Tuesday, May 14News That Matters

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PF Name change form, Date of Birth, Address correction & update process – Online  and Offline

PF Name change form, Date of Birth, Address correction & update process – Online and Offline

How to Series, PF
Many PF members face challenges at the time of PF transfer or PF withdrawal due to errors in the name, date of birth etc. Have you faced similar issue? Do you want to change the name or date of birth in your PF account? Have you changed your surname after marriage and the new name is in bank account but not in PF account? In this post, I am providing more details around process and form to change and update your details in PF account – Name, Date of Birth, Communication Address, Email account, Mobile Number etc.   A.  Change of Name in EPF Account - Online Method - New You can now apply to make changes online and you need following: 1. Active UAN,  2. Access to EPFO's Unified Portal website,  3. Aadhaar number,  4. Employer needs to forward the request online to EPFO.  Step by Ste...
How to update KYC for your EPF and UAN?

How to update KYC for your EPF and UAN?

How to Series, PF
Sicne EPFO has launched Universal Account Number (UAN), a number of PF related processes (transfer, withdrawal, balance check etc) has been made online. Each PF subscriber should have a UAN alloted. To fully utilise the services online, it is important that you upload your KYC documents on UAN portal. The process to get the KYC updated is very simple as below. How to update or upload KYC details in EPF UAN Login to Member e-Seva Portal   using your UAN and password Under "MANAGE" --> Click on KYC You can enter the KYC details - bank, PAN, Aadhaar, passport, Driving License, Election Card, Ration Card and National Population Register Once you save the changes made by clicking the save button, your data will be saved under the “Pending KYC” section Your details are the...
How to withdraw PF (advance) due to Corona virus crisis?

How to withdraw PF (advance) due to Corona virus crisis?

How to Series, PF
Govt has recently allowed to withdraw your PF early to help employees in Corona virus crisis., You can withdraw upto 75% of your saving. Read full details. In general circumstances,the EPFO allows account holders to take “non-refundable advance” or withdraw for specified purposes only such as a medical emergency, marriage, higher education or purchase of a house. See details in which scenarios normally you are allowed to withdraw early. But now you can withdraw due to Corona virus impact as well. How can I submit the request to withdraw my PF balance (take advance) You can submit the request online. To avail this facility, you should have UAN and Aadhaar and Bank number seeded in the EPFO database. See the details below as to how you can submit the withdrawal request online: Lo...
COVID 19 – EPF Withdrawal rules relaxed – can withdraw 75%

COVID 19 – EPF Withdrawal rules relaxed – can withdraw 75%

How to Series, News
To help employees in this COVID-19 crisis, Govt has relaxed the rules for PF withdrawal. EPFO subscribers can withdraw 75% of their savings or up to a maximum of 3 months' basic pay and dearness allowance from their PF account – whichever is lower. In general circumstances, the EPFO allows account holders to take “non-refundable advance" or withdraw for specified purposes only such as a medical emergency, marriage, higher education or purchase of a house. No certificate or documents are to be submitted by a member or his/her employer for availing the benefit. If you intend to withdraw money from your PF, then you can do it through: Online: Like claim for all other types of advances, the claim for this advance also can be filed online if your UAN is validated with Aadhaar and KYC of Bank ac...
[How to] check PF balance online in India (5 ways – UAN, SMS, Missed Call, App)

[How to] check PF balance online in India (5 ways – UAN, SMS, Missed Call, App)

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EPFO (Employees Provident Fund Organisation) provides option to check you PF balance online. Once you enter your details, you will get your balance via SMS on your mobile number. Whether you want to check your PF balance for Delhi,  Gurgaon,  Noida, Hyderabad, Bangalore, Chennai, Gujarat, Mumbai, Andhra pradesh, Pune, Karnataka, Kolkata etc,  you can use the steps below to get your balance via SMS. Please note that some big organizations have their own PF trust and they do not keep money with EPFO. In such cases, you cannot check the balance online by using EPFO portal.  You need to contact your HR to know your PF balance. How much money goes in your PF Account? Employee Contribution – 12% of your Basic Employer Contribution – 12% of your Basic ( Out of this 8.33%...
[How to] Save Capital Gains Tax on Sale of Property in India

