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Question:- What is the meaning of EPF withdrawal after 5 years? Does it mean withdrawing PF after working for 5 years in a company OR it means withdrawing PF after 5 years of leaving the company. Please answer.
It reminds British era, as we had read in books britishers were trying to put as much as tax possible on poor Indians, something similar Govt is doing with salaried/middle-class
Bhai tu samjh raha hai 250000 ki limit ko matlab jiska monthly basis aur DA milake 173000 se upar hai uspe lagega ye provision. Mujhe samjhai 170000 se jada salary kamane vala banda kaha se middle class hua
Shiv kumar bhai PF pe 500000 ki limit lagai hai EPF mai 250000 ki limit hai agar aap Voluntarily apni 12% se jada karte hai EPF mai jama aur vo 250000 se upar jaata hai to aapko bhi 250000 se upar ke amount pe jo interest milega uspe tax dena padega
The Tax Poem Tax his land, tax his wage, Tax his bed in which he lays. Tax his tractor, tax his mule, Teach him taxes is the rule. Tax his cow, tax his goat, Tax his pants, tax his coat. Tax his ties, tax his shirts, Tax his work, tax his dirt. Tax his chew, tax his smoke, Teach him taxes are no joke. Tax his car, tax his grass, Tax the roads he must pass. Tax his food, tax his drink, Tax him if he tries to think. Tax his sodas, tax his beers, If he cries, tax his tears. Tax his bills, tax his gas, Tax his notes, tax his cash. Tax him good and let him know That after taxes, he has no dough. If he hollers, tax him more, Tax him until he’s good and sore. Tax his coffin, tax his grave, Tax the sod in which he lays. Put these words upon his tomb, "Taxes drove me to my doom!" And when he’s gone, we won’t relax, We’ll still be after the inheritance tax.
Once she said that she come from a family where they don't eat pyaz and lasun so she doesn't cares about the prices. Well she might not also does with the savings and tax 🤷
She is the worst kind out there. Neither she nor her department cares about small savings schemes investors. Just cause she is women we don't have to admire her position cause her actions are villainous.
I dont mind giving tax. I just want one simple thing. Using it to make citizen’s life easier. But the government has budget for stupid projects. But never for basic health and infrastructure. And then they demand for donations. Why so much irony b
PF still gives good returns. But many people advise to buy NPS which is wrong if you are aware of what it is. You have to buy 40% annuity that gives you only 4% returns. So you just completely lose 40% of your investment. The only good thing is it has fixed returns. So it's good for super super risk averse people.
At times it seems that Government willingly keeps such schemes tricky and cumbersome and because of that there is big unclaimed amount persists with the PF department🏬
Okay I am gonna say this now. Whenever a new video is released by you, there will be an immense pressure on the other financial channels. That is the power of information which is being shared through your content. Now, this is what we should call “content creators” or “INFLUENCERS”. Kudos to you guys. :)
'Donations' bhi sarkar ko jaaega.. aur 'Tax' bhi sarkaar ko jaaega....!! Vaise donations k rules hote hain... ek limit tak hi exemption hota hai sirf charitable purposes k liye ...!
It's so f*-king frustrating how much tax the middle class has to pay in India because there's no clear benefit despite paying so much. it's actually better to leave the country and settle in Germany or somewhere. At least there tax actually justifies the benefit of health insurance, education etc
This PF change is OK. But 2.5lacs is very less. I generally contributed 15-20k in VPF even though I am in 20% bracket. The limit should have been atleast 4.5 lacs, I believe.
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in seveal lakhs every month!
@@Urbanhunter49 This includes EPF + VPF. Both were not taxable earlier. It may effect middle class person. Mostly people dont invest in MF/Stocks.A person with CTC of 12lakh, will have 85K in hand, so he can easily contribute 15K-20K towards VPF. I am not saying the new law is bad. It's basically putting a CTC of 15lakh person and 15crore in same basket.
@@crimsoncanvas51 I completely agree with you. Limit should be extended to 5lakhs contribution. Like finance minister amend this limit to government employees.
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in seveal lakhs every month!
