UAN (Universal Account number) Launched for EPFO Subscribers

Much awaited UAN service has been launched by EPFO on 16 Oct, 2014. Many of you might have received a sms stating the same - "Congratulations on getting portability facility for EPF account. now you can operate your account without any intermediation. Narendra Modi."

To begin the effective delivery of services through UAN portal, EPFO has launched the UAN programme with the following services -

Tax Deduction on EPF Withdrawal

Readers on this blog have asked this question, times and again, "What are the tax implications on EPF withdrawal?" Since the responses to such questions are all hidden in comments, I decided to write a separate post on the same.

EPF Withdrawal After 5 years

If the total continuous service is more than 5 years (in one or more companies), the EPF is NOT taxable.

Understanding UAN (Universal Account number) and its effect on EPF Withdrawal / Transfer

Universal PF Account number has become a reality now, thanks to the untiring efforts of EPFO, India. A unique Universal Account number (UAN) has already been allotted to all contributory members of EPFO and its services are expected to become operational from October 16, 2014. Right now EPFO is in the process of integrating KYC details with the UAN of each employee.

You might have already heard about this new system from your employer or from your friends and might be thinking how will it benefit you. To answer that, lets understand first what is UAN.

Frequently Asked Questions on EPF Withdrawal

Here are some of the Frequently Asked Questions from our readers -

  1. What is the minimum required "period of service" to be eligible for EPF withdrawal?
    Ans:- For EPF withdrawal, there is no minimum limit on period of service. But for EPS, it is 6 months. You will not be eligible for EPS - Pension fund, if you have resigned before 6 months.

  2. Can I give the account number of my joint account in EPF withdrawal form?

Interest rate on EPF deposits for year 2014-15

The Employees' Provident Fund Organisation (EPFO) has announced to keep the EPF interest rate at 8.75 per cent, same as the previous year, for the current fiscal year (2014-15). The announcement came on 26th Aug,2014 at a meeting of the Central Board of Trustees - the apex decision making body of EPFO. However, this decision would be implemented only after the approval of the Finance Ministry.

Finding Voter Details / Find your name in Voter list for Haryana Assembly Election 2014

Date for Haryana Assembly Elections 2014 are yet to be announced by Election Commission but it is likely to take place in October 2014. Many of us want to find out whether our names are there in the voter list or not. Along with that we want to know details like exact polling booth number, polling booth location etc. Luckily, all this information is available online now.

Useful Personal Finance Blogs

If you search on net you will get a hundred financial websites or blogs but most of them contain half baked knowledge. The information provided on such sites is usually copied with no original and creative inputs of their own. There are so many of them that even after spending hours trying to gain insight on a topic, in the end you might come out with no better understanding than before.

Very few websites/blogs actually take the pain to present the information in a creative and useful manner. Among those few, there are some which I like to read -

School Admissions - Nursery Vs Montessori and Age Cut-off Criteria

So the time came, finally, for us to start thinking about "school admissions". The questions that were popping in our minds were something like -

  • What is the difference between Nursery and Montessori ? Which one is better for us?
  • What is Montessori I, Montessori II and Montessori III ?
  • What is the right age to enter in LKG ?
  • What is the age cut-off criteria of different schools ?
  • Which is better - Nursery in mainstream schools or in a playschool ?

With so many questions in our minds, we began to search online and offline for answers. Here is what we got -

Kannada Learning Resources At One Place

Being myself from north India, it was difficult for me to get started in learning Kannada. Learning a new language is certainly not easy, all the more when there is not much practical need of it.

Bangalore, being a cosmopolitan city, is comfortable most of the times with English and sometimes with Hindi as well. At other times you can resort to sign language safely (as I used to do while communicating with my maid). But still I wanted to learn the language - may be as a token of respect to all those Kannadigas who have been a part of my Bangalore life. To be able to talk friendly and warmly with my maid or with those faceless auto-walas or with the lady sitting next to me in bus or with my building's watchman's kids, is what I wanted in general.

How Income Tax Authorities Track Your Income and Taxes Paid (TDS) - Form 26 AS

Do you know that Income Tax authorities have your income data and taxes paid data even before you file your returns ? It might sound shocking at first but the fact remains -

Even before you file your returns, Income Tax authorities know your earned income and taxes paid / remaining to be paid on that income.

They get all this data from various sources like - your employer, your banks, etc. Below is an example of how it works.

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