#tax on vpf

[someshwarsrivastava]

Choosing the best long-term investment option out of NPS, PPF, or VPF depends on your financial status, risk tolerance, and long-term goals. Your decision should ideally align with these factors. Professionals like Someshwar Srivastava can provide valuable insights to help align your investments with your financial goals. It’s essential to evaluate each investment avenue based on its potential returns, tax benefits, and liquidity options before taking the plunge.

#Investment #Someshwar #Someshwar Srivastava #Srivastava

[ampuesto]

Maximize Your Tax Benefits with CA for Income Tax: Get Expert Advice Now

What are the tax benefits as per The Income Tax Act, of 1961?

India's income tax laws and regulations offer both individuals and businesses several tax advantages. In India, the Income Tax Act of 1961 provides the following common tax benefits:

Fundamental / Basic Exemption: Hindu Undivided Families (HUFs) and individuals are both eligible for a basic exemption limit. The precise cap is determined by the taxpayer's age and place of residence. For instance, the baseline exemption ceiling for people under 60 years old is Rs. 2.5 lakh for the fiscal year 2022–23 (the assessment year 2023–24).

Standard Deduction: An annual standard deduction of Rs. 50,000 is available to individuals and salaried taxpayers. The availability of this deduction is unrelated to the actual costs expended.

Deductions under Section 80C: This section offers several deductions for particular investments and costs, including:

National Savings Certificate (NSC)

Repayment of Principal Amount on Home Loan

Employee Provident Fund (EPF) and Voluntary Provident Fund (VPF) contributions

Tax-saving Fixed Deposits (FDs) in specified banks

Life Insurance Premiums

Equity Linked Savings Scheme (ELSS) investments, etc.

Tuition fees for children's education

Public Provident Fund (PPF) contributions

The maximum deduction under Section 80C is Rs. 1.5 lakh.

Deductions under Section 80D: Deductions for health insurance premiums for oneself, one's spouse, one's kids, and one's parents are offered in this section. Based on the insured's age and the make-up of the family, the deduction cap varies.

Deductions under Section 80G: Under this clause, deductions may be taken for contributions given to specific charities and disaster relief funds. The beneficiary organization determines what proportion is deducted.

National Pension Scheme (NPS) Deductions: Over and beyond the Section 80C cap, contributions made to the NPS are eligible for deductions under Section 80CCD(1B). The most that can be deducted is Rs. 50,000.

House Rent Allowance (HRA): The Income Tax Act's Section 10(13A) allows those who get HRA as a benefit to deduct certain expenses from their taxable income. Based on the least of the following, the deduction is made:

Actual HRA received

Rent paid less than 10% of the salary

50% of salary for metro cities or 40% of salary for non-metro cities

Home Loan Interest: The interest portion of house loan installments may be deducted by people under Section 24(b). For self-occupied properties, the annual maximum deduction is Rs. 2 lacks.

These are only a handful of the tax advantages offered under the Indian Income Tax Act. It is crucial to remember that tax laws might change, so it is advised to speak with a CA for tax or review the most recent tax regulations for accurate and up-to-date information.

Roll of Chartered Account to claim maximum benefits

Making the most of your tax advantages is essential when it comes to income tax preparation. It is crucial to get professional counsel to make sure you are taking advantage of all available opportunities in today's complicated and dynamic tax scene. Here is where income tax-focused Chartered Accountants (CAs) come into play. You can negotiate the complexities of tax rules and regulations with the assistance of CAs thanks to their in-depth knowledge and expertise, which will ultimately maximize your tax benefits. In this post, we'll examine the numerous strategies CAs might use to help you get the most out of your tax advantages.

Following all applicable tax laws and regulations

To avoid fines and legal issues, tax compliance is crucial. CAs can help you make sure that all applicable tax laws and regulations are followed. They will assist you in accurately and timely filing your income tax returns while preventing any mistakes or omissions that can invite tax authorities' investigation. CAs can give you peace of mind and reduce your exposure to any tax-related problems by staying current with the most recent tax rules and compliance standards.