I remember how many of my hindu friends in past use to call congress chor but now they all know their fav party is chor ka baap but can't utter a single word 😂😂
Bhai,..from what I have observed.. Hindus were forced to choose BJP against Congress, being helpless...bcoz of the over done appeasement politics and coz of the fear of being subdued. People like Owasi reinforced that fear. Hindus feared losing liberty of life and rights if they are not cautious about the ruling government, just as it happened during mughal rule. Thus now they are looking for a religiously supportive government. As Hinduism and Islam are fundamentally OPPOSITE of each other, staying under one roof, they are bound to have violent clashes, as it is the nature of Human kind to do so. There are 49 Muslim majority countries, covering over 40% of World Land mass with over 2.5 Billion strong Adherent followers of Islam. Where as there is only 1 country in the world with Hindu majority which is not even recognized as Hindu nation in spite of being the land of Origin of that religion. As being a polythiestic religion it's values and fundamental are exactly Opposite of worlds major religions that are Monotheistic. Thus Hindus have no fraternity anywhere. The fear of Hindus to lose out on what little they have is genuine and BJP is just encashing this fear. For Hindus there is a valley infront and a well behind.. thus are helpless and are forced to choose bjp inspite of all this financial atrocities as well are silent watching extreme right wing harassing Muslims. I don't think 99% of Hindus want anything bad for Muslims, but they are silent only because they feel that they need BJP for their safety.
@@akhtar74644 jab desh ke liye ladne ki baat hogi tab tumlog pith dikhe ke iss desh se bhaag jaoge,jaise ki afghani log bhaag gaye but but hum hindu marne dum tak ladenge...yeh differencw hai hindu aur muslim me
Well I know now , that in the next elections whom I am not going to vote for😂. It is like putting a person who is earning above 10 LPA and a person earning 1Cr in the same bracket. There should been a larger slab atleast 5 lakh, 2.5 is too less , that's what I believe
This Govt is very incompetent and not for middle class. Petrol prices touched 100rs even when the Crude oil price is half what used to be in UPA. LPG is hitting record high while Ambani and Adani along with upper echelon billionaires are getting wealthier each day even during a pandemic. It's such BS.
@@masochistboy653 poori duniya ki economy ki lagi hui hai...ameer aur ameer hogA, aap dekho har jagah ameer aur ameer hue hein pandemic mein. Sirf bharat nahi, sabhi jagah, har desh mein. Basically 10l aur adhik income grp walo ko target kiya hai...mera mitra hai salary 30 lakh per year hai...income tax sirf 40k bhar rha, 10lac se upar walo ko target kiya hai govt. Ne
@@adityasaigal8080 please give some tips about giving 40k income tax against 30 lakh income . I am paying 40 k tax against 8 lakh income after savings 1.5 lakh in PF ( getting 80c tax benefits )
Govt is literally bringing everything is possible into the tax bracket now. But we are expecting growth of our country in same phase which is not happening. Job crisis, food crisis, fuel hikes, former pain, inequality, literacy progress, education to all, medication to all, lots of issues.... Poor are becoming more poorer and rich are getting more richer... imbalance...
First point, who are those people who are depositing 100 Crores every year in PF, it would obviously be white money isn't it. Second, even after depositing 100 crore that person would still get an exemption of only 1.5 lac in 80C isn't it, so that great fellow is anyway paying tax on his income -1.5 lac. Why isn't that income tax also being talked about. Thirdly did some body miss the count of zeros between lacs and 100 Crore. Why does an average middle class who is paying taxes through his nose be equated with some one who is capable of depositing 1000s of lacs every year in PF. Is that fair?
HNI depositing 100 crore in voluntary pf is interested in exempt income in form of int on pf and not 80c deduction. And FM didn't say 100 crore is black money.
@@CAPARTH89 Really ! , So that person capable of depositing 100 Crores in PF was interested in 8.5% interest that he would be withdrawing at the time of retirement after many years. Must be living on an island where no bankers and mutul fund agents have not been able to reach till date isn't it.
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in seveal lakhs every month!
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in several lakhs every month!
Bro... you are really making this easy to understand.... couple of questions from my side will this complicated process will be displayed in our online PF book.... otherwise people like me who also contribute under VPF will have to calculate manually. Also what will be tax treatment to existing interest earned on VPF contribution.