[How to] Save Capital Gains Tax on Sale of Property in India

How to Series, Taxation
Over the years, property is one of the high ticket items in one’s investment portfolio. Now the buying / selling are more frequent with good appreication. However, the investor needs to consider taxation aspects when buying & selling properties. Any profit earned on sale of property is taxed as Capital Gains. The amount of tax depends of holding period of the property.   Short Term Capital Gain Long Term Capital Gain Holding Period Asset Held of less than 3 years Asset Held of more than 3 years Tax Added to Income and taxed at Individual's slab rates 20% after Indexation For long term capital gain, tax liability is determined based on indexed cost of acquisition and improvement.  Check – Cost Inflation Index & Calculation How to Save Capital Gains Tax on Sale of Pr...

[How to] View your Form 26AS online – Check Tax Credit Statement

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The last date for filing return is quite near (31st July). Before filing the returns, check your Form 26AS to make sure that TDS deducted are appropriately credited to your account.  As the due date for income tax is 31 July, you need to make sure that tte returns are file on time. From April 2018, tax rules have changed and a penalty of upto Rs 10000 will be levied if the return is not filed on time. Also, the ITR revision time limit is also changed from 2 years to 1 year.  See details  When your employer deducts TDS from your Salary or your bank deduct TDS on your FD Interest, they need to deposit this amount to Government against your PAN. If they enter your PAN incorrectly, you will not get credit for that TDS amount. So, It is always better to check your Tax Credit Statement (Form ...

How to Avoid TDS on Interest on Fixed Deposits (Bank FD)

How to Series, Taxation
Bank Fixed deposit is an all-time favourite investment in India as it provides a decent fixed return for the fixed period and relatively safer as compared to other forms of investment products.   Specially, in current interest rate scenario, the fixed deposit rates are quite lucrative (8.5 – 10%).  However, it is likely that rates will go down further, so it is advisable to lock-in your interest rates if you want to invest in FD for longer term. Banks are required to deduct Tax (TDS) @ 10 % if the interest earned on FD exceeds Rs 10,000 in a financial year. This could have a significant impact on the amount received at maturity. I am sure that everyone wants to save tax and to avoid any deduction from their hard earned money. Most common queries, I received from friends are: My Ban...

How to earn upto 9% interest on your Savings account Balance?

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Yes. You read it right. In this post, I will explain how to earn upto 9% interest on your idle savings account balance.   Option 1  -   Choose High Interest Saving Account Typically banks give 4% interest on savings accounts. However, after RBI de-regulated the savings account interest rates, few banks are offering higher rates. Bank / Rates Balance upto 1 lakh Balance above 1 Lakh Yes bank 6% 7% Kotak Bank 5.50% 6% IndusInd Bank 5.50% 6% So, you can get maximum of 7% interest from your savings account.   Option 2  -   Choose Sweep in / Out Facility on your Savig Account But, let’s see how you can increase your returns upto 9% using “Sweep In/Out” facility. A.  What is this “Sweep in / out” facility? This is like a combination of Savings account & F...

How to link mobile phone number to Aadhaar

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As per the recent government directive, all the existing customers have to link Aadhaar with their mobile numbers. Aadhaar-based e-KYC is essential for subscribers going for new SIMs. Further, the government has asked mobile operators to re-verify existing prepaid and postpaid customers, with the help of the 12-digit number. The re-verification exercise is scheduled to be completed by early 2018. In case you don’t complete the process before Feb 2018, services on your mobile will be  disconnected as per the directive from Government of India. So, if you have to link your airtel mobile number to Aadhaar or your idea number to Aadhaar, you need to follow the steps mentioned in this post. Linking your mobile number to Aadhaar for the first time:  To link your mobile number with Aadhaar, you ...