Use of Exemptions and Deductions

Numerous deductions and exemptions are allowed by the tax code, which can drastically lower your taxable income. Understanding the intricate laws and finding every deduction and exemption you qualify for, though, is not always simple. CAs are knowledgeable about the nuances of tax rules and keep up with the most recent updates. CA for filing ITR can provide us to take advantage of all permitted exemptions and deductions, including those relating to student loans, medical bills, and housing expenditures. CAs can assist in reducing your overall tax obligation by maximizing these exemptions and deductions.

Detailed tax planning

An experienced CA for income tax will create a complete tax preparation strategy that is appropriate for your particular financial situation. Your income, investments, deductions, and other relevant factors will be examined to look for potential tax-saving opportunities. By examining your financial information, CAs can offer doable strategies to lower your tax liability, such as tax-efficient investments, the timing of income, and using tax credits.

Taking care of tax audits and disputes

Having a CA on your side can be quite helpful if you end yourself facing a tax audit or a disagreement with the IRS. CAs can assist you in navigating the process successfully because they have a great deal of experience dealing with tax audits. CA for tax audits can advocate for you during, reply to inquiries from tax authorities, and provide the supporting evidence you need. CAs can help you file appeals and advocate your interests before tax tribunals or appellate authorities in the event of tax disputes. Their experience and familiarity with tax regulations may help to settle conflicts in your favor.

Tax Planning That Works

Effective tax structuring is essential for business owners and entrepreneurs to reduce tax liabilities and increase after-tax profits. CA for income tax planning is the best option for the organization. They can advise you on matters like picking the best business entity, maximizing employee compensation plans, utilizing tax advantages and credits, and putting into practice tax planning techniques that are in line with your company's objectives. Your tax structure can be optimized by CAs to assist you to save a large amount of money on taxes.

Conclusion

It is important to choose a qualified and experienced CA who specializes in taxation and has a thorough understanding of income tax laws. They can provide personalized advice based on your specific financial situation and goals. Today we have the opportunity to consult CA online as well who can use his expertise to get the maximum tax benefits. If we consult CA online then we can reduce our idle time because sometimes we have to visit the CA office for tax planning and important meetings related to CFO services as well.

#startup registration #Business registration #virtual cfo services #business consultant near me #consultancy for startups

[gadgetsforusesblog]

Tax Savings Tips Invest In These 5 Risk-Free Tax Savings Options PPF SSY Tax Savings FD NSC VPF Know Details

Tax Saving Options: Once the month of March begins, investors begin tax planning. In this investment era, everyone wants to invest money in such schemes where they benefit from better tax relief and higher returns. Most people choose Section 80C of the Income Tax for tax savings. In this, investors will get a rebate of up to Rs 1.5 lakh. There are many such tax-saving options available to…

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[best2daynews]

Is 30% of my income enough to achieve goals? - today news

I earn ₹92,000 per month after income tax and provident fund (PF) deductions. I invest about 45% of my salary, or ₹44,000, currently every month. This includes ₹21,000 in mutual funds through a systematic investment plan (SIP), ₹4,500 in voluntary provident fund (VPF), ₹2,000 in public provident fund (PPF), ₹6,000 in national pension scheme (NPS), ₹9,000 in saving insurance plan, ₹1,000 in term…

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[investindias]

Union Budget 2021 has proposed to impose income tax on interest earned by an employee/person on his/her contribution in excess of Rs 2.5 lakh in a financial year to a provident fund.

#epf #ppf #tax on epf #tax on vpf #income tax

[someshwarsrivastava]

Choosing the best long-term investment option, whether it’s NPS, PPF, or VPF, depends on your financial circumstances, risk tolerance, and goals. The advice of financial experts like Someshwar Srivastava can guide you in aligning your investments with your long-term financial objectives. It’s crucial to assess each investment avenue based on factors such as returns, tax benefits, and liquidity options before making an informed decision.

