EPF Withdrawal (EPFO) Employees’ Provident Fund Organization
EPF Withdrawal: Tips on how to Complete a PF Form and File a EPF Claim On-line
EPF Withdrawal:EPF might be withdrawn partially or in entire. When an individual retires or is jobless for greater than two months, she or he is entitled to withdraw completely. Partial EPF withdrawal is permitted in particular cases, corresponding to for medical causes, marriage, home mortgage reimbursement, and so forth. Fill out the EPF withdrawal type on-line to request a withdrawal. Provided that your Aadhaar is linked to your UAN are you able to make the most of the net withdrawal declare possibility. Proceed studying to be taught all you have to know concerning the EPF withdrawal course of.
Continue reading to learn more about the EPF withdrawal Form 31. You may also see our pages on the below topics in the box.
|EPF||EPFO||EPF Balance||EPF Claim|
|EPF Withdrawal||Form 11 EPF||EPF Withdrawal Form 31||EPF E Passbook|
|What is UAN?||EPF Payment||Umang App||EPF Passbook Download|
|EPF Form 2||SBI EPF||SBI PPF Account||Download and Print UAN Card|
Tips on how to Take Cash Out of EPF.
• Go to epfindia.gov.in to learn extra in regards to the EPFO.
• On the ‘For Employees’ tab, choose the ‘Our Services’ choice.
• From the ‘Our Services’ field, select ‘Member UAN/On-line Companies.’• You’ll be sent to the UAN website, where you must choose ‘Activate your UAN’ from the drop-down option.
• In order to activate your UAN, fill out the form to create an authorization PIN.
• The activation of the UAN will be confirmed by an SMS sent to your registered cellphone number.
• You will be given a password to use on the UAN website to view your EPF account data after you have been validated. However, users must check that the following requirements are satisfied before proceeding with the above-mentioned steps:
• Your EPF account is connected to your Universal Account Number (UAN).
• Your UAN is connected to your Aadhaar number, which has been authenticated.
• A bank account with an appropriate IFSC code is connected to your UAN.
How to File a Claim for PF Withdrawal Online?
• Go to epfindia.gov.in to learn more about the EPFO.
• To access the EPFO portal, provide your official log-in credentials, such as your UAN and password.
• Double-check your KYC details by going to the ‘Manage’ tab.
• Then, under the ‘Our Services’ heading, select ‘Claim’ from the drop-down menu.
• You’ll be able to choose the type of withdrawal claim you wish to submit here. Under the ‘I Want to Apply For’ option, users can pick between a complete withdrawal, a partial withdrawal, or a pension withdrawal.
• After you’ve selected your preferred choice, you’ll be able to submit your online claim for PF withdrawal.
Users should be aware, however, that the various forms of withdrawal drop-down boxes will only display if a subscriber is eligible to utilize them. Your claim will be forwarded to your concerned employer for approval once you have completed all of the stages. Following approval, the required PF amount will be transferred into your account within 10 days of the sanctioned permission.
Let’s go through the entire EPF Withdrawal process in detail.
Procedure for Withdrawing EPF Funds over the Internet.
You must ensure that your UAN is activated and connected to your KYC before withdrawing EPF online (Aadhaar, PAN and bank details). If you match these criteria, you can withdraw your EPF online by following the steps outlined below.
How to Apply for an EPF Withdrawal Through the UAN Portal?
Step 1: Go to the UAN website.
Step 2: Use your UAN and password to log in. Fill in the captcha.
Step 3: Choose ‘KYC’ from the ‘Manage’ web page to see in case your KYC info, equivalent to Aadhaar, PAN, and savings bank account info, has been validated.
Step 4: After you’ve got validated your KYC info, go to the ‘On-line Services’ web page and select ‘Declare (Form-31, 19 & 10C)’ from the drop-down menu.
Step 5: The subsequent display will present the member info, KYC info, and different service info. Click on ‘Confirm’ after coming into your savings bank account number.
Step 6: Click on ‘Yes’ to signal the enterprise certificates after which proceed.
Step 7: Choose ‘Proceed for On-line Claim’ from the drop-down menu.
Step 8: Underneath the tab ‘I Want To Apply For’ on the claim form, choose the claim you want, i.e. full EPF settlement, EPF portion withdrawal (mortgage/loan/advance), or pension withdrawal. On account of service necessities, if the member isn’t certified for any of the services, equivalent to PF withdrawal or pension withdrawal, that selection won’t seem within the drop-down menu.
Step 9: To withdraw your funds, choose ‘PF Advance (Form 31).’ Include the explanation for the advance, the amount wanted, and the worker’s address.
