for example, if an employee has a solid ₹3 lakh sitting in their PF account? You could be looking at earning up to ₹28,000 in interest. That’s a significant hit.

The interest calculation is pretty straightforward: it’s based on your total EPF balance. More money in there? More interest, obviously. Less money? Less interest. Simple. Let’s be real, nobody has officially announced the final number yet. It’s still a rumor, but a strong one. The government is expected to open its coffers and make the announcement sometime during the general budget session. X happened (the rumor started). And then Y followed (we started running the numbers).

Who Benefits? And How to Check

A massive, massive number of PF employees are going to benefit from this interest announcement. According to one report, we’re talking about more than 75 million employees. That’s crazy. This money, this “significant gift,” as they call it, is transferred directly to your EPF accounts.

The process is ongoing, but you can check what you’ve earned right from your sofa. You don’t need to panic about checking the balance. If your mobile number is linked to your UAN, you can get the info easy, simple method.

You literally just need to give a missed call to 011-22901406. A few seconds later? The balance information hits your phone via SMS. No logging in, no passwords. It’s quick.

Recommended Readings:

• Right to Disconnect Bill Tabled: Employees Can Ignore After-Hours Work
• ITR Filing Online: Your Essential Step-by-Step India Guide
• Central Govt Holidays 2026: Full List of Mandatory & Restricted Days.
• Right to Disconnect Bill Tabled: Employees Can Ignore After-Hours Work

DISCLAIMER: This content is for informational and educational purposes only and should not be considered professional financial advice. Always consult the official Employees’ Provident Fund Organisation (EPFO) website or the government’s official budget announcements for confirmed interest rates and rules. We are just giving you the field notes on the discussions currently taking place.

MAKE rightsofemployees


MY TRUSTED SOURCE

The post EPFO Alert: You Could Get ₹28,000. Check Your PF Balance Now first appeared on Rightsofemployees.com.

Also read:Government Increases Vehicle Fitness Test Fees Up to Tenfold to Expedite Scrappage

1. The Biggest Change: Higher Salary Limit

Right now, if you earn more than ₹15,000 per month in basic salary, your employer is not required to enroll you in the mandatory retirement savings and pension plans (EPF and EPS). You can often be left out of the system.

The Proposed Change:

• Old Limit: ₹15,000 per month (in place since 2014).
• New Proposed Limit: ₹25,000 per month.

What This Means For You:

• More People Covered: If this passes, millions of workers who earn between ₹15,000 and ₹25,000 will automatically be included in the EPF and EPS schemes.
• Better Retirement: You will have bigger monthly contributions, which means your total savings (your “corpus”) will grow much larger over time.
• Official Reason: A senior government official explained that it’s unfair that people earning just above ₹15,000 have no official pension and have to depend only on their children later in life. This change fixes that.

Also read:Government Increases Vehicle Fitness Test Fees Up to Tenfold to Expedite Scrappage

2. Changes to the Pension Plan (EPS) Rules

The Employees’ Pension Scheme (EPS) is the part of your retirement fund that gives you a guaranteed monthly income after you retire. The rules for this scheme are also being updated.

• Problem Solved (Higher Pension): If you were already contributing based on your full, higher salary in the past, the EPFO has confirmed that you are now eligible to receive a higher pension payout when you retire. This settles a long debate.
• Minimum Pension Increase: The current minimum pension is only ₹1,000 per month, which is very low. The government is reviewing this and is expected to increase the amount soon to help current pensioners afford rising costs.

Also read:Government Increases Vehicle Fitness Test Fees Up to Tenfold to Expedite Scrappage

3. New Rule for Withdrawing Pension Money

The goal of the pension system is to give you a regular income in old age, so they want to make sure you don’t take the money out too early.

The Withdrawal Rule Change:

• Old Rule: If you left your job, you could withdraw your EPS money after 2 months of unemployment.
• New Rule: You will now have to wait 36 months (3 years) of unemployment before you can withdraw your EPS balance.

What This Means For You: This change is designed to encourage you to keep your retirement money saved so you can benefit from a lifelong pension, instead of taking it out as a lump sum early on.

4. Faster, Easier Payments (Digital System)

The EPFO has created a new digital system called the Centralised Pension Payment System (CPPS).

What This System Does:

• Faster: Payments are quicker and more reliable.
• Easier: You can receive your monthly pension payments at any bank branch without needing to fill out forms or transfer your account.

These proposed changes are being discussed right now and, if approved, will be some of the most important reforms for retirement planning in many years, making sure more people in India have financial security when they get older.

Also read:Government Increases Vehicle Fitness Test Fees Up to Tenfold to Expedite Scrappage

The post Big News for Your Retirement Savings: Changes at the EPFO Explained Simply first appeared on Rightsofemployees.com.

According to the Labour Ministry, interest worth around Rs 4000 crore has been transferred to EPF accounts so far. The money will reach the remaining accounts this week. Now the question is how to know whether you have received interest or not? You can check your PF balance by following these simple steps:

1. Check EPF balance via SMS

From the registered mobile number, type: EPFOHO UAN HIN
(here HIN stands for language – HIN for Hindi, ENG for English)
send this SMS to 7738299899. In a few seconds you will get the balance details through SMS.

2. Check EPF balance through missed call

• Give a missed call from your registered mobile number: 9966044425
• You will get the balance details in SMS within a few seconds.

3. Check EPF balance from UMANG App

• Login to the UMANG app.
• Select EPFO services.
• Click on the View Passbook option.
• Login with UAN and OTP to check interest and balance.

4. Check EPF balance from EPFO website

• Visit the website: https://www.epfindia.gov.in .
• Go to Services and select For Employees.
• Then click on Member Passbook.
• Login with UAN, password and captcha to view interest and balance.

What is the interest rate on PF in the last 9 years?

The post PF Interest: 8.25% interest on EPF came in the accounts of 97% people? Check the balance first appeared on Rightsofemployees.com.

In fact, this year the Employees’ Provident Fund Organization (EPFO) has given a big relief to crores of employees of the country. Usually, EPF interest is deposited in August or September every year, but this time the interest has been added to the account in early July itself.

This is being considered as another major operational milestone for EPFO. Once you also open your EPF account passbook and check whether the interest on PF has come or not?

Interest received in 2.39 crore accounts?

According to Union Labour Minister Mansukh Mandaviya, for the financial year 2024-25, interest has been credited in 32.39 crore accounts out of 33.56 crore accounts under 13.88 lakh institutions so far. That is, the work has been completed in 99.9% institutions and 96.51% accounts. This is much better than last year, as at that time only 86% of the accounts had received interest till this date.

What is the EPF interest rate?

In January 2025, EPFO ​​announced that the EPF interest rate for 2023-24 will remain at 8.15%. This rate has remained almost constant for the last 5 years. Around Rs 10 lakh crore is invested in EPFO ​​every year and now its total assets (assets under management) have crossed Rs 17 lakh crore. It has become one of the largest pension schemes in the world.

How was the processing so fast this time?

EPFO ​​took several technical and administrative steps to add interest faster this time. UAN, bank and employer records were better linked, which made the process easier. The work was done faster with automation and more staff. Also, manual processing was reduced with automated tools. All employers were given a deadline to update the records by the end of March, which ensured accuracy and timely information. Daily work was being monitored through a live dashboard.

What are the benefits to EPF account holders?

Faster Passbook Update – Now account holders can check their interest faster than ever before.

Financial planning made easy – Getting quick information about interest is useful for tax planning, investing, or taking out a loan.

Increased trust – People’s trust is increasing due to the fast service of EPFO. This is making people’s money safe and the service transparent.

How to check EPF interest?

1. Through the website

Visit epfindia.gov.in.

Click on View Passbook.

Login with UAN and password.

Check the interest information in the passbook.

2. Via mobile app

Download the UMANG app.

Go to EPFO ​​service and view passbook.

3. Through a missed call

Give a missed call to 011-22901406 from your registered mobile.

The balance will be received via SMS.

What to do if interest is not credited to EPF account?

Contact EPFO ​​helpline 1800118005.

Or talk to your company’s HR or payroll department. Sometimes there are delays due to data not being uploaded.

Go to EPFO ​​service and check your passbook.

Via SMS

Give a missed call to 011-22901406 from your registered mobile.

The balance will be received via SMS.

What to do if interest is not credited to your EPF account?

Contact EPFO ​​helpline 1800118005.

Or talk to your company’s HR or payroll department. Sometimes there is a delay due to data not being uploaded.

The post EPFO: Govt has deposited interest money in 32.39 crore accounts of the country, check your account immediately! first appeared on Rightsofemployees.com.

The government has approved an interest rate of 8.25 percent on the Employees Provident Fund (EPF) for the financial year 2024-25. This decision will benefit more than seven crore EPFO ​​​​shareholders across the country, in whose accounts this interest rate will be credited in the coming months.

This interest rate was decided by the Employees’ Provident Fund Organization (EPFO) in the 237th meeting of the Central Board of Trustees held on 28 February 2024. The meeting was chaired by Union Labor and Employment Minister Mansukh Mandaviya. In this meeting, it was decided that the interest rate for the financial year 2024-25 will be retained at 8.25 percent, which is equal to the rate given in the last financial year 2023-24.

Labor Ministry gave information

To finalize the interest rate, it was sent to the Finance Ministry for approval, which has now received formal approval. The Labor Ministry has informed EPFO ​​in this regard on Thursday, after which EPFO ​​will start the process of depositing interest in the accounts of the subscribers.

Compared to previous years, the interest rate on EPF was 8.15 percent in the financial year 2022-23, while in 2021-22 it was reduced to 8.1 percent, which was the lowest level in more than four decades. Earlier in 2020-21, the interest rate was 8.5 percent.

Why was this decision taken?

Regarding stability in interest rates, experts believe that this decision has been taken keeping in mind the economic stability and financial balance of EPFO. This will maintain the trust of employees in the provident fund and will ensure security after retirement. The consistency in EPF interest rate makes it clear that both the government and EPFO ​​are committed to providing balanced and sustainable returns. This decision is a relief news for millions of employees, especially at a time when the demand for assured and safe returns on investment is high.

The post Govt approves 8.25% interest rate on EPF, seven crore shareholders will get benefit first appeared on Rightsofemployees.com.

PF money will be withdrawn from ATM

Recently there were reports that EPFO ​​will soon issue an ATM card , which will allow people to withdraw money from their EPF account anytime. If this change is implemented, the process of withdrawing money from PF will become even easier and faster, giving you 24×7 access to your deposited capital.

The contribution limit in EPFO ​​will increase

Currently, contribution to EPF is made only on basic salary up to ₹15,000 but the government is now planning to allow contribution to EPF on the basis of the entire salary. This means that if an employee’s basic salary is ₹1 lakh, then he will now be able to deposit ₹24,000 (employee and employer combined) in EPF every month. This will help in saving more money for the future.

Equity investment limit will also increase

EPFO invests the money deposited in your EPF account in various investment schemes so that it earns interest and the money grows. One way is to invest in Exchange Traded Funds (ETFs). EPFO ​​is working on the idea of ​​reinvesting the profit from ETFs in shares and other investment options so that more interest can be earned on EPF.

Facility for pension can be availed from any bank branch

In September 2024, the Central Government approved the Centralized Pension Payment System (CPPS). After this, about 78 lakh EPF pensioners will get the facility that they will be able to withdraw their pension from any bank branch and not from any particular bank branch. This will give more flexibility to the pensioners and they will be able to get their pension from any part of the country.

Last date for application for higher pension

EPFO has also announced that all companies should upload the salary details of their employees on the EPFO ​​portal by 31 January 2025. Apart from this, if EPFO ​​has asked for any other information, then it has to be made available by 15 January 2025. This step is for those employees who have applied for higher pension so that their application can be processed as soon as possible.

These changes are aimed at making the EPF system more convenient, transparent and beneficial. These steps will help you grow your EPF account and prove to be helpful in strengthening your financial position in the future.

The post EPFO Rules Change: Major changes in PF in the new year, know what is special for employed people first appeared on Rightsofemployees.com.

The government last increased the wage ceiling limit in 2014. Then it was increased from Rs 65000 to Rs 15,000. If the government increases the wage ceiling limit, then the contribution of the employee and employer in retirement and pension savings will increase.

Contribution to EPS will increase every month

Experts say that increasing the wage ceiling limit will increase the contribution to EPS . This will increase the pension received by the employee after retirement. Every month, the employee and the employer have to contribute equal amount in EPF. 12% of the employee’s basic salary is deposited in EPF. The employer also contributes 12% of the basic salary. Out of this 12%, 8.33% is deposited in the EPS account. The rest is deposited in the EPF account.

Calculation based on wage ceiling limit of Rs 15,000

Currently, 8.33 percent of Rs 15,000 is deposited in the employee’s pension account (EPS) every month. When the wage ceiling limit increases to Rs 21,000, 8.33 percent of this amount will be deposited in his EPS account. This means that Rs 1,749 will be deposited in the employee’s EPS account every month. Currently, 8.33 percent of Rs 15,000, i.e. Rs 1,250 is deposited in the employee’s EPS account every month.

Out of the employer’s 12% contribution, 8.33% goes to EPS

Experts say that if the government increases the wage ceiling limit, then the pension amount of the employee will increase. The reason for this is that after retirement, the employee gets the entire amount deposited in EPF in lump sum. But, he gets pension every month on the money deposited in EPS. By increasing the wage ceiling limit, more money will be deposited in his EPS account every month.

Change in wage ceiling limit 10 years ago

This will result in a good amount of money being deposited in his EPS account till retirement. This will also increase his pension every month. Experts say that the government had revised the wage ceiling limit 10 years ago. Meanwhile, inflation and income have increased. Therefore, the government should make changes in it.

Related Articles:-

PM Awas Yojana 2.0: How to apply online, required documents, and more….

Air India’s new offer: 10% off on fares and 10kg extra baggage for students

Bank Holiday Tomorrow : All banks will remain closed tomorrow on Thursday. know why RBI has declared holiday

The post PF contribution: Govt can increase the contribution limit of EPF, EPS to Rs 21000, Details Here first appeared on Rightsofemployees.com.