#Investment #Someshwar #Someshwar Srivastava #Srivastava

[indianmoney-com]

#Investors #InvestmentPlanning #Invest #VPF #PPF #Taxes

[poonamranius]

EPFO EPF : क्या है कर्मचारी भविष्य निधि, कब निकाला जा सकता है पैसा

EPFO EPF : क्या है कर्मचारी भविष्य निधि, कब निकाला जा सकता है पैसा | हर इंसान अपने आने वाले भविष्य के लिए निवेश करता है, ताकि आने वाले समय में वो अपना आगे का जीवन और रिटायरमेंट के बाद का समय आराम से काट सकें! आज हम आपको एक ऐसे ही रिटायरमेंट योजना (Retirement Plan) के बारे में बताने जा रहे हैं! आज हम आपको कर्मचारी भविष्य निधि (Employee Provident Fund) के बारे में बताने जा रहे हैं! ये एक रिटायरमेंट बचत योजना (Retirement Savings Plan) है! क्या है कर्मचारी भविष्य निधि, कब निकाला जा सकता है पैसा EPFO EPF इस योजना को कर्मचारी भविष्य निधि संगठन (Employee Provident Fund Organization) द्वारा चलाया जा रहा है! खास बात ये है कि इसे खोलने के लिए कर्मचारी को कहीं जाने की जरूरत नहीं होती! जब वो पहली बार किसी कंपनी में काम करता है तो उस कंपनी की तरफ से ही पीएफ खाता (PF Account) खुलवाया जाता है! इसमें कंपनी हर महीने कर्मचारी के मूल वेतन (Basic Salary) का 12 फीसदी काटकर जमा करती है और खुद भी ज्यादा से ज्यादा 12 फीसदी उस कर्मचारी के पीएफ खाते में डालती है! इस पूरे पैसे पर सालाना ब्याज (Interest on PF Account) दिया जाता है! पीएफ अकाउंट में जमा राशि को 3 हिस्‍सों में बांटा गया है (Parts of PF Contribution) भविष्य निधि खाते (PF Account) में जमा राशि को तीन भागों में बांटा गया है! सबसे पहले वो कंपनी जो आपकी बेसिक सैलरी (Basic Salary) से 12 फीसदी काटकर जमा करती है! वहीं दूसरा कंपनी भी अपनी ओर से उतनी ही राशि यानी 12 फीसदी आपके पीएफ खाते (Employers’ Contribution) में जमा करती है! कंपनी की जमा राशि को दो भागों में बांटा गया है! 12 फीसदी में से 3.67 फीसदी पीएफ अंशदान (PF Contribution) और 8.33 फीसदी पेंशन फंड (Pension Fund) में जमा है! साथ ही आपके रिटायरमेंट के बाद आपके लिए पेंशन फंड से पेंशन शुरू होती है! पेंशन की राशि कितनी होगी ये बात आपके पीएफ खाते (PF Account) में जमा राशि पर निर्भर करता है! पीएफ के साथ वीपीएफ में भी कर सकते हैं निवेश (How to invest in VPF) साथ ही ज्यादातर लोग अपनी कमाई का कुछ हिस्सा छोटी बचत योजनाओं (Investment in Small Saving Schemes) में निवेश करते हैं! इन योजनाओं पर सरकार ब्याज देती है! हाल के समय में पीएफ (PF) पर ऐसी तमाम योजनाओं से ज्यादा ब्याज (Interest on Schemes) मिल रहा है! अगर आप नौकरीपेशा हैं तो आप अपनी कमाई का कुछ हिस्सा पीएफ खाते (PF Account) के साथ-साथ स्वैच्छिक भविष्य निधि (Voluntary Provident Fund) में भी जमा कर सकते हैं! इतना ही ब्याज वीपीएफ (VPF) के साथ-साथ पीएफ (PF) पर भी मिलता है! वीपीएफ पर कितना मिलता है ब्‍याज (Interest on VPF) वीपीएफ खाता (VPF Account) रिटायरमेंट पर रिस्क