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Showing posts from April, 2021

Different Ways to Withdraw PF Lump Sum

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Even though the withdrawal of Employee Provident Fund (EPF) isn't permitted while you are as yet employed, there are approaches to get this sum on the off chance that you need it gravely. You can cause this withdrawal if you have exchanged your work and don't have any desire to get your PF account moved.  Form 19 which is accessible either with employers or can be downloaded from the EPF site, is to be filled and submitted for pulling out the PF sum. When the application is submitted to the regional EPF Office, the PF sum alongside the premium procured is obtained by the candidate inside a quarter of a year from the date of application.  Here are various manners by which you can easily withdraw your PF investment.  Apply for PF sum withdrawal using UAN: If you have UAN then you can straightforwardly apply for pf withdrawal. You don't need your past employer's endorsement for getting this application handled. Nonetheless, the solitary test with this choice is that most

House Rent Allowance - Rules & Tax Deductions You Need To Know

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  Rules that are applicable for HRA claims:  HRA amount cannot be more than half of your basic salary.  HRA benefits can be claimed for interest paid for home loans.  You can pay rent to your parents and claim HRA benefits, but not your spouse.  If the yearly rent exceeds Rs. 1,00,000, the PAN number of the landlord is required to submit  HRA claim form.  If your landlord is a Non-Resident Indian (NRI), 30% tax can be deducted from the rent and declared.  You can request your employer to rearrange the salary structure to avail maximum tax benefits.  If the deciding factors are constant, the HRA calculation can be done yearly and if any factor changes during the respective fiscal year, it can be calculated every month.  Tax Benefit Scenarios - Home Loan and Rented Residence  Case 1 Employee owns a home and pays home loan for the same.  The employee is staying in another rented residence.  The owned home is rented to someone else.  Tax benefits can be claimed on both home loan and paid

UAN - All You Need To Know

UAN (Universal Account Number) is important as the entire process related to the Employee Provident Fund (EPF) services are now done online. EPFO members can easily perform functions like withdrawal, checking EPF balance , PF loan etc using the UAN number. Here we are discussing the basic services that can be claimed using the UAN and its advantages and benefits.  Universal Account Number or UAN The Universal Account Number or UAN is a 12-digit extraordinary number doled out to each employee adding to the EPF. It is produced and allocated by the Employee Provident Fund Organization (EPFO) and verified by the Ministry of Labor and Employment, Government of India. The UAN of an employee stays as before for the duration of his life independent of the number of occupations he/she changes.  Each time an employee changes his/her job, EPFO allows another member a recognizable proof number of EPF Account (ID), which is later connected to the UAN. As an employee, one can place a solicitation fo