Before retirement, generally the entire EPF amount can be withdrawn only if you are unemployed for two months or more. Let us know under what circumstances you can make partial withdrawal from PF account and what is its process.

Partial withdrawal can be done under these circumstances

• Medical Requirements
• marriage of self or child
• To pay off home loan
• to buy a house
• to renovate the house

For most of these partial withdrawals, the EPFO ​​member must be an EPF member for a minimum of five or seven years.

This is the process of partial withdrawal from PF

• Step 1. You need to visit the UAN portal and enter your UAN number and password.
• Step 2. You will receive an OTP on your mobile number linked to Aadhaar. Enter this OTP and captcha.
• Step 3. Your profile page will open. In the upper right part of the web page, you will find the “Online Services” option. Now click on ‘Claim’ from the scroll down options.
• Step 4. Now you have to verify the member details by entering the bank account number linked to EPFO.
• Step 5. Now a Certificate of Undertaking will be received stating that the claimed amount will be credited to this bank account by EPFO. Now you have to click ‘Yes’ for the terms and conditions.
• Step 6. Now you can proceed for online claim. As soon as you click on this option, a section will open, in which you have to enter more details.
• Step 7. Here you have to tell your address and also upload some documents like scanned cheque and Form 15G. In this way, the claim will be submitted to withdraw the balance of EPF account.

This is how you can find out your PF account balance

You can also check your PF account balance through SMS. You can also check your EPF account balance and the latest contribution to your account by sending an SMS to 7738299899. For this, you have to type AN EPFOHO ENG from your registered number and send the message. ENG here represents English. If you want to know in another language, then write the first three letters of that language.

Related Articles:-

8th Pay Commission: Minimum salary of central govt employees may increase by 186%- Check Details

IMD Latest Report: IMD issues heavy rain alerts for THESE 11 states, cold wave looms

Ration Card Rules: Ration card rules changed, these things will be distributed in this quantity after January 1, know the details

The post How to withdraw EPF money online: A step-by-step guide first appeared on Rightsofemployees.com.

Apart from this, the number of 20 employees for any company to join EPFO ​​can be reduced to 10-15 so that more and more companies can be brought under the purview of EPFO.

The last time the minimum wage limit under the Employee Provident Fund was changed was in 2014. Then the minimum wage limit was increased from Rs 6500 to Rs 15000. But no change has been made in this limit in the last 10 years. According to the Economic Times report, the current Labor and Employment Minister Mansukh Mandaviya is reviewing all pending cases and the government also believes that the limit of the number of employees to join EPF along with the minimum wage limit for the Employee Provident Fund needs to be increased.

By increasing the minimum wage limit to Rs 21000, more money will be deducted from the salary of the employees for the Provident Fund and the contribution to the Employee Pension Scheme (EPS) will also increase. Under the Employee Provident Fund, both the employee and the employer are required to contribute 12 percent of the basic salary to the EPF.

While 12 percent of the employee’s share is deposited in the EPF account, 8.33 percent of the 12 percent of the employee’s share is deposited in the EPS (Employees Pension Scheme) and 3.67 percent in the EPF account. With the increase in the minimum wage limit under EPF, not only will more money be deposited in the EPF account from the employee’s salary, but the EPS contribution will also increase.

In fact, the demand for increasing the minimum wage limit has been made several times in the meeting of the Central Board of Trustees of EPFO, whose members are members of employee unions.

Related Articles:-

Weather alert: Heavy rain alert in these 5 states, fog in 10 states, threat of thunderstorms and snowfall

Train Cancelled: Indian Railways has cancelled these trains, check the list before leaving

Air India Will Not Serve Halal Meal in flight to Hindus and Sikhs

The post EPFO Wage Limit: Central govt may increase the minimum wage limit under EPF from the current Rs 15000 to Rs 21000 first appeared on Rightsofemployees.com.

A large part of the fund created in this way is given to the employee in lump sum when he retires. Out of the employer’s 12 percent contribution, 8.33 percent goes to the Employee’s Pension Fund (EPS). The employee gets pension every month after retirement from the money deposited in this pension fund.

How is pension calculated?

For this calculation, the basic salary limit is fixed at Rs 15,000. This means that Rs 1,250 is deposited in the employee’s pension fund every month. Employees who selected the option of higher pension on actual basic salary last year, more money goes to the pension fund every month. An employee is entitled to pension if he is a member of EPS for at least 10 years. The formula for pension is as follows. Pension = (Pensionable Salary (Average of last 60 months’ salary) X Pensionable Service) / 70.

How much pension is received after the death of the employee?

After retirement, the employee gets pension as per the prescribed formula. Under the Employees Pension Scheme, 1995, not only the employee but also his wife/husband and children are entitled to pension when the employee dies before or after retirement. From the retirement of the employee till his death, pension is received as per the formula mentioned above. However, the payment of pension does not stop completely after his death. If the wife/husband or children are less than 25 years of age, they will be entitled to pension.

What is the minimum pension?

The family will get pension if the EPS member has contributed to EPS even once before his death. If the employee dies during the job, then the wife will get a minimum pension of Rs 1,000 every month. The employee’s wife gets pension as long as she is alive. If she gets married again, then the children pension will be converted into orphan pension. Then the pension amount will increase.

What will happen if the employee is unmarried?

If the employee is single, the widow pension i.e. the pension received by the wife is paid to the dependent parents. As a pensioner, you cannot nominate any person for this. If the EPS member is not unmarried or divorced, then the pension money will be given to the wife and children under the EPS rules. The wife gets 50 percent of the pension received by the employee. The children get 25 percent of the widow pension. This pension is available till the children turn 25 years old.

Related Articles:-

New Railway concession rules: Railways gives up to 75% discount on train tickets to these people, see details

Holiday Alert! Schools and colleges in 14 districts will remain closed for the next 3 days, know why ?

Bank Holidays Alert! Banks To Be Closed for 9 Days- check state-wise Full list

The post Employee Pension Fund: What are the pension rules for family members after the death of the employee? first appeared on Rightsofemployees.com.

Crores of employed people in the country are associated with some kind of provident fund account. These schemes related to provident fund work to secure the life of a person after retirement at the financial level. However, employees have to invest regularly in these schemes. After retirement, these schemes ensure financial security of the employee’s life. Often many people are confused about the difference between EPF, PPF and GPF. If you do not know about the difference in them, then today we are going to tell you about this. Let’s know –

Employee Provident Fund – EPF

Employee Provident Fund Scheme is being operated for people working in the private sector. This scheme is being operated by the Employees Provident Fund Organization.

Also Read: AADHAAR : Documents required for changing name in Aadhaar card, see documents list here

In this, the employee working in the private sector has to invest 12 percent of his salary every month i.e. basic salary and dearness allowance. Apart from this, the employer also has to deposit the same amount in the account. After retirement, the money deposited in EPF helps to secure the future of the employee.

Public Provident Fund – PPF

Public Provident Fund is a very popular scheme in the country. Any Indian citizen can start investing by opening an account in the PPF scheme. The maturity period of the PPF scheme is 15 years. At present, you are getting an interest rate of 7.1 percent on investing in this scheme.

General Provident Fund – GPF

GPF i.e. General Provident Fund Scheme is being operated for central employees. The interest rate received under the General Provident Fund Scheme is ensured on a quarterly basis. In this, the account holder has to deposit at least 6 percent of his salary in the GPF account on a monthly basis.

Related Articles:-

Ayushman Card Limit: How to find out the remaining limit of the Ayushman card, check here

Digital Life Certificate: Submitting life certificate through face authentication is easy, just follow 6 steps

Google: Your Gmail account may be closed! Do this immediately

The post What is the difference between EPF, PPF and GPF account? first appeared on Rightsofemployees.com.

The subscribers are now eligible to withdraw up to Rs 1 lakh at a time, a raise from the earlier limit of Rs 50,000.

The government has made a big change in the rules of EPF. The government has increased the limit of withdrawing cash from EPF at one time so that people can easily withdraw money. Now you can withdraw more money from your PF account during an emergency (EPF Bank Account Update). Now you can withdraw up to one lakh rupees instead of Rs 50,000. Labor Minister Mansukh Mandaviya gave this information on Tuesday.

He said that this change will be a relief for those who need to withdraw money from their PF account for marriage, treatment or other necessary expenses.

You will be able to easily withdraw more money from your PF

Many times people need money suddenly, like for an illness or for building a house. That is why the Employees Provident Fund Organization (EPFO) has taken this decision. Now you will easily get money from EPFO ​​when you need more money. Earlier you could withdraw only up to Rs 50,000. But now you can withdraw up to one lakh rupees. Now you will not have to wait long to withdraw more money from your PF (PF Account Balance withdrawal) in case of an emergency.

Also Read:- Instagram rolls out “Teen accounts” with parental control and new privacy features

Facility to withdraw money from PF within the first six months of job

Apart from this, the government has made another important change. Now you can withdraw money from your PF even within the first six months of joining the job. Earlier this rule was not there. These changes can be very beneficial for you.

Some companies may run private retirement plans

The government has made another important change. Now some companies which are not part of the EPF can join this state-run retirement fund manager. Some companies can run their own private retirement plans as they are exempted because these funds were set up before the EPF was set up in 1954.

The Labour Minister said, “There are 17 companies which have a total of 100,000 employees and a corpus of Rs 1,000 crore. If they want to join EPF instead of their own fund, they will be allowed to do so. Government PF savings give better and stable returns.”

EPF (PF Balance Check) i.e. Employee Provident Fund secures the future of millions of employees. It provides retirement pension to crores of employees working in the organized sector. For many employees, it is the main source of lifetime savings. For this financial year 2024, the interest rate of EPF (EPF Interest Rate 2024) has been fixed at 8.25%.

Related Articles:-

8th Pay Commission Big Update: Expected salary hike from 8th Pay Commission can be between 20% to 35%. Check Details

Now order food from Zomato while traveling in train, special partnership with IRCTC

UPI new rules: Attention UPI users, these rules have changed from today

The post PF Withdrawal Limit Change: Govt increases PF withdrawal limit to ₹1 lakh. Check Details Here first appeared on Rightsofemployees.com.

This entire money will come to the subscribers’ bank account within three days. EPFO told about those emergencies in which subscribers can withdraw advance money from EPF. Till now, you could withdraw money only in case of medical emergency, but now you can withdraw advance from EPF for the marriage of children, sister or brother, purchase of a house etc.

EPFO brings auto mode settlement – ​​money will come to bank account in just 3 days

In auto-mode settlement, employees can withdraw money from their EPF at the time of emergency. EPFO allows its subscribers to withdraw money from their fund in some types of emergencies. This includes illness, education, marriage and buying a house. This means that the subscriber can withdraw advance money from his account in any one of these situations. Auto mode for claim settlement was started in April 2020 itself. But, then you could withdraw money only at the time of illness, but now you can withdraw money from EPF for illness, education, marriage and buying a house also.

Also Read: Bank holiday on May 20 : Banks will remain closed in these cities on Monday, know why

EPFO increased the limit of advance amount

EPFO has also increased the limit for advance. Earlier this limit was Rs 50,000. Now it has become Rs 1 lakh. The work of withdrawing advance will be done through auto settlement mode computer. There will be no need for any officer in this. In this, the money will come to the subscriber’s bank account in about three-four days. Generally, some documents are checked for claim settlement in EPFO. This includes KYC, eligibility of claim request, bank account details. If the information given by a subscriber is found to be correct then the claim is processed quickly in auto mode.

This is how you can apply for advance from EPF

First of all you have to log in to the EPFO ​​portal. For this UAN and password are necessary. After logging in, you have to go to ‘Online Services’. Then the claim section has to be selected. You will have to verify your bank account. Advance money will come into this bank account. You need to upload a scanned copy of your bank account check or a scanned copy of passbook. You have to tell why you want to take advance money. Apart from illness and education, you can take money in advance for the marriage of yourself, daughter, son or brother. You have to generate Aadhaar based OTP. Once the claim is processed, it will be sent to the employer for approval. If you wish, you can check the status of the claim by knowing the online service.

The post EPFO Rule Changed: You will get Rs 1,00,000 from EPF in three day, read in details first appeared on Rightsofemployees.com.

EPF Interest rate: 8.25% interest is being given on the money deposited in the Employees Provident Fund (EPF) account. This was decided by the Central Board of Trustees (CBT) of the Employees Provident Fund Organization (EPFO). Approval has also been received from the government. Now just waiting for it to be credited to the Provident fund account. This interest rate will be for 2023-24. This will benefit more than 7 crore employees of the country.

How much interest will you get?

If you have Rs 1 lakh deposited in your EPF account after getting interest at the new rate, then you will get interest of Rs 8,250 on it in a year. If you deposit Rs 3 lakh then you will get interest of Rs 24500. At the same time, in case of Rs 5 lakh, interest of Rs 41250 will come. According to EPFO, interest will be credited in all provident fund accounts by July-August. But, if you want to know how much interest will come in your account, then the method is quite easy. You can know with a small formula.

Benefit of higher interest on EPF

The Board CBT of the Employees Provident Fund Organization (EPFO) had fixed 8.25% interest on EPF Account in February 2024 for the financial year 2023-24. After this it was approved by the Finance Ministry. The interest on Provident Fund was increased as compared to earlier. The interest on EPF account for the financial year 2022-23 was 8.15 percent.

How is EPF deducted from your salary?

If we look at the EPFO Act, 12% of the basic pay and DA of any employee is deposited in the PF account. The company also deposits 12% contribution in the employee’s PF account. Of the company’s contribution, 3.67 percent is credited to the EPF account. At the same time, 8.33 percent money is deposited in the Pension Scheme.

Understand how much benefit there is from higher interest?