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in seveal lakhs every month!
I wish I would have ever known where this huge taxes goes. From Helath, Education, roads, water and every possible public utilities we use we pay taxes. Than where are these taxes benefiting me back as citizen? Every other developed countries u see ur taxes being utlised to benefit you back with public services. And here we give taxes for millions of hoardings, advertisement and elections used for personal gains by govt.
For Funding MLA, Political Rallies, Advertisements. Rest Private org will improve Public infrastruture by taking charges from us. No use of Tax for People.
Firstly they are bringing in new wage code which increases pf contribution for private sector employees.. Now they have capped the exempted contributions at 2.5 lakh.. This will surely affect the middle class people as it decreases the take home salary as well as increases tax liability.. Although it would take >20LPA basic salary to reach the 2.5lakh contribution mark given u only contribute the 12% and not VPF.
And people say government securities and schemes are significantly more safer than equity based schemes. The rules can change anytime and interest rate varies too
GST has already raised the prices of so many things. And the price of some natural resources are touching sky high for no reason. We also pay income taxes throughout our lifetime till retirement AND now they want to tax the money that you are gonna use during your last days on Earth.....Just Wowww
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in several lakhs every month!
This is very informative video, @Rishib Jain I have a query. I check my Previous employer PF passbook and noticed that that there is no PF credited for an year, but it is deducted from my salary. What are the right steps to get this amount.
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in several lakhs every month!
If they want to tax the interest then let the person decide if they want to really contribute to PF why Make minimum contributions certain portions mandatory to PF let the person decide if he has already paid taxes on am amount deposited in the PF account he wants to pay more tax on it or not or he wants to keep it in bank.or invest it somewhere else with long term gain less tax why force double taxation let people choose this option if they really feel that letting govt charge double taxes for an interest that they get for a amount which is blocked for so many years is their best choice no freedom we will decide your basic we will decide your PF we will decide everything but you become our source for long term taxes for the money which we already hold for so long that too harass the already honestly paying tax payer amazing acche din and andh bhakthi and really not focus on genuine people avoiding taxes this will really not increase taxes hugely but burden and complicate things for a tax payer who might have a small stint of few good year of job and all is right but not even give any service to that person when he losses his job and even take the seat on the name of reservation nothing no tax returning if the person gets in real need but all is justified rules cannot be consistent it has to be torturous for salaried
Hi, If employee contribution is 100, interest on it is 8 and employer contribution is 80 and interest on it is 6. So, acc to your logic, we should put 80+6 as salary income and 8 as other sources. But this will not reconcile the 26AS as that has full amount listed 100+8+80+6 = 194 and 19.4 as TDS on it. So, should we add 100 also to other income and then claim exemption on it?
Very useful Info LLA Team.! Thanks .. I have a question on VPF, Just help me to understand whether Money Invested in VPF is tax exempted completely over and above 80C limit ? For Example: I am under 30% tax slab and my 80C limit is over utilized by EPF and ELSS, apart from EPF I am contribution 1Lakh Extra as VPF. Now this 1laks is exempted from my salary TDS (30%) ? I am assuming this 1Lakh will debited before tax calculation. Or this 1Lakh will be debited post tax/TDS calculation and I need to pay 30% tax on this amount before it goes to VPF ? Please do clarify.
I want to understand one thing. If investing (contribution) in epf is taxable then why are HNIs forced to invest 12%. They should be given a choice, right?
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in seveal lakhs every month!
@@Urbanhunter49 yes, some people who commented here not even understanding what is the difference between employer and employee pf amount. Employer who contributes more than 12% or up to 7.5 Lakh which is unrealistic for middle class employee.
User Behaviour :- If you are using black and white background donot make it movable(it is distracting ) Increase font sizes(user does not have to focus on Nos).
Good morning sir... Aapne bahut hi badiya jankari di.... thanks 👍👍 Agr VRS k vjh se service gyi....to us case pf kab tak n nikale ki intrest milta rhaga....23 yr service hui.. Pension plan bahut kam aa rha h 2281 Rs,
I think and feel that in second year calculation - the amount in the Second Account will be reset to zero as tax was already paid on excess part in previous year. Due to wrong calculation there is a huge difference in taxable amount in year 1 and year 2 when both income and amount contributed remains the same. Please check.
