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EPF accounts News
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Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had Rs 6,804.88 crore.
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Every month, each employee and the employer contribute 12% of their basic income to these PF accounts as a fixed contribution.
Employees have four options for checking the balance of their EPF accounts.
You can check PF balance via SMS, missed call and EPFO website.
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When it comes to EPF accounts, a correct/updated mobile number will aid in the provision of services.
This is due to the fact that a one-time password (OTP) is provided to the registered mobile number.
Similarly, an accurate Email ID can assist EPFO in reaching out for any contact.
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The deadline for filing Income Tax Return is reduced by 3 months along with a maximum penalty of up to Rs 10,000, with a deadline for filing belated and revised ITR for FY 2020-21 to December 31, 2021.
According to the new rules, the deposits in the EPF account should not be more than Rs 2.5 lakh.
The finance ministry has decided to raise the tax deducted at source (TDS) and it would be done under the Sections 206AB and 206CCA inclusions in the IT act.
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Retirement body EPFO closed 71.01 lakh EPF accounts in 2020
This is higher than 66.66 lakh EPF accounts closed in the same period a year ago
Union Labour Minister Santosh Gangwar informed Parliament on Monday
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Under this facility, subscribers of the Employees' Provident Fund Organisation (EPFO) can merge as many as 10 previous accounts with their UAN at one go.
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Retirement fund manager EPFO has reduced the stipulated period for settlement of various claims such PF withdrawal, pension and insurance to 10 days from 20 at present.
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Over four crore subscribers of the retirement fund body EPFO can now make down payment and pay EMIs from their EPF accounts to buy homes.
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Retirement fund body EPFO's trustees on Thursday deferred the discussion on the proposal to increase investments in ETFs to 15 percent, from the current 10 percent of investible deposits, in 2017-18.
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Retirement fund body EPFO will launch a housing scheme next month for its over four crore members to enable them to make down payment and pay EMIs from their EPF accounts to buy homes.
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