Now let’s talk about the calculation of EPF interest. Understand this with an example. Suppose you have a total of Rs 10 lakh in your account, then in the last financial year you used to get Rs 81,500 at the rate of 8.15% interest. At the same time, due to increase in EPF interest rate to 8.25%, interest of Rs 82,500 will be available on this Rs 10 lakh. By increasing interest by 0.10%, you will get the benefit of interest of Rs 1000. If you have deposited Rs 5 lakh then you will get interest of Rs 41,250 this year.

How to check your EPF balance and interest received or not?

EPF balance can be checked sitting at home. Many options are given in this. You can find out through Umang App, EPFO portal or SMS from mobile phone.

•  Go to EPFO portal (www.epfindia.gov.in).
•  Click on E-PassBook option.
•  Log in on the new page by entering UAN, password and captcha code.
•  After logging in, select the Member ID option for Passbook.
•  Passbook will be available in PDF format, which can be downloaded.
•  You can access the passbook directly at https://passbook.epfindia.gov.in/.

Started with 3% interest in 1952

In 1952, the interest rate on EPF was only 3%. However, later it was increased. In 1972 it reached 6% and in 1984 it reached above 10% for the first time. The best time for PF holders was from 1989 to 1999. During this period, 12% interest was available on PF. After this the interest rate started falling. After 1999 the interest rate never came close to 10%. Since 2001 it has remained below 9.50%. For the last seven years it has been 8.5% or less.

The post EPF Interest rate : How much interest will be given on the money deposited in PF account? Find out like this first appeared on Rightsofemployees.com.

EPF Interest Rates: This year, Employees Provident Fund Organization ( EPFO ) has given good news to crores of subscribers. More than Rs 6 crore PF holders will get increased interest rates on their PF accounts. In February 2024, EPFO ​​had increased the interest rate by 0.10 percent (EPF interest rate hiked).

This means that the interest rate for the financial year 2023-24 has become 8.25 percent. After this announcement, subscribers are curious to know whether interest has come in their PF account or not .

When does interest come in PF account?

Let us tell you that you get annual interest on the contribution made from your salary in the EPF account. This means that if the government revises the interest rate of the scheme in any year, then the interest on the funds deposited in the PF account is calculated and credited in the same.

Let us tell you that interest in PF account is calculated every month. However, this interest is credited together once a year. Actually, EPFO ​​credits the interest at the end of the financial year.

How to check EPF Balance

EPFO users can easily check EPF balance online. He can easily know from the passbook transactions whether the interest money has come to his account or not.

Users have many ways to check EPF balance. Users can also check EPF balance through EPFO ​​Portal, Missed Call, Umang App and SMS.

How to check balance from EPFO ​​portal

• The user has to first go to the EPFO ​​portal (https://www.epfindia.gov.in/site_en/index.php) and log in with the help of UAN number (Universal Account Number).
• Now click on ‘Our Services’ and select ‘for employees’ in the drop-down menu.
• After this click on ‘member passbook’.
• Now enter UAN and Password again and log in by entering captcha.
• After logging in, fill the Member ID, after which the EPF balance will be shown to you.

Check balance by giving missed call also

If users want, they can also check EPF balance through missed call. For this the user will have to give a missed call on the number 011- 22901406. After the missed call, the user will receive an SMS in which the balance will be shown. Let us tell you that you have to give a missed call only from the mobile number registered with the EPF account.

How to check balance through SMS?

User should send SMS to number 738299899 by writing EPFOHO UAN ENG (instead of ENG, write the code of the language in which you want the message). After this, EPF balance will be shown to you in the reply.

Check balance from UMANG App

Step 1- Install UMANG (Unified Mobile Application for New-age Governance) app in your phone.

Step 2- Now open the app and log in to it.

Step 3- After this click on ‘EPFO Option’ and go to ‘Employee Centric Services’.

Step 4- Now click on ‘view passbook’.

Step 5- After this you will have to enter the UAN number, after which OTP will come on your mobile number.

Step 6- After entering the OTP, the PF account will be logged in. Now PF passbook will be shown to you.

Also Read-

• Gold Price Today: Big news! Big fall in Gold price today, know today’s latest rates
• Google Wallet: Google secretly launched Google Wallet app to compete with Apple Wallet, check availability and feature
• Pension Calculator: How much pension will you get from PF account, understand the complete calculation here

The post EPF Interest Rates: Has PF interest arrived in your account? Check immediately with these methods first appeared on Rightsofemployees.com.

The process of updating bank details in EPIF account is very easy. You can do this work in a few minutes.

EPF Account Bank Details Update: It is very important to update your bank account details in the Employees Provident Fund Organization (EPFO) account. Many times the account holders do not deposit bank details in the PF account. In such a situation, there is difficulty in receiving interest money from EPFO.

If you also want to update the bank details in your PF account, then you can do so by following the process mentioned by us.

For this, login to EPFO portal with your user ID and password. Next click on the Manage tab. Go down and click on KYC.

Next you have to select your bank account number, name and IFSC code from the given options. Next click on save option.

After this you will have to get the updated bank details approved by your employer.

The new bank details will be updated on your KYC section immediately after getting the approval from the employer.

The post EPF Account : Linking new bank account to EPF account is very easy, just follow these steps. first appeared on Rightsofemployees.com.

If you do not know, then let us tell you that Rs 8150 will come into the accounts of these PF account holders. After this news came out, people would have started calculating it. Let us know in detail in the news below-

The government has given great news to those employed people whose PF is deducted from their salary every month. Yes, the government has increased the interest rates of EPF (EPFO interest rate) for the second consecutive year. Earlier, the government had increased it by 0.05 percent for the financial year 2022-23 and now it has increased it by 0.10 percent for the financial year 2023-24.

This means that in two years, the government has increased the interest on EPF by 0.15 percent, taking the total interest rate to 8.25 percent. Which is 3 years high.

Now the biggest question is that after this decision, how much money will come to your account as interest. After the news came, many people would have started calculating it. There is a formula to calculate it. Only after applying this, you will be able to know how much money will come to your account in the form of interest. Also, how much benefit have you received from this decision?

How is your EPF deducted?

According to the EPFO Act, 12 percent of the employee’s basic salary and inflation is deposited in the provident fund account. On the other hand, the company contributes 12 percent to the employee’s EPF account. But there is a little change in this also. 3.67 percent of the employer contribution goes to EPF and the remaining 8.33 percent is deposited in the pension scheme. In this way the provident fund of any employee is created.

How much interest money will come to the account?

EPFO’s organization CBT has decided to increase EPF interest rates to 8.25 percent. Earlier this interest rate was 8.10 percent. Now let us try to understand it with a calculation. There is a formula for this. Suppose there is a total deposit of Rs 1 lakh in your PF account.

So in the last financial year, you would have got Rs 8,150 in your account at 8.15 percent interest. Now this interest rate has been increased to 8.25 percent. If an account holder has Rs 1 lakh in his account, he will get Rs 8250 as interest. This means that the EPF account holder will get a benefit of Rs 100.

How to check EPF balance through portal-

• First of all you have to go to EPFO portal www.epfindia.gov.in.
• After that you have to click on E-PassBook option.
• A new page will open and you will have to enter UAN, password and captcha code and log in.
• After logging in, you will have to select the Member ID option for Passbook.
• After which you will get the passbook in PDF format, which can be downloaded.
• You can access the passbook directly at https://passbook.epfindia.gov.in/.

These are the benefits of EPFO account-

By default insurance is available on your PF account. Under the EDLI (Employee Deposit Linked Insurance) scheme, insurance up to Rs 6 lakh is available on PF account. Under this scheme the account holder gets a lump sum payment. Its benefit can be taken at the time of any illness or accident and death.

2. Pension after retirement

In case regular pension is deposited in the PF account for 10 years, the benefit of Employee Pension Scheme is available on the account. If an account holder remains in the job for 10 years and the amount is continuously deposited in his account, then under the Employee Pension Scheme 1995, he gets a minimum pension of one thousand rupees after retirement. However, now talks are going on to increase the pension fund.

3. Interest will be given on inactive accounts

EPFO has decided to pay interest on inoperative accounts only a few years ago, earlier this was not the case. Accounts in which no transaction has taken place for three years are put in the category of inactive accounts. Experts say that you should get your PF account transferred as soon as you change jobs. If this is not done, if the account remains inactive for more than five years, tax will have to be paid on it at the time of withdrawal.

4. PF account will be transferred automatically

Transferring PF money after changing job is now easier than before. Through your unique number linked to Aadhaar, you can maintain more than one PF account at one place. On joining a new job, there will be no need to fill Form-13 to claim EPF money. EPFO has recently issued a new Form-11. With this your previous account will be transferred to the new account.

5. Money will come to the account within an hour

You can withdraw money from your PF account in certain situations. It takes three to four days for this money to reach your account. But the government has started a new facility in view of the Corona epidemic.

Under this, money will come into the account within one hour of application. This facility has been started under medical emergency. Apart from this, you can also withdraw PF money for buying a house, higher education of children or marriage of a girl.

The post EPF interest rate : 8150 rupees will come to the account of PF account holders, understand the formula first appeared on Rightsofemployees.com.

But through Voluntary Provident Fund (VPF), you can also increase your contribution in EPF and can avail the same interest on your investment which you get on EPF. At present, interest is being given on VPF at the rate of 08.15 percent. Know all the important information related to VPF.

How much money can be deposited in VPF

Any EPFO member can avail the facility of contribution in VPF and increase his contribution in the provident fund. There is no limit for salary deduction in VPF. If the employee wishes, he can also contribute up to 100 percent of the basic salary. The method of investing in VPF is exactly the same as that of depositing money in EPF, that is, if you start investing money in VPF, then its money will also be automatically deducted from your salary every month, like EPF is deducted.

How to start investing

If you are also interested in investing in VPF, then you will have to meet the HR of your company and tell him that you want to increase your investment in PF. With the help of HR, you can open your VPF account along with EPF. You will have to fill a form and submit it to HR regarding how much contribution you want to increase in your salary. After this the process of linking your VPF account with EPF account will be completed. After this process is completed, you can start deducting money from your salary in VPF. Once you opt for VPF, it is mandatory to deposit money in it for at least 5 years.

What are the rules for withdrawal of funds?

The interest and benefits received on VPF amount are the same as in EPF, similarly the rules for withdrawal of money are also the same as in EPF. You can withdraw the entire amount of VPF fund only after retirement. After 5 years, when its lock-in period ends, you can withdraw partial amount from it. Claim for this can be made online.

Tax exemption and account transfer

If you change your job, PF account can also be transferred like EPF. On investing in VPF, there is no tax to be paid on its interest and withdrawal amount. Therefore it is considered as Exempt-Exempt-Exempt (E-E-E) category investment. In this, one gets the benefit of tax exemption under Section 80C of the Income Tax Act. In this fund, you can claim tax exemption up to Rs 1.50 lakh in a financial year.

The post EPF contribution: Want to take benefit of high interest rates of EPF by increasing contribution first appeared on Rightsofemployees.com.

The post EPFO News: EPFO’s new circular issued for crores of employed people, check quickly first appeared on Rightsofemployees.com.

Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

The post Section 80C Limit: New update regarding increasing the limit of Section 80C of the Income Tax Department first appeared on Rightsofemployees.com.

Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

The post Section 80C Limit: Big News! New update regarding increasing the limit of Section 80C of the Income Tax Department first appeared on Rightsofemployees.com.

Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

The post Section 80C Limit: New update regarding increasing the limit of Section 80C of the Income Tax Department first appeared on Rightsofemployees.com.

Significantly, the EPFO ​​board had fixed the interest rate of 8.15 per cent on the EPF account in March for the financial year 2022-23. The EPFO ​​board had sent this proposal to the finance ministry for approval. Now it has been approved.

The interest rate had reached the lowest level in 40 years for 2021-22.

For the financial year 2021-22, the government had approved the lowest interest rate of 4 decades on EPF deposits at 8.1 percent. The 8.1 per cent interest rate on EPF was the lowest since 1977-78. The interest rate of 8.5 per cent on EPF deposits for the financial year 2020-21 was fixed by the Central Board of Trustees in March 2021.

At what rate interest has been received on PF in the last 6 financial years.

8.65 per cent in 2016-17 8.55 per cent
in 2017-18 8.65 per cent
in 2018-19 8.50 per cent
in 2019-20 8.50 per cent
in 2020-21
8.10 per cent in 2021-22
8.15 per cent in 2022-23

What is Provident Fund

Significantly, EPFO ​​has been created by the government to handle the Employee Provident Fund (EPF). This institution takes care and safeguards the money of the fund. EPF is a scheme in which an employee deposits some part of his salary. This money is deposited in his provident fund ie for further expenses. For employed people, EPF money is their lifetime earnings. Withdraws the money deposited in this scheme after retirement. In certain circumstances, money can be withdrawn even earlier.

The post PF Interest Rate Increased: The interest rate on deposits in PF account has been increased by 0.05 percent first appeared on Rightsofemployees.com.

Government approves 8.15% interest on EPF

There is good news for the employees working in the organized sector. The government has approved the increase in interest rates in PF. The Finance Ministry has approved the 8.15 percent interest rate fixed on EPF for the financial year 2022-23. According to media reports, this time the increased interest amount will start coming into the account of EPF account holders.

Interest will come soon in the account of employees

It has also been said in the circular that the interest money in the account of EPF members should be transferred to their account soon. EPFO’s Central Board of Trustees (CBT) had on March 28 approved interest of 8.15 per cent on this fiscal. In March itself, EPFO ​​had announced to give 8.15 percent interest for the financial year 2022-23 to about 7 crore account holders. EPFO invests the amount deposited in the account of PF account holders in many places. A part of the earnings from this investment is given to the account holders in the form of interest.

Both employee and employer contribute to EPF

Actually, 12% of the basic salary of the employee is deducted for the EPF account. At the same time, a deduction of 12 percent is also made on behalf of the employer ie the company. Of this, 8.33 per cent is contributed to the Employees’ Pension Scheme (EPS), while the remaining 3.67 per cent goes to the EPF.