फ्री और हाई रिटर्न (Risk Free High Return) का विकल्प है! VPF वीपीएफ खाता खोलने के लिए आपको अपनी कंपनी के एचआर या वित्त व���भाग (HR/Finance Department) से अनुरोध करना होगा! साथ ही वीपीएफ खाते में कंपनी का कोई योगदान नहीं है! इस खाते में आप अपनी सैलरी से जितनी राशि जमा करेंगे, उस पर आपको सालाना ब्याज (Yearly Interest) मिलेगा! जमा राशि पर पीएफ जितना ही ब्याज मिलता है! फिलहाल इस पर सालाना ब्याज 8!65 फीसदी है! कब निकाला जा सकता है पैसा (When can withdrawn EPF Money) वीपीएफ अकाउंट निवेश (Investment in VPF Account) विकल्प है, जिसमें आपके रिटायरमेंट (Intrest on After Retirement) के बाद आपको ब्याज के साथ एकमुश्त पैसा मिलता है! हालांकि कुछ परिस्थितियों में नौकरी छोड़ने के बाद और नौकरी के दौरान भी PF के नियमों के मुताबिक ही VPF का पैसा निकाला जा सकता है! नौकरी छूटने पर (On Job Loss) – अगर आपकी नौकरी छूट गई है और आप एक महीने से बेरोजगार हैं तो आप अपने वीपीएफ खाते (VPF Account) से 75 फीसदी राशि निकाल सकते हैं! बची 25 फीसदी नौकरी छूटने के दो महीने बाद वापस लिया जा सकता है! अगर आपने वीपीएफ (VPF) में 5 साल से कम का योगदान दिया है तो आपको निकाली गई राशि पर टैक्स देना (Tax Pay) होगा! शादी के लिए (For Marriage) – अगर आप अपने बच्चे, भाई/बहन या अपनी शादी के लिए वीपीएफ (VPF Account) से पैसा निकालना चाहते हैं तो 50 फीसदी रकम निकाल सकते हैं! हालांकि इसके लिए जरूरी है कि आपने नौकरी करते हुए 7 साल पूरे कर लिए हों यानी 7 साल से VPF खाते में पैसा जमा किया जा रहा है! शिक्षा के लिए (For Education) – आप अपने या अपने बच्चे की अच्छी शिक्षा के लिए वीपीएफ खाते (VPF Account) से ब्याज सहित 50 फीसदी राशि निकाल सकते हैं! इसके लिए भी काम करते हुए कम से कम 7 साल पूरे करना जरूरी है! हालांकि अच्छी शिक्षा से संबंधित दस्तावेज पेश करने होंगे! आपात चिकित्सा (For Emergency Treatment) – अगर आप अपने, जीवन साथी, बच्चों या माता-पिता के इलाज के लिए पैसा चाहते हैं, तो आप अपने मूल वेतन (Basic Salary) का 6 गुना या वीपीएफ (VPF Account) की पूरी राशि में जो भी कम हो, निकाल सकते हैं! इससे कोई फर्क नहीं पड़ता कि नौकरी कितनी पुरानी है! घर खरीदने के लिए (For Home to Buy) – अगर आप घर खरीदना या बनवाना चाहते हैं तो आपकी बेसिक सैलरी (Basic Salary) का 36 गुना तक और अगर आप जमीन खरीदना चाहते हैं तो VPF Account से 24 गुना तक बेसिक सैलरी निकाली जा सकती है! इसके लिए जरूरी है कि आपने नौकरी करते हुए कम से कम 5 साल पूरे कर लिए हों! Read the full article

[wizelywizeup]

What is EPF Scheme and How to Check Your PF Balance?

When you retire, your salary stops, but your expenses don't. Ensuring your daily expenses are taken care of and that your lifestyle is maintained as before, a good retirement corpus is necessary. This is where the Employee Provident Fund comes to the rescue.

