EPF News: How much money can be withdrawn from EPF account at once, what are the rules?

EPF News: Employees Provident Fund, i.e. EPFO ​​is an investment fund created with contributions from employees, companies and the government. An employed person deposits money in EPFO ​​every month. The company also plays a part in this. Every month a part of your salary goes into this PF account, which means that when you retire, you will have a good amount in your PF account. Many withdraw money from their PF account beforehand. This requires you to state why you are taking the money. There are several rules for withdrawing money from a PF account. EPF account holders cannot withdraw more than three times in a year for marriage and education. For this, the EPF member must be a member under the provident fund for 7 years. We will get information about the rules regarding withdrawal from EPF account. Reimbursement for treatment: If an employee falls ill, six times the employee's contribution for treatment or monthly salary along with interest can be refunded. PF account holders can withdraw up to Rs 1 lakh from their account. Under this, employees can withdraw money from their PF account for their own treatment, treatment of spouse, children and parents. There is no minimum service period to withdraw it. Repayment of home loan: If the house is in one's name, money can be withdrawn from the PF account to repay the home loan. For this, employees can withdraw up to 90 percent from their PF account. Minimum 3 years of service is required to get this amount back. Apart from this, salaried employees can withdraw money from their PF account for marriage. This requires a minimum of seven years of service. Salaried employees can withdraw money for their own marriage, marriage of daughter, sister, brother or child. Employees can also withdraw money from their PF account for repairing old house. The stipulation is that the house should be in the name of the employee, spouse or jointly. It requires at least five years of service. 12 times salary can be withdrawn for this. Salaried employees can withdraw money from their PF account for purchase of house, construction of house or land for construction of house. The stipulation is that the property must be in the name of the employee, the employee's spouse or the joint name of the spouse. For this, you must have worked for at least five years. Apart from this, if an employee who has a PF account loses his job, in such a situation he can withdraw 75 percent amount from his PF account. The facility is that if you are unemployed for more than two months, you can withdraw the remaining 25 percent. On retirement, an employee holding a PF account can withdraw the entire amount deposited in the Provident Fund on retirement after completing 58 years of age. In such a case he can get back 90 percent of the amount. On completion of 10 years of service, an employee gets a post-retirement pension. Withdrawal of money deposited in EPF account is completely tax free, but interest earned after retirement is taxable. Tax on Withdrawal from PF: If an employee withdraws money from PF account before completing five years of service, TDS is deducted. If PAN is provided, 10 percent TDS will be deducted on withdrawal and 34.608 percent on withdrawal without PAN. If the withdrawal amount is less than Rs 50,000, it is not tax deductible. Even after linking PF account with PANE, TDS will be deducted at 20 percent on withdrawal before completion of five years of service. Tax exemption can be claimed under Section 80C of the Income Tax Act. Also Read: Nirmala Sitharaman to present full budget in July Documents required for withdrawal from PF account asked from industry ● UAN (Universal Account Number) is a mandatory document. This can be obtained from the employee organization ● Bank account details should be clearly provided as per EPF account ● Money can be transferred to one third. ● Personal information such as father's name and date of birth must match the identity proof. Story Input: Swathi Kumari The post EPF News: How much money can be withdrawn from EPF account at once, what are the rules? Prabhat appeared first in Kabar.