How much money is deposited in PF – know the method

You can easily find out how much money is deposited in your PF account. For this, you can check PF balance by visiting the official website of EPF, epfindia.gov.in. Whereas, by giving a missed call on 011-22901406 from the number linked to your PF account, you will get PF balance information immediately.

The post EPF interest rate: Great news for crores of employees! EPFO declares EPF interest rate for FY 2022-23 first appeared on Rightsofemployees.com.

Apart from this, those who want more pension can apply till June 26. All the guidelines for getting more pension have been issued by EPF. It has been clarified in the guidelines issued by EPF that now allowance will also be included in pension. But this will be an allowance for which no proof has to be given.

What will be the allowances:

According to the new guidelines, along with basic salary, DA, HRA, retaining allowance will also be included. EPFO has issued this rule to get more pension. Those who want more pension, for this they will have to apply till 26th June. June 26 is the last date for application.

Who can choose the option of Higher Pension Scheme? All the member employees of EPFO ​​and such employees who have completed 10 years of service are eligible for the Higher Pension Scheme. Also, such employees/employers who have contributed more than Rs.5000/- or higher standard pay of Rs.6000/- will also be eligible to apply.

If you are eligible for this scheme, then you have to apply for it in the prescribed application form along with necessary documents. The last date to apply for this scheme has been extended from May 3, 2023 to June 26, 2023.

The post Pension News: Big news regarding your pension, government issued new rules first appeared on Rightsofemployees.com.

Who should choose this scheme for higher pension? Who else should be ignored? Apart from this, the biggest question in the mind of the people is about how to apply. Do you have to contact your employer? Today we will tell you the easy ways to apply, so that you can apply sitting at home. Apart from this, we will try to answer every question related to it.

Actually, there are 2 accounts for every EPFO ​​member, the first is Employees’ Provident Fund (EPF) and the second is Employees’ Pension Scheme (EPS) in which the pension amount is deposited. Every month 12 percent amount is deducted from the basic and DA of the employee and deposited in EPF.

The same amount is also deposited by the employer. But it is necessary to understand a little here, because the entire contribution of the employer does not go into the EPF account. Out of 12 percent of the employer, 8.33 percent goes to the EPF account, while 3.67 percent goes to the EPS account. But on opting for higher pension, there is a change in the employer’s contribution, about which you will know in detail below. First of all, let me tell you that the technical name of Higher Pension is (EPS-95).

What is EPS-95?

Answer- The government had implemented a new law in the year 1995 in the interest of the employees working in the private sector. The purpose of this law is that those working in the private sector can get the benefit of pension. It came into force in 1995 and is linked to pension. That’s why it is named EPS-95.

When this law was made, at that time the maximum wage for contribution to the pension fund was fixed at Rs 6,500. It was later increased to Rs 15,000. That is, 8.33 percent of this amount goes to the pension fund. Meanwhile, a change was made in the year 2014, after which the employee got an exemption of 8.33 per cent pension fund contribution on the total amount of his basic and DA.

Question- How to apply for more pension? (Most of the questions are being asked…)

Answer- If you choose the option of higher pension, then you can contact the HR of the place where you work. If you want to apply yourself, then you can apply for higher pension by visiting EPFO’s website. The process is very simple. You can visit this link ( https://unifiedportal-mem.epfindia.gov.in/memberInterfacePohw/) and you will have two options in front of you.

If the employee has retired before 01/09/2014, and wants higher pension, then choose the first option. Whereas if you are not retired yet i.e. working then choose the second option. As soon as the working employees click on the second option, the Registration Request form will open in front of them. In which details including UAN, Aadhaar will have to be filled. As soon as you submit the form, you will go to the employer for confirmation, are you employed or not? Contribution for higher pension will start as soon as permission is received from the employer. You can apply online in 5 minutes.

Most people are confused about the fact that they have not yet been given any information from the employer regarding higher pension. But the reality is that the employer has only this role to give consent to work in the institute on the option of higher pension chosen by you.

Rest you can apply for higher pension online by yourself. There is facility offline also, for this you can go to EPFO ​​office of your area. Not only this, EPFO ​​is organizing camps for higher pension in different parts of the country. Where you can fill the form.

The post Pension Application: Pension of 50 thousand rupees a month, chance till May 3 … Apply like this in 5 minutes first appeared on Rightsofemployees.com.

Your employer (the company in which you work) also contributes an equal amount to EPF. The employer cannot contribute more than 12% to your EPF account. But, you can increase your contribution to EPF beyond the fixed limit of 12 per cent. For this, you have to use the route of Voluntary Provident Fund ( VPF ).

Contribution in EPF alone is not enough

EPF is an important medium of savings. It helps you in retirement planning. But, EPF alone may not be enough for your post-retirement expenses. It is important for you to save more. Many people understand this much later. The sooner the employed person understands this, the better it is for him.

VPF can help you

The question is, how much additional savings do you need to make and what kind of instruments should you use for these savings? An alternative to this can be VPF. But, before starting investing in VPF, it is important for you to know about the changes in the rule in Budget 2021. It said that if your total contribution in EPF (including VPF) exceeds Rs 2.5 lakh in a year, then you will have to pay tax on the excess amount (amount above Rs 2.5 lakh). The tax rate will be according to the tax slab of the employee.

This is the complete calculation

It can be easily understood with the help of an example. Let’s say your total contribution to EPF is Rs 4 lakh. So you will have to pay tax on the 8.1% interest earned on the additional Rs 1.5 lakh (4-2.5=1.5). If you fall in the 30% tax slab, your post-tax returns will be 5.67%.

Features of VPF

Experts compare VPF with PPF. Both help in savings for the long term. But, the thing to keep in mind is that the 7.1% interest earned in PPF is tax-free. But, the condition is that you cannot invest more than Rs 1.5 lakh in it in a financial year. There is no such limit for investing in VPF.

Tax-free income will be like this

The question is should you start contributing to VPF? If your annual contribution to EPF is less than Rs 2.5 lakh, then you can start contributing to VPF. You just have to keep in mind that your total contribution in a year should not exceed Rs 2.5 lakh. If your EPF contribution is Rs 12,500 per month, it comes to Rs 1.5 lakh annually. In this case, you can contribute Rs 8,333 to VPF every month. This year will be equal to about one lakh rupees. This will take your total annual contribution to Rs 2.5 lakh. You will not have to pay any tax on the interest earned on it.

You have to decide

The above strategy can help you in retirement planning. One, your investment will be completely safe. Second, you will know approximately how much money you will get in hand after retirement. If you feel that you still need additional savings after contributing to VPF, then you can open a PPF account.

The post VPF Contribution: You can take advantage of tax-free interest of 8.1% per annum on contribution in VPF, understand the complete calculation here first appeared on Rightsofemployees.com.

Subscribers have time till May 3

The petition claimed that while opting for higher contribution, a copy of the prior permission has to be given, which is mandatory under the EPF Scheme, 1952. The petitioners argued that the EPFO ​​never insisted on giving such permission and was accepting higher contributions.

They said that they are not able to fill the said column in the online option form, and without giving the proof of prior consent, they will not be able to submit the online option successfully. If they do not do so before the deadline of May 3, they will be deprived of the benefits of the scheme. The Supreme Court has given time till May 3 to choose the option of higher pension.

What did the Kerala High Court say to EPFO?

The EPFO ​​opposed the plea, arguing that permission was a “vital requirement” for availing the benefit. After listening to everyone’s arguments, the High Court said that the petitioners should get interim relief. The court said, “The Supreme Court has fixed May 3, 2023 as the last date for submitting the options. Now EPFO ​​is insisting on proof of prior consent for furnishing the details of the option under Para 26(6) of the EPS Scheme. Also, in view of the specific nature of the online facility provided for this, they are being prevented in a way from submitting the application regarding the said option.

Asked to provide online and offline facilities

The judge said that if the petitioners were not allowed to submit their options before the last date, they would be forever deprived of the opportunity to claim the benefits under the award of the court. The court directed the EPFO ​​and the authorities under it to “make adequate provisions in the online facility so that the employee/pensioner can easily exercise the option as directed by the apex court without proof of consent.” It said that if In case the online facility cannot be suitably modified, other viable options including physical submission of applications may be provided.

It said that the above facilities shall be made available to all within a period of 10 days from the date of the High Court’s order dated April 12. be made available to employees and pensioners.

The post EPFO Higher Pension Scheme: Relief news for EPF subscribers, this order of Kerala High Court will help first appeared on Rightsofemployees.com.

Along with this, a part of the salary is also deposited in the EPF account by you. At the same time, the government also deposits interest in it on an annual basis. In such a situation, the employee should keep checking the EPF balance on time. All kinds of facilities are provided to the account holders by EPFO, through which they can easily check their balance without logging in to the website.

The Employees’ Provident Fund Organization is India’s largest social security program for workers in diverse industries. EPFO manages the Employees’ Provident Fund in India. It acts as a savings tool where both the employer and the employee contribute equally to the savings which can be used for retirement or while changing jobs.

Online and offline ways to check EPF balance

1. Missed Call: Employees enrolled on the UAN site can access their EPFO ​​account information by giving a missed call to 9966044425 from their registered cellphone number. After two rings, the call ends immediately, and the subscriber is not charged for this service. Member will get information about his most recent contribution and PF balance if his UAN is linked with either of his bank account number, Aadhaar or PAN.
2. SMS : UAN-activated user needs to send ‘ EPFOHO UAN ENG ‘ to 7738299899 from a registered mobile phone to know about his most recent PF contribution and balance available with EPFO.

1. UMANG App: Unified Mobile Application for New-Age Governance (UMANG) app can be downloaded by the employees to check the status of their EPF accounts on their smartphones. Apart from checking EPF balance, you can also file and track claims using the app. To use the app, users must first make a one-time registration with their UAN-registered mobile number.
2. EPFO Portal: You can verify your details on the Member e-Seva Portal by logging in to the EPFO ​​site epfindia.gov.in with your UAN number and password.

Let us tell you, both these services of EPFO ​​are available to the account holders 24 hours a day, seven days a week. You can know your balance anytime by giving SMS or missed call. However, to avail both these services, your EPF account should be active.

The post EPFO Balance Check New Service: Now you can easily check EPF balance without login, know the complete method here first appeared on Rightsofemployees.com.

if the stock price increases in the stock market, money increases, but even if the stock is in loss, money is received. Now you would think how is this possible? This is possible with the dividend given by the company. In the stock market, this dividend has earned Vedanta Limited shareholders (Vedanta Share Price) bumper earnings. From April 2022 till now i.e. in FY 23, the company has given interim and final dividend to the shareholders.

As per information available with the Bombay Stock Exchange, Vedanta has paid 4 interim dividends in the current financial year, aggregating to Rs 81 per share. If we compare the dividend of Rs 81 given by the company in the financial year 2022-23, then the annual dividend yield of Vedanta is 20 percent.

Total 81 rupees paid in 4 dividends in FY23

On 6 May 2022, Vedanta announced an interim dividend of ₹ 31.50 per share. Later on 26 July 2022, Vedanta gave ₹ 19.50 to its eligible shareholders. Similarly Vedanta shares paid interim dividend for ₹17.50 and ₹12.50 per share on 29 November 2022 and 3 February 2023 respectively.

Vedanta’s share price at the beginning of April 2022 was around ₹ 405 per share. Therefore, the net dividend yield of Vedanta shares in FY23 comes to 20 percent [(₹81 / ₹405) x 100].

Comparing the 20 per cent annual dividend yield of Vedanta stock, we will find that this metal sector stock has given more than twice the returns of government schemes like Public Provident Fund, EPF only through dividends.

Investors expect a return of 12 per cent from mutual funds in a long term, but Vedanta Limited has given huge returns only by giving dividends. Let us tell you that Vedanta Limited is the largest company in the country to produce aluminum and zinc. Shares of Vedanta Limited are listed on both NSE and BSE. Vedanta’s share price on the National Stock Exchange is Rs 313.80.

The post Dividend giving stocks! PPF, EPF, FD all filling water, gave 20% return in FY23 first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman announced this in the budget on Wednesday. This reduction in tax deducted on withdrawal from Employees’ Provident Fund is going to help those salaried individuals whose PAN is not updated in EPFO ​​(Employees’ Provident Fund Organisation) records.

TDS is deducted on EPF withdrawals within five years of account opening As per the current income tax laws, TDS is deducted on EPF withdrawals within five years of account opening. If PAN is available with EPFO, TDS is deducted at the rate of 10 per cent if the withdrawal amount exceeds Rs 50,000. However, you can claim its refund.

As per Budget 2023, many low paid employees do not have PAN and thus TDS is being deducted at the maximum rate in their cases under section 192A. In case of failure to furnish PAN, 10 per cent less tax will be deducted. An EPF account holder can submit Form 15H or Form 15G to the EPFO ​​to ensure that no TDS is deducted on withdrawals from the EPF account. Form 15G is for people below 60 years of age and Form 15H is for people above 60 years of age.

TDS will be applicable if withdrawn before five years

TDS is not deducted if the withdrawal is less than Rs 50,000 from EPF before the completion of 5 years. But if more than Rs 50 thousand is withdrawn before the completion of the period of 5 years, then TDS will be deducted. Even if one changes jobs and continues with old EPF, TDS is not deducted on withdrawals, provided the condition of 5 years and Rs 50,000 is met.

IT Portal to be set up to receive

unclaimed shares and dividends You can take back unclaimed shares and unpaid dividends. A special portal will be created for this. CA KP Singh says that this step taken by the government will benefit the people and the claim process will be easy. The final dividend is declared at the end of the financial year.

Common ITR form will come soon

, announcement has been made in the budget for those filing income tax returns. Common ITR form will be available soon. Apart from this, the government is also planning to enhance the IT grievance redressal mechanism. Most ITRs are processed within 24 hours. But this work will be done more quickly with the new form.

The post EPF: Now 20% TDS on withdrawing money from EPF without PAN card, know full details first appeared on Rightsofemployees.com.