The Employee Provident Fund (EPF) helps people save up sufficient for their retirement. It was introduced with the Employees' Provident Funds Act in 1952 & managed by the Employees' Provident Fund Organisation.

An employer's contribution towards the employee's EPF account is 12% of the salary (basic plus salary dearness allowance retaining allowance). The EPF is regarded as a low-risk investment as Government of India manages it and assures a fixed rate of return.

The employee also has the choice to contribute more to his/her EPF account. There is no such prescribed value to which employees can contribute towards EPF as per the law. The contribution over the mandated 12% goes towards the Voluntary Provident Fund (VPF). VPF contributions also earn tax-free interest income.

The Employee Provident Fund contributes into two parts:

If you are a man, you have to contribute 10-12% of your basic salary.

If you are a new woman employee, it is 8% of your basic pay for the first three years, and after that, it becomes 10-12% of your basic salary.

Benefits of EPF

The Employee Provident Fund extends an array of benefits. It helps get financial stability and security in salaried employees.

Capital Gains - The PF online scheme offers pre-fixed interest on the deposit and rewards at maturity, further ensuring growth in the employees' funds to accelerate capital growth.

Emergency Fund - Uncertainties are a part of life. Therefore, being financially prepared is the best an individual can do to deal with difficulties. An EPF helps as an emergency fund when an individual requires emergency funds.

Tax Benefits- Under Section 80C of the Indian Income Tax Act, employees' contribution towards their PF account is deemed eligible for tax exemption. Moreover, earnings generated through the EPF scheme are exempted from taxes.

Under What Circumstances can EPF be Withdrawn?

Individuals may opt for either partial/complete withdrawal of EPF. But such departures can be made under specific conditions.

Here is when individuals can completely withdraw their EPF:

On retirement.

If their unemployment extends to more than two months.

While switching from one profession to another or in between jobs. But remember, that the duration of unemployment should be more than two months.

Here is a list of events under which individuals can withdraw EPF partially:

For a wedding.

For higher education.

For purchasing land or constructing a house.

Repayment of home loan.

Renovating a housing property.

How to Check Your EPF Balance?

You can check the balance of your EPF account online in two ways:

Through the EPFO website: You can use the EPFO website to view your PF passbook. You can also print the details if you need them.

Visit the site - www.epfindia.gov.in

Click on 'Our services' and choose 'For employees'

Go to 'Services' and select the 'Member passbook' option

Type your UAN and password to view your passbook ​

2. By Sending a SMS: You can view the message in a variety of Indian languages, including English and Hindi. If you want it in other languages, use the first three letters of your desired language instead of 'ENG'. For example, for receiving updates in Punjabi, you type - EPFHO UAN PUN. The facility is only available after integrating your UAN with your KYC details, i.e. Aadhaar or PAN or bank account details.

3. By Giving a Missed Call: Give a missed call to 011-22901406 from your registered mobile number. You'll receive an SMS containing your EPF balance. This service is also only available upon integrating your UAN with your KYC details.

You can be assured of your retirement money from the EPF scheme. And throughout your career, if you've moved jobs, you can be assured of availing the provident fund's benefits under the same account.

Source: https://wizely.in/wizeup/employees-provident-fund-definition-benefits-check-balance

[quantummf]

Voluntary provident fund (VPF) vs Debt Mutual fund

What is a Voluntary Provident Fund?

VPF is an employee savings scheme that comes under the traditional provident fund savings scheme. However, under the VPF scheme, the contributor can decide the fixed amount for a monthly contribution. This contribution is not part of the 12% contribution by an employee towards his EPF.

Advantages

•  Safe option to invest: Since the Indian Government operates the scheme, the risk involved is relatively less as compared to other various schemes of investing; also it is easier and safer to invest via a VPF account.

•  High rate of interest: Under the VPF scheme, the VPF interest rate is usually around 8.50% p.a. for FY 21-22.

•  Easy to open account: It is simple and easy to open a VPF account. Employees can open a VPF account once by submitting the registration form. The current EPF account shall also act as the VPF account.

