Alert from EPFO: Withdrawal Facility May Face Imminent Discontinuation
The Employees’ Provident Fund Organisation (EPFO) has closed the option for subscribers to withdraw a portion of their retirement savings as a Covid-19 relief measure.
Alert from EPFO: Withdrawal Facility May Face Imminent Discontinuation
The Employees’ Provident Fund Organisation (EPFO) has closed the option for subscribers to withdraw a portion of their retirement savings as a Covid-19 relief measure. This information comes from a report in the Economic Times, but there's no official confirmation yet, and Mint couldn't independently verify this.
During the 2020 pandemic, when the world was grappling with the effects of COVID-19, EPFO allowed its members to take two advances from their Employees’ Provident Fund (EPF) account.
The special withdrawal provision, aimed at addressing members' financial needs during the pandemic, was initiated in March 2020 under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
The Ministry of Labour & Employment amended the Employees’ Provident Funds Scheme in 1952 to introduce this provision by adding sub-para (3) under paragraph 68L through an official gazette notification.
According to this arrangement, a non-refundable withdrawal was allowed for an amount equivalent to three months' worth of basic wages and dearness allowances or up to 75% of the member’s credit in the EPF account, whichever was less.
The EPFO, responsible for retirement funds, requires employees and employers to contribute 12% of the basic salary and dearness allowance. This not only acts as a means of saving on taxes but also provides higher interest rates on investments.
Also Read: Upcoming Option for Taxpayers and Businesses to Rectify Submitted GST Returns
FILING YOUR INCOME TAX RETURN F.Y 2023-24 (A.Y. 2024-2025) WITH MYITRONLINE
Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)
If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting
Upload Salary Individual Form-16
If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886,8130309886.
Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
Leave a reply
Your email address will not be published. Required fields are marked *Share this article
Krishna Gopal Varshney
An editor at Myitronline
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
View articles
News Offers
Related Post
.jpg
)
.jpg
)
.png
)
.png
)
.jpg
)
.jpg
)
.jpg
)
.jpg
)
.jpg
)
.jpg
)
.jpg
)