Step 10: Submit your application by clicking on the certificates. For the aim of filling out the shape, you could be required to provide scanned paperwork. Solely till your employer has permitted the withdrawal request will you get cash in your bank account. The cash is often credited to the bank salary account inside 15-20 days.
To buy a house, you can borrow up to 36 times your last monthly contribution. You can borrow up to 24 times your last monthly contribution if you’re buying land. To qualify for the loan, you must have worked for five years in a row.
You can apply for a house loan using your EPF account balance by following the steps below:
Apply for a house loan through a housing society and submit the application to the EPF Commissioner in the Annexure 1 format. The EPF Commissioner will provide a certificate detailing your EPF account’s monthly contribution for the last three months. You may also take a printed copy of your EPF passbook with the latest three months’ contributions and submit it to the housing society to receive an estimate of the loan amount you can borrow from your EPF balance.
To apply for a house loan through the UAN member site, complete the procedures below:
Step 1: Go to the UAN Member e-Sewa site and sign in.
Step 2: Go to the ‘On-line Services’ web page and select ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu. Step 3: The details about the member shall be offered. Click on ‘Confirm’ after getting into your EPF-registered bank account number.
Step 4: To sign the certificate, select ‘Yes.’
Step 5: Next to ‘I Want to Apply For,’ select ‘Proceed for Online Claim’ and describe the reason for obtaining an advance. Only if you are eligible in terms of years of service will the appropriate alternatives be presented.
Step 6: To withdraw your cash as an advance or loan, select ‘PF Advance (Form 31).’ Enter the amount you’d want to borrow as well as the employee’s address.
Step 7: Apply for the certificate by clicking on it. You may be needed to upload necessary papers if prompted.
Step 8: Your application is processed by EPFO. EPFO pays the housing society directly after receiving approval.
Your EPFO-registered cellphone number will get an SMS notice. The money will be paid to your bank account after the claim is processed. Despite the EPFO’s lack of a specific time restriction, the money is normally credited within 15-20 days.
Withdrawal of EPF: 2022 News Update
|EPF Withdrawal: 2022 News Update|
|EPFO permits members to take money out of their EPF account twice to cover COVID-19 expenses.|
|EPF members can now withdraw twice from their EPF account to cover emergency expenditures incurred as a result of the Coronavirus outbreak, according to the labour ministry. A non-refundable withdrawal of up to 75% of the money available in their EPF account, or 3 months of their basic earnings and dearness allowance, whichever is smaller, is accessible to members. EPFO also plans to satisfy these withdrawal claims within three days and has set up an auto-claim settlement procedure for members who have completed their KYC in every way.|
|(Last fiscal year's Union Budget)|
|The income earned on excess contributions to the Employees' Provident Fund (EPF) and Voluntary Provident Fund (VPF) is taxed if the total contribution exceeds Rs 2.5 lakh in a financial year. The maximum salary cap for government employees is Rs 5 lakh.|
|EPF Withdrawal Forms Update|
|Forms such as Form 19, Form 31, and Form 10C were formerly required to withdraw the funds. These papers have since been replaced with a single EPF withdrawal form, the Composite Claim Form, which fulfills the functions of all three.|
Offline Procedure for Withdrawing EPF.
You can withdraw your PF by going to the EPFO office and filling out a Composite Claim Form. Aadhaar and Non-Aadhaar Composite Claim Forms are the two forms of Composite Claim Forms. Employer attestation is not required for the Aadhaar Form, but if you use the Non-Aadhaar Form, you must get it confirmed by your employer before submitting it to the jurisdictional EPFO office.
Withdrawal from the EPF is subject to certain circumstances. The next are the conditions that have to be met to ensure that an worker to withdraw EPF-
• You might only take your entire amount out of your EPF account when you retire. Early retirement is only thought-about by EPFO if an individual has attained the age of 55.
• Withdrawing a portion of your EPF is only possible within the occasion of a medical emergency, home buy or building, or greater schooling.
• EPFO permits a withdrawal of 90% of the fund one yr earlier than retirement.
• The EPF corpus could be eliminated if an worker is laid off or retrenchment occurs earlier than retirement.
• Based on the new rule, only 75% of the corpus could be withdrawn after one month of unemployment. The remaining cash will likely be transferred to a brand new EPF account after you’ve discovered work.
Employees do not need to wait for authorization from their employer to withdraw their EPF. By connecting their UAN and Aadhar to their EPF account, they may get approval online.
When filing a claim online, you must have.
o You must have a valid UAN number.
o Information on bank accounts linked to the UAN.
o The EPF database has been seeded with PAN and Aadhar numbers.
Paperwork Required for EPF Withdrawal
The following papers are necessary when requesting for a PF withdrawal:
• A composite claim form and two revenue stamps
• Statement of bank account (While the PF holder is alive, the bank account should only be in his or her name).