•  Simple transfer process:  If employees change their jobs, the process of transferring from the old company account to a new one is also quite simple.

Conclusion:

The VPF account is considered one of the best options to invest for a salaried person. Employees are eligible for tax benefits of up to Rs.1.5 lakh under Section 80C of the income Tax Act, 1961. The interest that is generated from these contributions is also generally exempt from tax. However, in case of VPF interest earned on employee contribution above Rs.2.5lakh p.a over Rs.1.75 Lakh basic salary., will be taxable. Investments towards a VPF account are viable because of its efficient rate of interest and tax benefits.

What is the meaning of a Debt Mutual Fund?

A debt mutual fund is a mutual fund scheme that invests in fixed income instruments, such as Government or Corporate Bonds, corporate debt securities, and money market instruments etc. Debt funds are also referred to as Fixed Income Funds or Bond Fund.

What are the four Advantages of a Debt Mutual Fund?

1.       High liquidity: Debt mutual fund schemes, especially liquid funds, typically have a high degree of liquidity and investors may redeem their investments faster than others.

2.       Tax efficiency: Debt Mutual fund schemes do have long and short-term capital gains tax. However, the benefit of indexation increases after three years of holding and succeeding years.

3.       Flexibility: Using an STP, the debt mutual fund units can be easily transferred periodically to an equity scheme or any other scheme as per investor’s choice.

4.       Diversification of investment:  While choosing debt mutual funds, ensure to verify the portfolio. Generally, it is safer to invest in Debt Mutual Fund that invest Government securities and Government-issued papers, thereby reducing portfolio risk.

Conclusion

Firstly, Debt Mutual fund schemes help reduces overall portfolio risk as they help in diversification. When equity markets fall, debt investments cushion downside risks and may bring stability to returns.

Secondly, Debt Mutual funds are a good option for your short-term investment planning. The accumulated cash could be used for short-term goals like vacations, buying a gift, etc.

Disclaimer: The views expressed here in this Article / Video are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the reader. Quantum AMC / Quantum Mutual Fund is not guaranteeing / offering / communicating any indicative yield on investments made in the scheme(s). The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the reader. The Article / Video has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and views given are fair and reasonable as on date. Readers of the Article / Video should rely on information/data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments. None of the Quantum Advisors, Quantum AMC, Quantum Trustee or Quantum Mutual Fund, their Affiliates or Representative shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary losses or damages including lost profits arising in any way on account of any action taken basis the data / information / views provided in the Article / video.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

#Voluntary provident fund Debt mutual fund mutual funds

[moneycafe]

With Interest Of 8.5% Employees Should Consider This Scheme

With Interest Of 8.5% Employees Should Consider This Scheme

Why employees should subscribe to the VPF? To begin with because of the interest rates and the tax benefits. The VPF comes under the (EEE – exempt on contribution, exempt from the principal and exempt on interest category). So, the contribution qualifies for tax exemption under Sec80C of the Income Tax Act. If you work and contribute for a period of 5-years, the interest earned is also tax…

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What is Provident Fund (P.F)

1. What is the Employee Provident Fund?

The Employee Provident Fund (EPF) is a plan that assists individuals with setting aside an adequate corpus for retirement. The arrangement was presented with the Employees' Provident Funds Act in 1952 and is today overseen by the Employees' Provident Fund Organization (EPFO).

In this plan, a representative needs to contribute 12% of their fundamental pay towards the asset consistently. The business coordinates with this sum with an equivalent commitment. At the point when you resign, you get the aggregate sum (individual just as the business' commitment) as a singular amount alongside interest. The EPF is viewed as a generally safe venture as the Government of India oversees it and guarantees a fixed pace of return.

Organizations with at least 20 representatives should keep up EPF represents their workers. A few organizations with less than 20 workers additionally receive the EPF plot. We will talk about this in detail later on.

