EPFO Rule Change: EPFO has made many big changes in Form 13, after which it will be easy to know whether the interest deposited in the PF account will be taxable or non-taxable.
EPFO Rule Change: The Employees’ Provident Fund Organization (EPFO) has recently announced several updates. After these updates, operating a PF account will not only be easy, but claim settlement and money transfer will also become much simpler than before. Along with this, this update of EPFO will provide many benefits to both the employer and the employee. We are telling you about these benefits in detail here, after which EPFO account holders will be able to easily complete other tasks including PF, UAN.
New version of Form 13
EPFO has released an updated edition of Form 13 for transferring PF when changing jobs, which will make it easier for EPFO members to transfer the money deposited in their PF account to another account when changing jobs. Let us tell you that EPFO’s updated Form 13 will work to further enhance many of the facilities already available in the existing Form 19.
PF interest taxable or non-taxable
EPFO has made many major changes in Form 13, after which it will be easy to know whether the interest deposited in the PF account will be taxable or non-taxable. Along with this, correct calculation of TDS can be done with the updated Form 13 and there will be less chance of any kind of mistake in it.
Generating UAN became easy
Now employers will be able to generate a large number of UAN numbers without Aadhaar card. Along with this, the facility will also benefit the members associated with PF Trust, which have either been merged with EPFO or their exemption has been canceled. After this change, employers will now be able to generate UAN of a large number of employees without Aadhaar with the help of existing member ID and available data. However, these UANs will be active only when Aadhaar ID is fed into them.
EPFO outstanding payments
In the recent past, many PF account holders had complained to the Employees’ Provident Fund Organization that they were not getting their PF amount through the standard Electronic Challan cum Return (ECR) system. In such a situation, it was clarified by the EPFO that such PF account holders will be paid the PF amount once through a demand draft.
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