• Identification proof
• Identification and proof of address
• One blank and cancelled check that clearly displays the IFSC code and account number.
• Personal information such as the father’s name, birth date, and other data should perfectly match the identity evidence.
If an employee withdraws PF money before completing five years of continuous work, he must fill out ITR Forms 2 and 3 to detail the total amount paid into the PF account each year.
When may you withdraw funds from your EPF account?
Employees can only withdraw cash from their EPF if they satisfy the following requirements:
|Condition||Tenure of service.||Amount of Withdrawal||Other Restrictions|
|House construction/purchase.||The individual must have worked for the company for a total of five years.||The maximum amount that may be withdrawn for purchasing is 24 times the monthly pay, or 36 times the monthly salary for purchasing and construction (both).||Only the holder of the PF account and his or her spouse are eligible to request for a withdrawal.|
|Medical Cure||There are no restrictions.||It is possible to withdraw a sum equal to the employee's share plus interest, or 6 times his monthly pay, whichever is less.||Withdrawal requests can be made by the PF account holder, his or her parents, spouse, or children.|
|Repayment of a mortgage/Home Loan.||The employee should have been with the company for at least three years.||It is possible to withdraw 90% of the whole sum.||Only the holder of the PF account and his or her spouse are eligible to request for a withdrawal.|
|Restoration/Renovation of house.||From the date of the house's completion, the employee shall be in continuous service for 5 years.||It is possible to withdraw an amount equivalent to 12 times the monthly wage.||Only the holder of the PF account and his or her spouse are eligible to request for a withdrawal.|
|Marriage.||An employee must work for a total of seven years.||It is possible to withdraw 50% of the employee's contribution plus interest.||Withdrawal requests can be made by the PF account holder, his siblings, and/or children.|
EPF withdrawal limit
The EPF has a withdrawal limit.The cause for the withdrawal determines the maximum EPF withdrawal.
|Purpose of EPF Withdrawal||Withdrawal Limit from the EPF.|
|It's for medical reasons.||The whole corpus or six times the monthly wage, whichever is lower.|
|Marriage||Contribution to the PF is 50%.|
|Repayment of a mortgage/home loan||Up to 90% of the EPF's assets|
|Renovating/restoration of house.||The monthly pay is multiplied by 12 times.|
|Retirement.||Balance of the EPF.|
|Unemployment.||After the first month of unemployment, 75% of people are unemployed, and 25% are unemployed after the second month.|
The Benefits of Withdrawing EPF Funds Online
As shown below, there are various advantages to making an online EPF withdrawal claim.
Easy Withdrawal- The online EPF withdrawal claim method saves you time and effort by eliminating the need to go to the PF office and wait in long queues.
Online claims are handled and refunded to your bank account within 15-20 days after submission. This processing time will be reduced even more, according to government plans.
There’s no need to call your previous employer for confirmation—unlike offline claims, which need the employer to authenticate your papers, online claims are verified right away. This is especially useful for those who have just moved since it removes the need to send documents or drive long distances.
Withdrawals from the EPF are subject to taxation.
The sum obtained from an EPF withdrawal is tax-free, but only if you meet the following criteria:
|Possibility of EPF Withdrawal||Taxation Regulations|
|Before completing 5 years of continuous service, an employee withdraws more than Rs. 50,000 from his or her EPF account.||If the employee provides his PAN, TDS is deducted at a rate of 10%.|
|If you don't have a PAN card, you'll have to pay TDS of 30% + tax.|
|TDS is not deducted if the employee submits Form 15G/H.|
|After 5 years of continuous employment, the employee can withdraw the EPF funds.||There are no TDS requirements. Employees do not need to report such withdrawals because they are totally exempt.|
|Employee transfers monies from their PF account to the National Pension Scheme (NPS).||There are no TDS requirements.|
Other important considerations when it comes to the taxability of EPF withdrawals include:
• The EPF amount is taxable if there is a gap in the 5-year term; in this case, the entire amount is taxed. If an employee’s entire income is not taxable, they must fill out Form 15H/15G as a declaration.
• Employees who previously claimed Section 80C exemption on EPF contributions will be obliged to pay tax on the employee’s contribution, the employer’s contribution, and interest on each deposit. If the employee did not claim it the previous year, the contribution part will be tax-free. The amount of tax due will be determined by the employee’s pay in the year of withdrawal.
What is the best way to monitor the status of my EPF claim?
EPF money can be withdrawn using the UAN member site. To make an online withdrawal, the member must first activate his UAN before logging on to the website. Money may also be transferred from one PF account to another via the interface. This platform also offers other online services, such as eKYC and changing contact information.
You may check the status of your withdrawals on the EPF member portal. You must first log in to the portal online, then select ‘Track Claim Status’ from the ‘Online Services’ area. You will not need to enter a reference number to verify the status; it will appear on the screen immediately.