Likewise, the arrangement of an EPF account is necessary for workers with a compensation of under ₹15000. All things considered, most organizations give the office to all representatives paying little heed to their compensation. Also, on the off chance that you move starting with one occupation then onto the next, you can move your EPF corpus without any problem. This is conceivable through something known as the Universal Account Number.

2. Translating the EPF Monthly Contribution

As referenced above, both the worker and the business need to contribute similarly to the EPF account each month. Be that as it may, the genuine sum you add to your EPF account each month is determined on your fundamental compensation notwithstanding your dearness remittance and your holding stipend.

For most workers, the commitment rate is 12%. Be that as it may, there are sure conditions where a 10% rate is material. For instance, if an organization meets the accompanying models:

• has under 20 representatives,

• suffers misfortunes that are more than its whole total assets,

• belongs to the jute, beedi, block, coir or guar gum industry,

Another unmistakable case is that of ladies workers. According to the 2018-19 Union Budget, new ladies representatives could contribute just 8% (rather than 12%) towards their EPF represent the initial three years of business. This was accomplished for two reasons:

• To urge organizations to recruit more ladies

• For ladies to get a higher salary.

Furthermore, however ladies workers can contribute 8%, the material pace of commitment for businesses keeps on being 12%.

We have talked about all the diverse speculation arrangements accessible under EPF. Be that as it may, imagine a scenario in which you need to offer over 12% towards your EPF. All things considered, you can do it through something known as a Voluntary Provident Fund (VPF).

3. A Quick Brief on the Voluntary Provident Fund

Like the term recommends, the Voluntary Provident Fund (VPF) is a deliberate asset commitment you make towards your opportune asset account. This commitment is past the 12% commitment you make towards your EPF. You can make a top level input up to 100% of your Basic Salary and Dearness Allowance and procure revenue at the very rate as that of the EPF. Notwithstanding, the business doesn't need to coordinate with this intentional commitment.

We will speak more about the VPF later on. In any case, until further notice, how about we investigate other striking highlights that EPF has to bring to the table.

4. EPF Rate of Interest

As of now, the predominant rate on EPF stores is 8.65%, which is something similar for VPF. The EPF pace of interest is assessed each year. The accompanying table shows how the loan cost on EPF has changed in the course of recent years:

5 . EPF Tax Benefits

EPF speculation goes under the class of Exempt, Exempt, Exempt (EEE) with respect to burden. It appreciates the EEE status as commitments are deductible from pay. No duty is material on the measure of cash you contribute, the premium you acquire or the sum you pull out toward the finish of its development. In any case, this tax reduction isn't accessible in the event that you pull out your venture before the culmination of 5 years. VPF falls under the EEE class as well and offers a similar tax breaks as that of EPF.

6. EPF Withdrawal

Consistently, you redirect a little segment of your compensation into your EPF account. Over years, these commitments (alongside that of your boss) develop into an enormous corpus. Furthermore, as we have effectively examined, the point of this whole exercise is to guarantee that you have a considerable corpus to deal with your monetary necessities during retirement. At the point when you become 58 years of age, you can extricate 100% of your EPF corpus. Likewise, the EPF Act additionally permits you to pull out 90% of the corpus one year before retirement (given that you are at least 54 years of age).

There are likewise different special cases when you can make halfway withdrawals from your EPF account. These crises incorporate -

• Medical costs

• Marriage

• Housing credit reimbursement

• Purchase of a house/land

Keep in mind, you can make these fractional withdrawals solely after the finish of five years. Likewise, in the event that the EPF account holder dies, the candidate can guarantee the corpus of the endorser's EPF.

7. EPF Withdrawal in Case of Unemployment

On the off chance that you leave your work and you stay jobless for a month, you can pull out up to 75% of your EPF corpus to meet your costs. What's more, on the off chance that you can't discover work following two months, you can pull out the equilibrium sum. Additionally recall that you can utilize this element whenever. You don't need to sit tight for a specific number of years prior to making a withdrawal.