The government can adopt some different methods to provide relief to the middle class people from inflation. For this, experts are also expressing the hope that these 5 announcements will be made in the budget. Maximum income tax comes from the salaried class only. In such a situation, even if the Finance Minister announces an increase in the tax limit, it will not be surprising. Apart from this, the standard deduction is also expected to increase.

Tax limit will increase

Inflation is increasing day by day. In such a situation, the cost of living is also increasing. In such a situation, the government can give income tax exemption of five lakh rupees to income tax payers under the new tax system. At present, 5% tax has to be paid on income of Rs 2.5 to Rs 5 lakh and 20% tax on income of Rs 5 to 7.5 lakh.

Standard deduction will change

The salaried class can avail exemption of Rs 50,000 under standard deduction every year. It is believed that the government can make changes in section 16 (ia) of income tax. It is expected that the limit of this standard deduction can be increased from Rs 50,000 to Rs 75,000.

Exemption will be available in 80C

Under Section 80C of the Income Tax Act, taxpayers can get tax exemption by investing an amount of Rs 1.5 lakh. Taxpayers have been demanding to increase this limit for a long time. If the government takes a decision on this matter in this budget, then taxpayers are going to get a big relief. This investment can be done in EPF, PPF, ELSS, NSC, NPS, Bank FD.

Invest for retirement

Employed people always invest in retirement plans. In such a situation, the government can increase the limit of tax exemption in this also. Experts are of the opinion that the government can increase this limit to one lakh rupees under section 80CCD (1B) of the Income Tax Act.

Health Insurance

At present, there is a rebate of Rs 25 thousand under the health insurance claim. It is expected that in this budget the government will increase it to 50 thousand rupees and for the elderly it can be increased from 50 thousand to 75 thousand rupees.

The post Standard Deduction Increase: Government will benefit the salaried class in these 5 ways, standard deduction will increase! first appeared on Rightsofemployees.com.

Yes, people go to CA or agent to save their tax. You may have to pay consulting fees to them. In such a situation, if you want to avoid this fee also, then today we are telling you about these rules. With this you will be able to save your tax easily.         

Tax will not be charged from such formula  

• Suppose your annual income is Rs 10 lakh 50 thousand, then you can claim standard deduction under the Income Tax Act. Under this, you will get a discount of 50 thousand rupees. Now the taxable income is Rs 10 lakh. Let us know how we can reduce it. 
• Now you can claim Rs 1 lakh 50 thousand under Section 80C of the Income Tax Department Act. Under this, you can claim the money invested in LIC (LIC), PPF (PPF), children’s tuition fee, mutual fund (ELSS) and EPF (EPF). Apart from this, you can also claim the home loan amount. Now your taxable income remains 8 lakh 50 thousand rupees. 

• You can invest 50 thousand rupees in National Pension System (NPS). Under this, you will be able to claim under 80CCD (1B). In this way, an income of Rs 8 lakh is saved. How else can it be reduced. Let’s know. 
• Now you can claim Rs 2 lakh under Section 24B of the Income Tax Act. You get this rebate when you have paid this much amount as home loan interest. In this way, now you will have to pay tax on an income of Rs 6 lakh. 
• Now you can take medical health insurance claim of 25 thousand rupees under 80D. Not only this, if you buy health insurance for senior citizens (parents), you can claim an additional Rs 50,000. In this way, you can claim a health insurance premium of Rs 75,000. 
• If you donate 25 thousand rupees to any institution or trust, then it can be claimed under section 80G of income tax. Now your taxable income is saved at Rs 5 lakh. 

• People whose income is between Rs 2 lakh 50 thousand to Rs 5 lakh, they do not have to pay tax because the government gives a rebate of 5% on this income. In this way you can save tax on Rs 10 lakh 50 thousand.    

The post Income Tax Saving: 1 rupee tax will not have to be paid even on 10 lakh income, follow this master rule of CA first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman has shared many ways to save tax, through which you can save lakhs of rupees. Let us tell you how you can save tax up to Rs 8 lakh.

Apart from this, you will also get the benefit of exemption on home loan under section 24 (b) of the Income Tax Act . In this, you will get the benefit of exemption only on the interest paid on your behalf. You can claim tax exemption on interest up to Rs 2 lakh in this

Discount will be available on auto loan If you buy any electric vehicle under section 80EEB of the Income Tax Act and you have taken this vehicle on loan, then you will get a discount of up to Rs 1.5 lakh on it.

Exemption will be available in section 80C.

You can take advantage of the exemption of up to Rs 1.5 lakh under section 80C. Through this, you can claim exemption by investing money in many schemes including LIC policy, PPF, EPF, NSC.

Apart from all these, you will also get the benefit of exemption under 80C on the principal amount of the home loan. You cannot get more than Rs 1.5 lakh discount in this. Even if you have claimed any deduction earlier under 80C, you will get the maximum benefit of only 1.5 lakh.

You will get exemption from health insurance You can also save tax through health insurance. You can claim premium under section 80D. You get a discount of up to Rs 25,000 in this. If you have got your parents’ health insurance done, then you will get a full tax exemption of Rs 50,000.

The post Income Tax: Good news! Now save tax up to Rs 8 lakh, Finance Minister has shared many ways to save tax first appeared on Rightsofemployees.com.

Income Tax: If your salary package is 10 lakh rupees and you pay a large part of your earnings in the form of tax, then be careful. Perhaps you would think that there is no way to save tax, in such a situation, if it is right to pay tax, then you are wrong. Not only this, even if your salary package is 10.5 lakh rupees, even then you will not have to pay 1 rupee as tax. Let’s know the complete maths…

The post Income Tax Big News: Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post EPFO Account Holder: Good News! 81,000 rupees will come in the account of EPFO ​​subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News! Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

There has been a demand for a long time to increase the minimum monthly pension received by the salaried class under EPS. Now the new update regarding this is that the ‘EPS-95 Rashtriya Sangharsh Samiti’ has given 15 days’ notice to the Labor Ministry to increase the minimum monthly pension from Rs 1,000 to Rs 7,500.

In the notice given by the warning

committee of the countrywide movement, it has been said that if the demand is not fulfilled, a countrywide movement will be done. Employees Pension Scheme-1995 i.e. EPS-95 is operated by the retirement fund body Employees Provident Fund Organization (EPFO). Under this, more than six crore shareholders and 75 lakh pensioners are beneficiaries.

Medical facilities of pensioners are also limited

In a letter written to Union Labor Minister Bhupendra Yadav, the Sangharsh Samiti has said that the pension amount of EPS-95 pensioners is very less. Apart from this, medical facilities are also limited. Due to this the death rate of pensioners is increasing. It was also said in the letter that if the increase in this pension amount is not announced within 15 days, then a nationwide agitation will be done. Under this, warnings have been given to stop rail and road transport and take steps like mass fast unto death.

The committee has demanded an increase in the minimum pension from Rs 1,000 to Rs 7,500 with dearness allowance announced at regular intervals. Along with this, the committee has also demanded payment of pension on actual salary as per the decisions of the Supreme Court on October 4, 2016 and November 4, 2022.

The post EPFO Pension Increased: Good news for 6 crore subscribers of PF! Now pension will be increased to so many thousands! first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Explain that with merging, you can make it easier to track your expenses and income tax return. If you start a new job in another company and give your old UAN number to them, then your old PF account cannot be linked to the new account, but the amount deposited in the previous PF account will not be transferred to the new account. In such a situation, to add the old fund to the new account, the PF account will have to be merged.

How to merge pf account

• First of all, you have to go to the member service portal https://unifiedportal mem.epfindia.gov.in.
• Select ‘One Member One EPF Account (Transfer Request)’ under the ‘Online Services’ tab.
• Your personal details will appear on the screen. It will also show the details of the EPF account maintained with your current employer, in which the transfer-in from the previous account will be done.
• To transfer the old/previous PF account, you need to get it verified by the previous employer or your current employer.
• Enter previous PF account number or previous UAN number. Click on ‘Get Details’. Now the details related to your previous EPF account will appear on the screen.
• After this click on ‘Get OTP’.
• A one time password will be sent to your registered mobile number.
• Enter OTP and click on submit.

Your request for merge of EPF account will be submitted successfully. Your current employer will then need to approve the submitted merger request. Once your employer approves it, EPFO ​​officials will process and merge your previous EPF account. To find out about the status of the merge, you can check by visiting the portal.

The post PF Account Merge Process: You have more than one PF account, then merge it like this sitting at home first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News! Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News! Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – 

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.

Everyone worries about old age expenses. If you also want that your old age is safe and you do not have any problem with money in old age, then you should start planning in advance. You should start saving money for retirement only on the day your job starts. Actually, the sooner you start saving, the more money you will get till retirement. There are many investment options available to you for accumulating retirement funds like EPF, NPS, stock market, mutual funds, real estate etc.

Government is running many schemes

To secure your retirement, the central government has made many schemes, where you can invest. If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme 

National Pension System (NPS) is a government pension scheme consisting of both equity and debt instruments. NPS gets a guarantee from the government. You should invest in NPS scheme to get higher monthly pension after retirement. 

Income tax exemption

NPS pension scheme is a government scheme just like Public Provident Fund (PPF), Employees Provident Fund (EPF), Sukanya Samriddhi Yojana etc. In this, any investor can also increase his monthly pension amount by making the right use of maturity amount. Through NPS, you can save tax up to Rs 2 lakh annually. You can save tax up to a maximum of Rs 1.5 lakh under Section 80C of Income Tax. If you invest in NPS, you will get an additional tax exemption of up to Rs 50,000.

Will get monthly pension of Rs 2 lakh

If you deposit 5000 rupees every month for 40 years in NPC, you will get 1.91 crores. After this you will get 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive. 

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 every month at Rs 1.27 crore with 6% return.

There are two types of NPS

There are two types of NPS, NPS Tier 1, and NPS Tier 2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment. There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds. With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor. 

The post NPS Pension: Good News! Now after retirement, you will get 2 lakh rupees pension every month, just do this work first appeared on Rightsofemployees.com.

You must have heard about Employee Provident Fund i.e. EPF that there is tax exemption on the money deposited in it. But this exemption is not for every situation. If you make partial or full withdrawal from the EPF account before maturity, then that amount is taxed.

Its biggest and main rule is that if EPF money is withdrawn before completing 5 consecutive years of service, then TDS is deducted on it. One good thing is that you do not necessarily have to work for 5 consecutive years in the same company. TDS is not deducted on EPF withdrawal even after changing the institution and completing 5 years.

The second rule says that let’s say that you are working in a company on a consultant or contract for 2 years. During this your PF is not deducted. After two years, the company took you on the payroll and became a permanent employee. With this, your PF deposit also started. After completing 5 years in this company, you left your job and joined some other company. You suddenly needed money and withdrew money from PF. You came to know that TDS has been deducted on PF withdrawal.

Keep this special thing in mind

You must be thinking that worked in the previous company for 5 years and after that withdraw money from PF, then why TDS was deducted on withdrawal. The answer is that even though you have worked for 5 years in the company, only 3 years of permanent work will be counted. This is because your PF has been deposited during that time and not for the entire 5 years. Troubled by this tax deduction, you must be thinking of some way to save it. So let us tell you the solution for this.

Ways to save TDS

1. Whenever you change jobs, do not think of withdrawing money from EPF or withdraw money. It would be good to transfer the EPF money of the previous company to the new company. This will save you from huge tax losses.
2. In any case, try not to withdraw EPF money during 5 years of service. If this money is withdrawn after 5 years, then no TDS will be deducted on it.
3. Without withdrawing PF money, it is not going to work and you have made up your mind to withdraw it, then try to take less than Rs 50,000. No TDS is deducted for withdrawing money less than this.
4. Keep in mind that if you have withdrawn less than Rs 50,000 from EPF, but you fall in the taxable bracket, then you have to show the withdrawal amount in ITR. Otherwise tax can be deducted on withdrawal.
5. If you have withdrawn more than Rs 50,000 from PF, then 10% TDS will be deducted on it. The only way to save it is to fill the form 15G or 15H.

The post Big News! TDS will not be deducted for withdrawing money from EPF account, these 5 formulas have to be applied first appeared on Rightsofemployees.com.

There is also a retirement benefit scheme for employees in the private sector. This scheme is Employed Provident Fund (EPF). This scheme is for the employees working in the organized sector. Employees’ Provident Fund Organization (EPFO) manages this scheme.

In the EPF account, there is a contribution from both the employee and the employer (company). This contribution is 12-12 per cent of the basic salary plus dearness allowance. The interest rates of EPF are fixed every year by the government. For the financial year 2022-23, the interest on EPF is getting 8.1 percent annually. EPF is such an account, in which gradually large corpus is formed till retirement.

Retirement fund on 15 thousand basic salary-

Suppose your basic salary and dearness allowance together is Rs 15,000. If you are 40 years old, then till retirement i.e. by the age of 58, you can have a retirement fund of Rs 27.66 lakh ready. The maximum contribution can be made in the EPF scheme only up to 58 years.

Understand EPF calculation-

Basic Salary + DA = Rs 15,000
Current Age = 40 Years
Retirement Age = 58 Years
Employee Monthly Contribution = 12%
Employer Monthly Contribution = 3.67%

Interest rate on EPF = 8.1% p.a.
Salary growth = 10%
Maturity fund at the age of 58 years = ₹ 27.66 lakh

(Employee contribution is Rs 11.05 lakh and employer contribution is Rs 3.38 lakh. Some contribution is Rs 14.43 lakh.)

( Note: annual interest rate is 8.10 per cent and salary growth is 10 per cent for the whole year of contribution.)

The post EPF: 15000 basic salary, 8.1 percent interest, 27.66 lakh will be available on retirement first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News: Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

If your salary package is 10 lakh rupees and you pay a large part of your earnings in the form of tax, then be careful. Perhaps you would think that there is no way to save tax, in such a situation, if it is right to pay tax, then you are wrong. Not only this, even if your salary package is 10.5 lakh rupees, even then you will not have to pay 1 rupee as tax. Let’s know the complete maths…

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

This is the complete maths
1. If your salary is 10.5 lakh rupees, then first of all subtract 50 thousand given by the government as standard deduction. In this way your taxable income is now Rs 10 lakh.