EPF Withdrawal Video Guide
Below is a video guide that may help you in EPF withdrawal.
Often asked questions on EPF Withdrawal
Q1). What are the requirements for using EPF funds to pay off a mortgage?
And: A member’s fundamental requirement for withdrawing EPF for house loan repayment is that he or she has worked for three years in a row. Furthermore, the maximum amount that may be deducted for this reason is 90% of the EPF corpus.
Q2). Is it feasible to make an EPF claim without going via the EPF portal?
Ans: You can fill out the EPF withdrawal form on paper if you don’t want to use the internet platform. Go to the EPF member portal and log in with your UAN and password if you choose to use the online method.
Q3). If the present employer’s PF number is linked to the same UAN number as the previous employer’s, what is the online process for withdrawing EPF from earlier employers?
Ans: If you are still working and have opened a new PF account with the same UAN, you will not be able to withdraw your previous EPF balance. The sum should be transferred to the new PF account by logging into the EPF Member e-Sewa Portal and choosing the “One Member-One EPF Account (Transfer Request)” option from the “Online Services” drop-down menu.
If you have been out of work for more than two months, you can request a total withdrawal of your EPF funds by filling out Form 19.
Q4). Is it necessary to have a PAN in order to withdraw EPF funds?
Ans: When withdrawing or settling EPF funds, a PAN is required to avoid tax deductions. If you fail to provide your PAN, you might face a tax deducted at source (TDS) of up to 30%.
Q5). How many times may I make an advance online withdrawal from my PF account?
Ans: The PF advance can be used for a number of different reasons, all of which are pre-specified. Please read Situations when you can make a pre-retirement withdrawal from EPF to check if you are eligible to make a PF advance claim.
Withdrawal frequency varies depending on a number of factors. • According to the most recent standards, you can only take a PF withdrawal for marriage three times.
• You can also seek a maximum of three withdrawals from your PF fund for post-secondary education.
• If you are purchasing a house/plot or constructing a house, there is no explicit limit on the number of times you can claim for PF withdrawal before retirement.
• If you are suffering from a critical illness/medical emergency, there is no explicit limit on the number of times you can claim for PF withdrawal before retirement.
Q6). Is it possible to withdraw monies from an EPF account without having a PAN?
Ans: EPF can be withheld if you don’t have a PAN. If you do so, however, you will be liable to a 30% TDS deduction from your claim amount.
Q7). When does a withdrawal from an EPF become taxable?
Ans: You will be liable to a 10% TDS deduction if you withdraw your EPF money before 5 years (if you show your PAN at the time of withdrawal; if you fail to do so, then TDS to be deducted will be at 30 percent ). However, after five years of continuous employment, you can withdraw your EPF tax-free.
Q8). What is the tax rate on a withdrawal from an EPF account?
Ans: If the EPF is withdrawn before 5 years of continuous service, TDS is deducted at a rate of 10%. At the time of withdrawal, you will, however, be required to give your PAN. If you do not comply, TDS will be deducted at a rate of 30%. Furthermore, if an employee transfers funds from his PF account to NPS, he will not be liable for any taxes.
Q9). What is the most effective technique to show EPF withdrawal in an ITR?
Ans: EPF withdrawals from employees are considered income and should be reported under ‘Income from Salary.’ If you’ve taken money from your EPF account, you can report it on your ITR by selecting ‘Section 10(12) Recognized Provident Fund’ on the portal.
Q10). What is the EPF withdrawal enquiry phone number?
The EPFO’s toll-free customer support number is 1800 118 005.
Q11). How can I withdraw monies from my EPF account without my employer’s permission?
Ans: If you apply for EPF withdrawal online, you do not need to seek proof from your employer. To claim withdrawals online, you must have your PAN and Aadhaar linked to your UAN account.
Q12). Is it feasible to take an EPF withdrawal while still working?
Ans: Yes, you can withdraw money from your EPF while working. There are, however, a few restrictions that must be met. Before retiring, you can only withdraw funds from your EPF account if you meet the following criteria:
• he/she must purchase or construct a home • he/she must attend a wedding for himself/herself and/or a child • he/she must cope with any medical difficulties
Q13). Is there a limit to how many times EPF can be withdrawn?
Ans: Employees have the option of withdrawing their EPF funds at any time. The maximum amount that can be taken is the employee’s entire share or six times his wage, whichever is less. You have three chances to withdraw for the same reason.
Q14). Is it possible to reclaim your EPF funds at any point in time?
Ans: Physical sickness, the EPF account holder’s or his children’s wedding, property acquisition and/or construction, or retirement are all examples of why EPF can be withdrawn.
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