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How to show in ITR: EPF contribution above 2.5 lakhs

The interest on any contribution above Rs. 2.5 lakh by an employee to a recognized provident fund is taxable effective from 1st April 2021. This means that a person contributing up to Rs 20,833 a month to PF i.e has a basic salary of up to Rs 1.73 lakh a month will...

What is Annexure K of EPF? How is it related to EPS transfer?

Annexure K of EPF is a document that contains details of the EPF account. It is useful during the transfer of EPF from or to exempted private trusts. This article talks what is Annexure K, It’s usefulness. How to get it? Annexure K Annexure K is an internal...

EPF Advance for Medical Emergencies

On 31 May 2021, EPFO has come up with a better process of withdrawing from EPF, while you are working, for medical purposes like emergency hospitalization on account of serious life-threatening diseases including Covid 19. Earlier, EPF scheme rules allowed withdrawal...

How to withdraw from EPF for Coronavirus?

On 1 Jun 2021, EPFO announced that employees contributing to EPF can now avail of a second non-refundable advance from their EPF accounts to meet financial emergencies due to coronavirus. Earlier in 2020,  EPF had announced that an EPF member could withdraw up to  75%...

Why should one transfer old EPF account to new employer?

One has to transfer the old PF account to the new account. Only then will you be able to withdraw from both accounts online. Linking of PF account with UAN is not sufficient. EPFO plans to merge the PF accounts automatically when one changes the job but it has been in...
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