2. Now you can claim Rs 1.5 lakh under 80C. In this, you can claim children’s tuition fee, PPF, LIC, EPF, Mutual Fund (ELSS), principal of home loan etc. In this way, your taxable income here has been reduced to Rs 8.5 lakh.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

5. Under Section 80D of Income Tax, you can claim a premium of 25 thousand rupees medical health insurance for your family (wife and children). Apart from this, senior citizens can claim 50 thousand for health insurance premium paid for parents. After claiming total health insurance premium of 75 thousand, your taxable income has come down to 5.25 lakhs.

6. Now you have to donate 25 thousand rupees to any organization or trust to bring your taxable income to 5 lakhs. You can claim it under Section 80G of Income Tax. On donating 25 thousand, your taxable income came down to Rs 5 lakh.

You will have to pay zero tax
, now your taxable income has been reduced to Rs 5 lakh. On the income of 2.5 to 5 lakh rupees, at the rate of 5 percent, your tax becomes Rs 12,500. But there is an exemption from the government on this. In this case your tax liability becomes zero.

The post Income Tax : Big news! Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

New Wage Code is expected to be implemented in the year 2022. Let us tell you that till now 90 percent of the states have prepared the draft rules. There is a lot of discussion among the employees regarding this new rule. Cost to Company (CTC) is the most discussed in the new wage code. If this rule is implemented then it will bring a big change in Take Home Salary, PF and Gratuity of the private job worker. Experts say that after this the monthly salary will decrease but more funds will be ready in EPF. This will give more money on retirement. Let’s see its full calculation.

How will the calculation be done in the New Wage Code?

According to our partner website Zee Business, if the basic salary in the New Wage Code is Rs 25 thousand per month, then the EPF amount on retirement will be Rs 1,16,62,366 at the rate of 5% annual increment. This will increase the EPF fund further.

PF Benefits in New Wage Code 

If someone’s monthly salary is 50 thousand rupees and his basic pay is 15 thousand then the amount of PF on retirement will be Rs 69,97,411.

New Wage code: Cost to Company

Actually, the expenditure incurred by a company on its employee is CTC, and this is the entire package of that employee. This includes monthly basic pay, allowances, reimbursement. At the same time, products like gratuity, annual variable pay, annual bonus are included on an annual basis. Let us tell you that the amount of CTC is never equal to the employee’s take home salary. Take home salary is less than this. There are many components in CTC – CTC = Gross Salary + PF + Gratuity

basic salary

EPF Calculator New Wage Code: Basic salary is the base income of an employee.

gross salary

PF Calculator New Wage Code: The salary which is made by adding basic pay and allowances without deducting tax is called gross salary. This includes bonus, overtime pay, holiday pay and other itemized allowances. But it is not take home salary.
Gross Salary = Basic Salary + HRA + Other Allowances

How much will be the take home salary?

It is worth noting that the salary that is made after deducting the tax is called net income. Understand here- 
Net Salary = Basic Salary + HRA + Allowances – Income Tax – EPF – Professional Tax

What allowances are included

1. HRA: House Rent Allowance is given to the employee in lieu of the house on rent.

2. LTA: LTA is the cost of domestic travel to the employee. This does not include food, hotel fare.

3. Dearness Allowance: DA is a living allowance. It is given in lieu of inflation. It keeps increasing from time to time.

4. Includes special allowance, medical allowance and incentive or incentive.

These allowances are also included

New Wage Code: According to experts, in many companies there is a provision to reimburse the employee for treatment, phone expenses, newspaper bill. This amount is available separately from the salary. 

The post Big Update on New Wage Code! 25 thousand rupees basic people will get 1.16 crore, know when it will be implemented first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News! Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) is going to deposit 8.1 percent interest soon. The amount will be directly credited to your EPF account. The decision on interest was taken in the last meeting of the Central Board of Trustee of EPFO. After this the Ministry of Finance had also given its green signal. Interest for the financial year 2020-21 will be released for more than 6.5 crore subscribers of EPFO. 

Do not get the benefit of interest on the entire money in EPF fund

The contribution of both the employee and the employer goes to the Provident Fund Account. In this, 24% share is deposited by including Basic and Dearness allowance. The government pays interest on EPF every year on deposits in the EPF account. But, do you know how interest is calculated in EPF account? It is generally understood that interest is earned on the entire money deposited in the Provident Fund. but it’s not like that. No interest is calculated on the amount that goes into the pension fund in the EPF account.

How is interest calculated in EPF?

Interest is calculated on the basis of the monthly running balance that is deposited in the EPF account every month. However, it is credited annually. According to the rules of EPFO, if there is any withdrawal from the balance on the last date of the financial year, then 12 months interest is deducted after deducting it. EPFO always takes the opening and closing balance of the account. In this, the monthly running balance is added and multiplied by the rate of interest / 1200.

Withdrawal leads to loss of interest

If any amount is withdrawn during the financial year, then the interest amount is charged from the beginning of the year to the month immediately preceding the withdrawal. The closing balance of the year will be its opening balance + Contribution-Withdrawal (if any) + Interest, the full amount is calculated.

Think of it like this for example

Basic Salary + Dearness Allowance (DA) = Rs 30,000
Employee Contribution EPF = 12% of Rs 30,000 = Rs 3,600
Employer Contribution EPS (subject to limit of 1,250) = Rs 1,250
Employer Contribution EPF = (3,600-1,250) = Rs 2,350
Total Monthly EPF contribution = 3,600 + 2350 = Rs 5,950

Calculation on EPF Contribution in Every Financial Year

Total EPF contribution in April = ₹ 5,950
EPF interest in April = Nil (No interest in first month)
EPF account balance at the end of April = ₹ 5,950
EPF contribution in May = ₹ 5,950
EPF account balance at the end of May = ₹ 11,900
Monthly interest calculation = 8.10% / 12 = 0.00675% Interest calculation
on EPF for May = ₹ 11,900 * 0.007083% = Rs 80.32

By which formula is it calculated?

EPF Interest Calculation: The interest rate for any financial year is notified by the government. Interest is calculated at the end of the current financial year. The interest is calculated by adding the balance amount on the last date of every month of the year by dividing that amount by dividing the fixed interest rate by 1200.

How to check EPF Balance?

The information about the balance of PF from the UAN number will be received through the message. 
SMS has to be sent by writing EPFOHO to 7738299899 from your registered mobile number.
After this, you will be given information about the balance in the EPF account through a message from EPFO. It also includes the interest amount.
PF balance information is available in English, Punjabi, Marathi, Hindi, Kannada, Telugu, Tamil, Malayalam and Bengali languages.

You can also check balance like this

To check PF balance, it is necessary to link UAN with bank account, PAN and Aadhaar. You can check the balance on your passbook on the website of EPFO. You can also check balance by giving missed call on 011-22901406 from your registered mobile number. Balance check can also be done on Umang app with the help of UAN.

The post EPF interest money will be available just before Diwali, understand how to calculate and check passbook? first appeared on Rightsofemployees.com.

If the rules are not known, the subscribers are not able to take advantage of the benefits associated with their account. Here we sit at a loss. Especially in the case of EPF withdrawal, this mistake happens quite often. Today we will tell you what benefits EPFO ​​gives to its subscribers.

How to get the benefit of 50 thousand rupees?

EPF account holders get benefits like insurance, pension, income tax deduction up to Rs 7 lakh under the EDLI scheme. But, apart from these, there is also a loyalty-cum-life benefit. In this, if an employee regularly contributes to his EPF account for 20 consecutive years, then he gets a benefit of up to Rs 50,000 on retirement. This is the reason why EPF account holders are advised to continue contributing to their EPF account without withdrawal even after changing jobs. Contribution to the account for 20 consecutive years gives the benefit of Loyalty-cum-Life benefit.

This benefit surfaced during covid

Retired EPFO ​​Enforcement Officer and Expert Bhanu Pratap Sharma says that during the lockdown in the year 2020, CBDT had recommended to extend the benefit of Loyalty-cum-Life benefit to those account holders who have contributed to their EPF account for 20 years. It was also approved by the central government. Meaning if someone is eligible for this then they will get an additional benefit of Rs 50,000.

Who will get how much benefit?

Under the loyalty-cum-life benefit, people with a basic salary of up to Rs 5,000 get a benefit of Rs 30,000. Those with a basic salary between Rs 5,001 to Rs 10,000 will get the benefit of Rs 40,000 and if the basic salary is more than Rs 10,000, they get a benefit of Rs 50,000.

What do you have to do to take advantage?

The best way for EPFO ​​subscribers to take advantage of this is to continue with the same EPF account if they change their jobs. Your old employer and current employer have to give this information. It is generally advised not to do PF Withdrawal while working. Subscribers may suffer loss in retirement fund including income tax. Due to this they also lose pension benefits and loyalty.

The post EPF Loyality Bonus: Up to 50 thousand rupees are directly benefited, just remember this condition of EPFO first appeared on Rightsofemployees.com.

But if you do not want to invest separately, then EPF can come in handy. Employees’ Provident Fund Organization gives an opportunity to its account holders, through which if they invest some part of their salary in EPF, then you can get a substantial amount at the time of retirement.

According to the experts, if your basic salary is 20 thousand and from the age of 25, 24% (12% Employee + 12% Employer) EPF is deducted, then accordingly an investment of Rs 4800 will be made every month. If you keep investing continuously for 25 years, then you can get a corpus of 2.79 crores on retirement. Let us understand about it in simple words…

This is how retirement fund will be prepared

• You are given an interest rate of 8.5% while investing in EPF. If we assume salary hike of 7% then investment started at the age of 25 will make you a millionaire till old age. Let us understand in the steps how much benefit will be given at what age to start…
• If the age to start investing is 25 years and the basic salary is 20 thousand, then you can get Rs 2.79 crore at the time of retirement.
• If the salary is Rs 28,051 at the age of 30, then 2.30 will be available at the time of retirement.
• At the age of 35, the salary is Rs 39,343, so at the time of retirement you will get Rs 1.85 crore.
• If you start investing from the age of 40, then you will get Rs 1.42 on the basic salary of Rs 55,181.
• At the age of 45, the basic salary is Rs 77,394, so you will get Rs 1.03 crore.
• At the age of 50, the basic salary is Rs 1,08,549, so you will get 66.44 lakhs at the time of retirement.

keep these things in mind

• Do not withdraw money from EPF unless there is some very important work or emergency, as withdrawing money will keep reducing your old age savings. For example, if you withdraw Rs 1 lakh from the PF account at the age of 30, then at the age of 60, Rs 11.55 lakh will be reduced from the retirement fund.
• Apart from this, get your old account transferred only after changing jobs. The older the PF account, the more benefits you will get.
• In case of non-transfer, interest will accrue on the new account, but the interest on the old account will stop after 3 years. You can easily transfer EPF account through UAN.

The post PF Account: Big Alert ! Basic salary is 20 thousand rupees, then you will get Rs 2.79 crore profit, know here full details first appeared on Rightsofemployees.com.

You should start saving money for retirement only on the day your job starts. Actually, the sooner you start saving, the more money you will get till retirement. There are many investment options available to you for accumulating retirement funds like EPF, NPS, stock market, mutual funds, real estate etc.

The government is running many schemes

. To secure your retirement, the central government has made many schemes, where you can invest. If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme

National Pension System (NPS) is a government pension scheme, which includes both equity and debt instruments. NPS gets a guarantee from the government. You should invest in NPS scheme to get higher monthly pension after retirement.

Income Tax Rebate

NPS Pension Scheme is a government scheme like Public Provident Fund (PPF), Employees Provident Fund (EPF), Sukanya Samriddhi Yojana etc. In this, any investor can also increase his monthly pension amount by making the right use of maturity amount. Through NPS, you can save tax up to Rs 2 lakh annually. You can save tax up to a maximum of Rs 1.5 lakh under Section 80C of Income Tax. If you invest in NPS, you will get an additional tax exemption of up to Rs 50,000.

You will get Rs 2 lakh monthly pension

, if you deposit Rs 5000 every month for 40 years in NPC, you will get Rs 1.91 crore. After this you will get 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive.

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 per month at Rs 1.27 crore with 6% return.

There are two types of NPS There are two types of NPS, NPS Tier 1, and NPS Tier-2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment. There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds. With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor.

The post NPS Pension: Now after retirement, you will get 2 lakh rupees pension every month, just make small investments like this first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Under which recently the Minister of State for Labor and Employment, Rameshwar Teli has said in the House not to make any change in the interest rate on Employees’ Provident Fund (EPF) deposits for the financial year 2021-2022. Since then, it is being expected that a big decision can be taken.

Center made a big announcement

Actually, let us tell you that during the proceedings, Rameshwar Teli was asked in the House whether the government can consider increasing the rate of interest on the Employees’ Provident Fund deposits? Giving a written reply to this, he clarified that there is no proposal to reconsider the interest rate. That is, there will be no change in the interest rate on the PF account.

Higher interest than small savings schemes

Responding to this whole matter, Minister of State for Labor and Employment, Rameshwar Teli said that the interest rate of EPF is similar to other comparable schemes like General Provident Fund (7.10 percent), Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent).

More than has already been placed. That is, according to Rameshwar Teli, the interest on PF from small savings schemes itself is high, so no consideration will be given to the interest rate hike. Let us inform here that the interest rate on EPF is being given at the rate of 8.10 percent, which will remain the same.

The post EPFO Interest Rates: Good News! The interest rate on PF is going to increase so much, the government made a big announcement first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Now the government has also approved keeping the interest rate on EPF at 8.1 percent for 2021-22. In 1977-78, the EPFO ​​had given an interest of 8 per cent. Since then it has been 8.25 per cent or more. The two-day meeting of EPFO ​​started on Friday, March 11, which ended on March 12, in which it was decided to reduce the interest rate of EPF.

