Under the new facility of EPFO, now employees can also update the date of leaving their jobs. For this, one has to visit the EPFO website.
It is often seen that if people change jobs, then they are worried about their provident fund i.e. EPF money. EPFO has a special facility to address your same concerns.
Under the new facility of EPFO, now employees can also update the date of leaving their jobs. For this, one has to visit the EPFO website. Login here with UAN-Password. Then go to Manage and click on Mark Exit. In its next step, PF account number should be selected from Select Employment with drop down.
Next, Date of Exit and Reason of Exit will have to be entered. Then click on Update. In the next step you have to enter on Request OTP. Enter the OTP found on the registered mobile number and press the Ok button. After this your Date of Exit will be updated successfully.
Explain that the government has imposed tax on PF cooperation in the budget proposal for the financial year 2021-22. According to this, if the annual contribution of a person in the Employees Provident Fund (EPF) account is more than Rs 2.50 lakh, then he will not get tax exemption on the interest on the higher amount.
There are 4.5 crore shareholders contributing to the Employees Provident Fund Organization (EPFO) account. Of these, 1.23 lakh accounts belong to the high net worth individuals (HNIs). These people deposit large amount every month in EPF account.
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What about the proceeds of PF at the time of retirement whether more than 20 lakhs is taxable. Please clarify