8. VPF Withdrawal

VPF permits incomplete withdrawals and complete withdrawals. This is a decent alternative to swear by in the event of any unanticipated monetary crises like taking care of emergency clinic bills for yourself or potentially your family. You can likewise tear your VPF account open for reasons, for example,

• construction or acquisition of new house or a private plot

• repayment of a current home credit

• higher training or marriage of kid

VPF is very famous among financial backers on the grounds that the amassed sum can be removed anytime. Yet, guarantee that your record is dynamic for a very long time in any event in the event that you need to try not to pay charge on the development sum.

9. Associating the Universal Account Number to the EPF Scheme

The Universal Account Number (UAN) is a 12-digit number, dispensed by the Employee Provident Fund Organization to each representative having an EPF account. The UAN stays steady for the duration of the existence of a worker and is versatile.

The essential advantage under the UAN is that you don't have to pull out your EPF when you change your work. You can move your EPF from an old business to another one rapidly and without issue. Consequently, paying little heed to the occasions you change your work, you can keep assembling your EPF corpus without a break.

10. Benefits of UAN to Employees

• You can move your EPF balance from an old record to another one through the UAN.

• Each new PF account with a new position will go under the aegis of a solitary bound together record.

• Whenever you need your PF proclamation, you can download one in a flash - either by signing in utilizing your part ID or UAN or by sending a SMS.

• New businesses don't have to approve your profile if the UAN has been Aadhaar and KYC-confirmed.

• It can be simpler to pull out (completely or in part) EPF online with UAN.

• It is simpler for you to guarantee that your manager is consistently keeping their commitment in the PF account.

11. How to Check the EPF Balance Online?

You can check the equilibrium of your EPF account, on the web, twoly.

• Checking your EPF balance through the EPFO site:

You can utilize the EPFO site to see your PF passbook. You can likewise print the subtleties in the event that you need.

• Visit the site - www.epfindia.gov.in.

• Click to 'Our administrations' and decide 'For workers'.

• Go to 'Administrations' and select the 'Part passbook' choice.

• Type your UAN and secret phrase to see your passbook.

Albeit the EPFO furnishes you with the UAN, your manager should check and actuate it, for you to utilize these administrations.

• Checking your EPF balance by means of the Umang application:

The Umang application dispatched by the Government of India is a useful guide to help you check your EPF balance. Through this application, you can see your passbook, raise a case, and track the case. You can enlist on the application by entering a one-time secret phrase shipped off your versatile

• Checking EPF balance by sending a SMS:

You can see the message in English, Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam and Bengali. On the off chance that you need to get the update in English, you send the message referenced previously. On the off chance that you need it in different dialects, utilize the initial three letters of your ideal language rather than 'ENG'. For instance, for accepting updates in Punjabi, you type - EPFHO UAN PUN.

The office is just accessible subsequent to incorporating your UAN with your KYC subtleties, for example Aadhar or PAN or ledger subtleties.

• By giving a missed call:

Give a missed call to 011-22901406 from your enlisted portable number. You'll get a SMS containing your EPF balance. This help is additionally just accessible upon the mix of your UAN with your KYC subtleties, for example Aadhar or PAN or ledger subtleties.

12. End

As a representative, you can be guaranteed of a retirement corpus from the EPF plot. Also, all through your profession, on the off chance that you've moved positions, you can be guaranteed of profiting the advantages of the fortunate asset under a similar umbrella record, kindness the UAN. The VPF (on the off chance that you decide to contribute) gives extra insurance and cover.

In any case, on the other side, EPF has certain constraints. With regards to venture returns, other retirement saving alternatives like National Pension System (NPS) or Equity Linked Saving Scheme (ELSS) can possibly acquire more significant yields. Likewise, even VPF accompanies limitations. You can make a full withdrawal from your VPF account just at the hour of retirement. This can represent a test in the event that you need to meet other monetary objectives temporarily. A decent option is to put resources into NPS or ELSS on the off chance that you need swelling beating returns for

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