The EPFO ​​had fixed 8.5 percent interest in the financial year 2020-21 and in the previous financial year. Earlier in 2018-19, 8.65 percent interest was given on EPFO. EPFO had paid 8.65 per cent interest in 2016-17 and 2017-18 also. At the same time, the interest rate was 8.8 percent in 2015-16, 8.75 percent in 2013-14 and 2014-15 also.

After getting approval from the government, EPFO ​​will now start adding interest amount to the EPF accounts of the employees. According to the EPFO ​​office order issued on Friday, the Ministry of Labor and Employment has informed about the approval of 8.1 percent interest to EPFO ​​subscribers for 2021-22. The Labor Ministry had sent this proposal to the Finance Ministry for approval.

Trustee KE Raghunathan, who represents the employees in the CBT, said the speed with which the labor and finance ministries have approved the rate of interest, given the need for funds to the employees, is indeed commendable. This will help them to meet the education and other needs of their children.

The post PF Interest Rate: Important news for EPFO ​​account holders, this time PF interest broke the record of 40 years first appeared on Rightsofemployees.com.

Government is running many schemes

To secure your retirement, the central government has made many schemes, where you can invest.

If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme

National Pension System (NPS) is a government pension scheme consisting of both equity and debt instruments. NPS gets a guarantee from the government. To get higher monthly pension after retirement, you should invest in NPS scheme.

Income tax exemption

NPS pension scheme is a government scheme like Public Provident Fund (PPF), Employees Provident Fund (EPF), Sukanya Samriddhi Yojana etc.

In this, any investor can also increase his monthly pension amount by making the right use of maturity amount. Through NPS, you can save tax up to Rs 2 lakh annually.

You can save tax up to a maximum of Rs 1.5 lakh under Section 80C of Income Tax. If you invest in NPS, you will get an additional tax exemption of up to Rs 50,000.

Will get monthly pension of Rs 2 lakh

If you deposit 5000 rupees every month for 40 years in NPC, you will get 1.91 crores. After this you will get 2 lakh monthly pension on investment of maturity amount.

Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive.

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 every month at Rs 1.27 crore with 6% return.

There are two types of NPS

There are two types of NPS, NPS Tier 1, and NPS Tier 2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment.

There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds.

With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor.

The post New Pension Yojana: Now after retirement you will get 2 lakh rupees every month, just have to do this work first appeared on Rightsofemployees.com.

In fact, soon the amount of interest will be sent to the employee. The interest rate applicable on EPF contribution for the financial year 2021-22 is 8.10%. The government is not currently considering any proposal to reconsider the existing EPF rate. At present, the EPF rate is higher than other comparable schemes such as General Provident Fund (7.10%), Senior Citizen Savings Scheme (7.40%), Sukanya Samriddhi Account Scheme (7.60%).

The current EPF interest rate is the lowest in four decades. Last year it was 8.5 per cent. From 2016-17, EPF rates remained around 8.5%. It was 8.65% in 2018-19, 8.55% in 2017-18 and 8.65% in 2016-15. Suppose the total EPF contribution (including employee + employer) in a month is Rs 5000 at the beginning of the month. At 8.1% interest rate, the total interest earned on PF contribution till the end of this month will be 5000×8.1%/12 = Rs 33.75.

On 1 August 2022, Union Minister of State for Labor and Employment, Rameshwar Teli, in a written reply to a question in Rajya Sabha, said that CBT, EPF had recommended 8.10 percent interest rate on EPF for the financial year 2021-22, approved by the government. and more than other schemes. General Provident Fund (7.10%) / Senior Citizen Savings Scheme (7.40%) / Sukanya Samriddhi Account Scheme (7.60%). There is no proposal to reconsider the accepted rate of interest (8.10%) on EPF deposits for the year 2021-2022.

The Employees’ Provident Fund Organization provides a 12-digit code to its provident fund account holders. Which is known as Universal Account Number. UAN does not change when employees change jobs between organizations, unlike EPF account number and member ID.

If a company has twenty or more employees, the employer is required to generate a UAN number for each employee. On joining a new organization, the employee has to give his UAN to the employer. The employee has to submit identity proof, residence proof, bank account details, Permanent Account Number (PAN), Aadhaar and Employees State Insurance Corporation (ESIC) card to generate his UAN while linking with EPFO ​​for the first time.

How to Generate UAN Online

• Select the “Activate UAN” link located in the Important Links section.
• Select the Aadhaar option and give the required information to continue.
• Click on the button titled “Get Authorization PIN”.
• Your browser will redirect you to a new page with the data you entered. Verify information to ensure accuracy.
• To proceed, select the Agree checkbox.
• To verify your request, enter the OTP sent to your phone.
• Click on Activate UAN and Validate OTP.
• After submission, your UAN number and password will be sent to the registered mobile number via text message.

The post Good news for crores of employees, up to 40000 rupees will come in the account soon, check details immediately first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.

1. An EPF member cannot become a member of the Pension Scheme only without becoming a member of the Provident Fund Scheme. If a new employee is joining an establishment with a minimum salary of Rs 15000 per month, then he can become a member of PF only after submitting the option as per the provisions of Para 26 (6) of the PF Scheme.
2. Since the contribution to pension is made from the employer’s share of contribution, the question does not arise whether an EPF member can refuse to contribute to the pension component.
3. If an employee joins any organization at the age of 58 years, then he will not be eligible to become a member of the Pension Fund.
4. Individual members cannot take exemption from pension scheme, but an establishment can claim exemption.
5. A member is eligible for pension on retirement at the age of 58 years. If the employee leaves the job between 50 to 57 years, then he can avail the benefit of early (reduced) pension.
6. The formula for calculation of pension amount is –
Pension = (Pensionable Salary) (Average of last 60 months) X Pensionable Service / 70.
7. In case of death of the member, the family will not be able to contribute even after receiving 1 month contribution. pension and child pension is payable.
8. On the death of the EPFO ​​member, the pension will go to his wife / widow / widower.
9. Children are also eligible to receive pension till the age of 25 years.
10. The pensioner can get pension anywhere in the country.

The post EPF Pension Scheme: From formula related to EPF pension scheme to exemption, know 10 special things first appeared on Rightsofemployees.com.

1. Employees’ Provident Fund (EPF)

According to the EPF Act, the company invests 12 percent of the basic salary and allowances of the employee in EPF. The company also has to invest the same amount. The employee’s contribution is tax exempt, which is up to Rs 1.5 lakh. This exemption is available under section 80C of the Income Tax Act. Interest earned on this also comes under the purview of tax exemption.

2. Leave Travel Allowance (LTA)

For the employees to travel anywhere in the country with their family, companies provide Leave Travel Allowance, which is tax exempt. This discount is available only on travel by train, airplane or public transport. In this, the shortest distance to reach the destination is made the basis. This part of the salary can be deposited by the employee by depositing the booked ticket with the company. This benefit is available only if you travel twice in four calendar years.

3. House Rent Allowance (HRA)

This part of the salary is given to the employee in lieu of payment of house rent. To get tax exemption on this, it is necessary that it should be part of the salary. You can claim tax exemption on the amount received for HRA with the specified limit.

4. Car Maintenance Allowance

Bank Re-imbursement can be claimed up to a limit on the cost of the car, as per the market. You can also get tax exemption on this. However, it depends on whether the car belongs to the company or the employee. This reimbursement is available for some special office work and many personal work.

5.

Most of the multinational companies give food coupons for food and drink during the work in the food coupon office. You can get tax exemption of up to Rs 50 on a one-time meal. Twice a day for 22 working days in a month can avail tax exemption of up to Rs 26,400 annually.

6. Children Education Allowance

In lieu of payment of fees for the child, companies pay an education allowance of Rs 1,200 annually or Rs 100 per month to the employee. This facility is available for two children only. In addition, one can claim tax exemption on payment of tuition fees under Section 80C of the Income Tax Act.

7. Discount on Hostel Expenses

Companies give hostel expenditure allowance to their employees. Under this, the employee gets an annual allowance of Rs 3,600 or Rs 300 per month on the hostel expenses of the child, which is tax-exempt. This discount is available for maximum 2 children only.

8. Phone Bill Re-imbursement

This includes both telephone and mobile phone bill re-imbursement. Telephone charges including broadband internet connection are covered under this. Some companies provide this facility to their employees, which comes under the purview of tax exemption.

9. Uniform Allowance

The employees get this allowance for the maintenance of their uniform while on duty. You can also get tax exemption on the expenses incurred in the purchase and maintenance of the uniform.

10. Gift Voucher

Companies sometimes give gifts to their employees, on which tax exemption is available. However, the condition in this is that its total value does not exceed Rs 50,000 annually, only then can you get tax exemption.

The post ITR Update: 10 types of tax exemptions are included in your salary, have you claimed in ITR? first appeared on Rightsofemployees.com.

The government has announced the interest rate for the financial year 2021-22 for EPF (Employees Provident Fund). During this, EPF members will get 8.1 percent interest. This is 0.40 percent less than the financial year 2020-21. Despite this, it is higher than other instruments with fixed returns.

Many employees may consider increasing their EPF contribution through VPF (Voluntary Provident Fund) given the attractive interest rate of EPF. Doing so will increase your return on savings. Also, your interest earned on contribution to EPF and VPF will be tax-free.

The post EPF: What is the maximum one can invest in VVF for tax-free interest income? first appeared on Rightsofemployees.com.

A big update has come regarding Employees’ Provident Fund (EPF). It was being said that the government may soon change the interest rate on EPF. Last month itself, the central government had approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits for 2021-22. Now the Minister of State for Labor and Employment, Rameswar Teli in Parliament has cleared the government’s stand regarding the change in interest rate. He has given information to the Rajya Sabha in a written reply to a question.

Rameshwar Teli was asked whether the government would reconsider increasing the rate of interest on the amount deposited in EPF. Responding to this, he made it clear that there is no proposal to reconsider the interest rate. Also, Rameshwar Teli told that the interest rate of EPF is higher than the interest rate available on many government schemes. He told that the interest rate of EPF (8.10 percent) is higher than the interest available on Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent).

Based on the recommendation of the CBT, the Center in June this year had approved an interest rate of 8.1 per cent on PF deposits for 2021-22. The Minister of State said that the interest rate is dependent on the income received from the investment of EPF. It is distributed only as per the EPF Scheme, 1952.

lowest interest in four decades

Right now the rate of interest on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the PF interest rate in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent.

Where would the PF money be invested?

EPFO invests the amount deposited in the PF account holder’s account at many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO ​​invests 85 per cent in debt options. These also include government securities and bonds. The remaining 15 per cent is invested in ETFs. The interest of PF is decided on the basis of earning from debt and equity.

The post EPF Interest Rate: Will the interest rate on EPF increase? check here all details immediately first appeared on Rightsofemployees.com.

In the EPF meeting held in the month of March before Holi, it was decided to reduce the PF interest rate. Earlier it was 8.5 percent, which has now been reduced to 8.1 percent. This rate is the lowest in the last four decades i.e. 40 years. Now the government has also approved keeping the interest rate on EPF at 8.1 percent for 2021-22.

In 1977-78, the EPFO ​​had given an interest of 8 per cent. Since then it has been 8.25 per cent or more. The two-day meeting of EPFO ​​started on Friday, March 11, which ended on March 12, in which it was decided to reduce the interest rate of EPF.

The EPFO ​​had fixed 8.5 percent interest in the financial year 2020-21 and in the previous financial year. Earlier in 2018-19, 8.65 percent interest was given on EPFO. EPFO had paid 8.65 per cent interest in 2016-17 and 2017-18 also. At the same time, the interest rate was 8.8 percent in 2015-16, 8.75 percent in 2013-14 and 2014-15 also.

After getting approval from the government, EPFO ​​will now start adding interest amount to the EPF accounts of the employees. According to the EPFO ​​office order issued on Friday, the Ministry of Labor and Employment has informed about the approval of 8.1 percent interest to EPFO ​​subscribers for 2021-22. The Labor Ministry had sent this proposal to the Finance Ministry for approval.

Trustee KE Raghunathan, who represents the employees in the CBT, said the speed with which the labor and finance ministries have approved the rate of interest, given the need for funds to the employees, is indeed commendable. This will help them to meet the education and other needs of their children.

The post PF New Interest Rate: EPFO made a big changes in the interest rate, see the new rates immediately first appeared on Rightsofemployees.com.

In case of any financial emergency, it cannot be confiscated to pay off the debt. It has legal protection under section 10 of the EPF and MP Act 1952. Therefore it cannot be attached. Attachment of property means that you will not be able to use or sell it. However, it is not only EPF which has got such protection. Deposits under many other schemes also cannot be attached. Let us know about them in detail.

EPFO Employees Provident Fund and Employees Pension Scheme are covered under the above section. Employers and employees contribute 12-12 per cent of basic salary and DA in EPF. It is considered an important component of social security, hence it has been given legal protection. It is worth noting that the facility of EPF is available only to the people working in the organized sector. Your employer also cannot compensate any loss done by you from the PF account.

The amount deposited in the PPF account has legal protection under Section 14A of the PPF Government Savings Bank Act 1873.Every Indian citizen can invest in this. You can invest in PPF from Rs 500 to Rs 1.5 lakh per year. The interest rate on PPF is 8% per annum.

The amount of NPS National Pension Scheme (NPS) has legal protection under Section 6A of the Pension Fund Regulatory Authority of India. It is seen as an important saving scheme for old age.

The post EPFO Account Rules: Deposit in PF account can be attached to pay off your loan? what is the rule first appeared on Rightsofemployees.com.

A big update has come regarding Employees’ Provident Fund (EPF). It was being said that the government may soon change the interest rate on EPF. Last month itself, the central government had approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits for 2021-22. Now the Minister of State for Labor and Employment, Rameswar Teli in Parliament has cleared the government’s stand regarding the change in interest rate. He has given information to the Rajya Sabha in a written answer to a question. 

no proposal for change

Rameshwar Teli was asked whether the government would reconsider increasing the rate of interest on the amount deposited in EPF. Responding to this, he made it clear that there is no proposal to reconsider the interest rate. Also, Rameshwar Teli told that the interest rate of EPF is higher than the interest rate available on many government schemes. He told that the interest rate of EPF (8.10 percent) is higher than the interest available on Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent).

Based on the recommendation of the CBT, the Center in June this year had approved an interest rate of 8.1 per cent on PF deposits for 2021-22. The Minister of State said that the interest rate is dependent on the income received from the investment of EPF. It is distributed only as per the EPF Scheme, 1952.

lowest interest in four decades

Right now the interest rate on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the PF interest rate in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent. 

Where would the PF money be invested?

EPFO invests the amount deposited in the PF account holder’s account at many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO ​​invests 85 per cent in debt options. These also include government securities and bonds. The remaining 15 per cent is invested in ETFs. The interest of PF is decided on the basis of earning from debt and equity.

The post EPF Interest Rate: Will the interest rate on EPF increase? Government gave big information in Parliament first appeared on Rightsofemployees.com.

Employees’ Provident Fund (EPF) is one of the most important financial planning and retirement investment options for lakhs of employees. With guaranteed returns and tax benefits, EPF is an investment for most people. Earlier there was also the Tax Rules on EPF on Kia Contribution and Withdrawal, but the government has brought changes in the tax benefits available to the employers and employees for contribution to EPF. With effect from April 1, 2022, provident fund accounts have been divided into taxable and non-taxable accounts. The due date for filing income tax is very near. It is necessary to file the return by 31st July. Let us also tell you what kind of changes the government has made in this. 

Understand the rules in these points

• Any interest on contribution made to EPF of an employee remains tax free only for contributions up to Rs 2.5 lakh per annum.
• Interest is charged to tax on contributions made by an employee in excess of Rs 2.5 lakh annually.
• If an employer is not contributing to the EPF of an employee, then the contribution limit has been increased to 5 lakhs.
• Tax is levied only on the excess contribution above the threshold and not on the total contribution.
• The additional contribution and the interest earned thereon will be kept in a separate account with EPFO.
• Employer’s contribution to Provident Fund (PF), NPS and retirement is tax free totaling Rs 7.5 lakh per annum. 
• The employer has to mandatorily provide EPF contribution for those employees whose monthly income is up to Rs 15,000.
• The EPFO ​​has reduced the interest rate for the financial year 2021-22 to a four-decade low of 8.1 percent. 

Many Assets Are Giving Higher Returns

Even though EPFA interest rates are currently at a 40-year low, but is giving higher returns than many assets. FD rates of public sector banks are still around 6 per cent, while EPFO ​​is giving returns of more than 8 per cent. On the other hand, the interest rates of the small savings scheme of the post office are also much lower than that of the EPFO. The interest rate in the 5-year time deposit scheme is 6.7 percent per annum. The interest rates of Senior Citizen Saving Scheme are being seen at 7.4 percent. Even the interest rates of PPF are being seen at 7.1 percent and Sukanya Yojana 7.6 percent.

File ITR by July

31st is July 31st Last date to file returns The last date to file Income Tax Returns for the financial year 2021-22 (FY22) is approaching soon. The last date for filing income tax return is 31 July 2022. The Income Tax Department made a tweet on Saturday, 16 July 2022, stating the due date. File income tax return for the financial year 2021-22 (FY22). Everyone should remember the last date, which is 31st July 2022. Yelled taxpayers and unaudited cases should file Income Tax Return (ITR) within the due date to avoid problems later. People can file ITR after the deadline has passed but they will have to pay a late fee. For more information about this, you can visit incometax.gov.in.

The post EPFO Alert ! Before filing Income Tax Return, know the rules of tax on PF first appeared on Rightsofemployees.com.

For this reason, the Employees’ Provident Fund Organization asks the account holders to complete the process of e-nomination at the earliest. Giving information on this matter, EPFO ​​has said that you can do the nomination of EPF / EPS (EPF / EPS) by following some easy steps.

The post Attention PF Account Holders! Add the name of the nominee as soon as possible, you will get full benefit of 7 lakhs first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) gives the right to employers to create Universal Account Number (UAN) of their employees. But users can also create their own UAN personally. You can check your EPF account if you have your 12 digit UAN number. With this, you can check the amount of your EPF account in addition to the passbook related to your account.

How to create a UAN number online

There are few steps to generate UAN number online. You should have your Aadhaar number ready before starting them. Also, you should also have your mobile phone with you so that you can see the OTP received on the mobile very soon.

1. First of all, you have to go to the Member e-Sewa tab of the EPFO ​​portal .
2. Here in Important Links, you click on Active UAN.
3. After that click on Aadhaar option and enter your Aadhaar number.
4. Now enter your name, date of birth, mobile number and CAPTCHA code.
5. After filling all this information, click on the button of Get Authorization Pin.
6. Now a new screen opens here and you will be shown all the same details which you had filled a while back. Make sure that all the information is correct.
7. Now click on the Agree check box.
8. Now an OTP will be sent to your mobile number. Fill it in the space provided.
9. Now click on Validate OTP and Activate UAN.After completion of all this process you are given UAN number and password which will be sent on your registered mobile number only. You can check whether the information sent to you is correct or not by login to the EPFO ​​portal.

The post How to create a UAN number online ? first appeared on Rightsofemployees.com.

In earlier times, withdrawing money from EPF was a difficult task, but now you can withdraw EPF money sitting at home. For this you have to download UMANG app. Through this you can easily withdraw PF money. The government launched the UMANG app in 2017. Let us tell you how you can withdraw your money from UMANG app.

Make a claim for money like this through Umang App

• First of all login to UMANG App
• Select EPFO ​​and click on ‘Employee Centric Services’.
• After this you click on ‘Raise Claim’ option.
• Enter UAN details.
• Click on ‘Get OTP’
• After this an OTP will come on the registered mobile number.
• After filling the OTP, click on ‘Login’.
• After this, now enter the last four digits of the bank account.
• Select the Member ID and click on ‘Proceed for claim’.
• After that enter ‘Address.
• After entering the address, click on ‘Next’. After that upload the photo of the check.
• After this the money will be transferred to your account within the stipulated time frame.

Through this app you can easily check PF details, apart from this you can also download passbook.

How to download 
UMANG App can be downloaded from Google Play Store (Android users) and iOS App Store (iPhone users). Apart from this, you can also download this app by giving a missed call to 9718397183, in fact, on missed call, you get a link, from which you can easily download it.

What is UMANG App
The Government of India launched this app in 2017. This app was created by the Ministry of Electronics and Information Technology. You can download the app from both iOS and Android. This app provides a wide range of services. Through this app you can avail facilities like Employees Provident Fund (EPF), PAN, Aadhaar, DigiLocker, Gas Booking, Mobile and Electricity Bill Payment etc. Most of the employees working in government and non-government sectors have a PF account. While doing the job, some part of the salary of the employees is credited in their PF account.

The post PF money withdrawal: Make a claim for money like this through Umang App first appeared on Rightsofemployees.com.

If you are applying for a new EPF account, you will need to do so through your employer. You will have to provide all previous employment details, if any, through Form 11, and all family particulars or nomination details in Form 2.

If you are an employer with an organization that employs 20 people or more, it is mandatory for you to register under the EPF scheme. If your organization employs less than 20 people, you can still opt to register under the scheme. EPF registration requires you to submit details of your company, as well as details of each of the company’s owners. You can register for the EPF scheme on the official EPFO website.

EPF Benefits

• Given below are the benefits of the EPF scheme:
• It helps in saving money for the long run.
• There is no requirement to make a single, lump-sum investment. Deductions are made on a monthly basis from the employee’s salary and it helps in saving a huge amount of money over a long period.
• It can help an employee financially during an emergency.
• It helps in saving money at the time of retirement and helps an individual maintain a good lifestyle.

EPF Eligibility

The eligibility criteria in order to join the EPF scheme are mentioned below:

• It is mandatory for salaried employees with an income of less than Rs.15,000 per month to register for an EPF account.
• As per law, it is mandatory for organisations to register for the EPF scheme if they have more than 20 employees working for them.
• Organisations with less than 20 employees can also join the EPF scheme on a voluntary basis.
• Employees who earn more than Rs.15,000 can also register for an EPF account; however, they must get approval from the Assistant PF Commissioner.
• The whole of India (except the states of Jammu and Kashmir) can benefit from the provisions in the EPF scheme.

How to Check EPF Balance?

There are four methods in which you can check your EPF balance:

• Using the EPFO portal – The process of checking your EPF balance through the EPFO member portal is easy. You should do EPF login using your UAN and password. After logging in, you will be able to find the EPF balance under the member ID.
• Using the UMANG app – You can download the Unified Mobile Application for New-age Governance (UMANG) app and perform EPF balance check on mobile phone. You can also raise and track claims through this app.
• Using a missed call service – It is possible to check your EPF balance by giving a missed call to the number, 011-22901406, from your registered phone number.
• Using an SMS service – If your UAN is activated, you can send an SMS to 7738299899 for EPF balance check.

The post EPF: Find out your EPF eligibility here first appeared on Rightsofemployees.com.

Read Full Article here

The post A Pre-Diwali Dhamaka Is On The Way For The Members of EPFO, Check What Is That first appeared on Rightsofemployees.com.

Where to access PF statement from
At the end of the financial year, the employer shares the PF statement with the employees after receiving them from the Employees’ Provident Fund Organisation (EPFO). Even employees of un-exempted organisations can view it by accessing www.epfindia.com or by clicking here. For employees of exempted organisations, the PF statement is made available by the employer generally though the company’s Intranet. The provident fund for the former is managed by a private trust while the latter is managed by the EPFO itself.

Here are few important things that are shown in a PF statement:

Basic details: The PF statement carries the name and address of the establishment along with the establishment ID. You will also find details such as the name of the employee, date of birth, date of joining the organisation, and so on.

PF Account number: The first thing to check on your PF statement is your PF number. For an un-exempted organisation, the PF number is an alphanumeric representing the state, regional office, establishment, and the PF member code. The PF account number is represented differently for exempted organisation and is completely numeric.

Here’s a sample PF number (un-exempted organisation) and what it shows:
green

Sample PF number: MH BAN 0057885 000 0000691

* MH represents the state, i.e., Maharashtra

* BAN represents the regional office, i.e., Bandra

* The next 7 numbers, i.e., 0057885 represents the establishment ID

* The next 3 numbers are establishment extension ID. It can be 000 if no extension is provided.

* The last 7 numbers, i.e., 0000691 represents the member (employee) ID.

UAN number: Unlike the PF account number that is generated every time the employee joins a new organisation, universal account number (UAN) is a unique 12 digit number and is mandatory for all employees to have it. All PF numbers, i.e., member IDs will get linked to the UAN. On switching jobs, furnish the UAN to your new employer which helps in managing the PF account better.

Opening balance: The statement will show the opening balance under both the employee – employer columns. The opening balance represents the total of contributions (employee and employer columns) plus the interest earned in the previous financial year.

Monthly contributions: The PF statement/passbook will show the break-up of employee’s and the employer’s month-wise contribution in rupees. The portion that goes towards EPS (Employees’ Pension Scheme) is also shown separately. Even though both employee and employer contribute 12 percent equally, the contributions are not same. Click
here to know why.

Voluntary Provident Fund: An employee is allowed to contribute more than the mandatory 12 percent towards PF, which is shown under the ‘Voluntary Provident Fund’ column. The employee’s voluntary contributions are shown separately. Remember, the employer is not supposed to match VPF contribution and thus may show no figure.

Interest: The interest earned on the employee’s and the employer’s contributions are credited to the PF account once a year. The interest earned is calculated on the monthly running balances in the account. The PF statement will carry the interest rate on which the calculations are based upon as declared by the government.

Withdrawals: Any withdrawals that you have made during the year will also be shown and accounted for accordingly. Click here to know, under which circumstances one can ask for an advance from the EPFO.

Closing balance: The closing balance will represent the total of employee contributions plus interest earned and the total of employer contributions plus interest earned. Such balances will become the opening balance for the next financial year.

epf withdrwal rules

The post How to Check Your PF Statement first appeared on Rightsofemployees.com.

The post How To Get EPF Passbook Online first appeared on Rightsofemployees.com.

The post Administration Expenses of -‘Employees Deposit-linked Insurance’ first appeared on Rightsofemployees.com.

EPF, VPF and PPF: The Basics

The post EPF v/s PPF v/s VPF: Which One is Better? first appeared on Rightsofemployees.com.

EPF or employee provident fund withdrawal claims above Rs. 10 lakh don’t have to be filed online. Retirement fund body EPFO or Employees’ Provident Fund Organisation has recently revised some of its rules related to provident fund claims.

The EPFO has nearly six crore subscribers and manages a corpus of about Rs. 10 lakh crore. In a circular dated April 13, EPFO said offline claims will also be accepted in all cases. EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawals.

EPF Withdrawal – New Rules

“In case the amount of claim settlement is above Rs. 10 lacs for PF claims and Rs. 5 lacs in respect of EPS withdrawal claims, the claim form must be accepted through online mode only,” the retirement fund body said in a circular in February. But in the April 13 circular, EPFO said that this rule will be kept in abeyance.

“Considering the grievances raised by members, this stipulation will be kept in abeyance so that offline claims will also be accepted in all cases,” EPFO said in the April 13 circular.

1) For submitting a withdrawal claim online, subscribers have to first log into EPFO’s member interface using UAN credentials.

2) Select the relevant claim by clicking on the ‘Online Services’ tab.

3) EPFO subscribers can track their claim requests online as well. For this, they can click on the Online Services tab and then ‘Track Claim Status’.

Also Read:

• Delay In PF Claim: How To File A Complaint With EPFO
• How to Sue an Employer for Wrongful Termination ?
• Can Companies Force Employees to Serve Notice Period?
• How to Check Your PF Statemen

The post EPF Withdrawal – New Rules first appeared on Rightsofemployees.com.