Hello Rishabh, Mera company + self contribution agar 2.5 Lac se kam hai then it's fine, agar mera additional VPF add karke 2.5 Lac se jyada ho gya to taxable hoga right? including 2 PF books. Regards, LLA's Jagruk Abhisek :)
Yup your epf+vpf contribution from your end can not exceed your basic , so if we follow the 2.5 lakh rule that means monthly you can put upto 20833 in epf from your end without getting levied any taxes.
Only vpf contribution till 2.50 lac should be considered as taxable ...not all epf+vpf amount.. This govt leaving no stone unturned to make middle class family regret for their votes to BJP..
What if a person continues the job with same employer after the age of 60 years and PF contribution continues (now total contribution goes to PF deposits as percentage of pension contribution stopped), does EPFO pays anual interest on the deposits?
Have couple of questions regarding withdrawing PF before 5 years of continuous service. Say for e.g. an employee resigns after 4 tmyears, hower continues his EPF a/c for 2 years (which I thinPF rules allow). Will the tax liability arise if he withdraws PF after 6 years (4 year of service + 2 years of continuing PF a/c). Also could you share some light on the rule related to continuing PF after resignation and is it difficult to withdraw the money later. What forms need to be filled? And last question - if employee withdraws PF money in above example, can the EPS accumulated amount (part of employer contribution) also be withdrawn or will that be paid as pension only after certain age? Thanks! for enlightening us with your videos
Hi, Thanks for informative video. I've a doubt, Let us say a person earns 10LPA & invests 2.5LPA in EPF/VPF. Then his taxable income will be 7.5Lac or 8.5 Lac? 1) If I consider non taxable contribution of 2.5Lac in EPF/VPF then Taxable amount will be 7.5Lac 2) If I consider tax exemption wrt old tax regime u/s 80C then his taxable income is 8.5Lac. Please share your thoughts on this.
In case the Employer Company is shut down (8 years ago), Company owner is not traceable, Mobile No., Aadhaar No. PAN No. not submitted to EPF. How to fill the EPF Pension Form. Who is authorised to sign the EPF Pension Form, in case the Employer is not traceable.
Can you please make a detailed video on delay in epf interest credit.This delay is happening every year. There are few points which are confusing 1) What is the impact on compounding due to delay in interest credit. 2) Why EPFO interest credit process is delayed. 3) Can subscribers/contributors of epf can do something regarding this (is there any law to govern it)
Hello Rishabh, I really like your videos. Please make one video over pension contribution. Is it necessary if basic is more than 15k? Is it mandatory that if previous organisation was adding fund your pension contribution then next company has to follow the same or not !!
Tax on interest - Tax is on contributions more than 250000 or interest earn more than 250000 for that FY? I believe it is on earned interest on contribution not on contribution. Please clarify.
1) Whether Interest on Employer contribution is tax free up to 7.5 Lakhs or up to 12% with a max limit of 7.5 Lakhs ? 2) Whether the Tax on taxable interest part on contribution by both employee and employer will be deducted in same financial year or later during withdrawal ?
That 40,000 rupees partial withdrawal (advance) will only be claimed from employee's contribution . So, he's part of contribution will have that amount deducted but I'm good at taxation, that's why I'm watching you guys to gain more knowledge but you can tell if that employee contribution will be taxable or not
Good Video, 1 question, If I invest my 100% of Basic Salary in VPF 1.Will I get same interest rate on whole amount? 2.Whole PF+VPF amount after my retirement will be Tax free?
Sir NPS is not covered under deductions of 80C Instead it's from 80CCD, but yeah under section 80CCE , the deductions u/s 80C, 80CCC and 80CCD altogether has a ceiling or maximum limit of 1,50,000
As a salaried middle class and sole earner, I vow never to vote for this party. Nothing, absolutely nothing for tax payers from last 8 years. Everything is just fkin same from last govt, infact the burden has increased. Just testing patience of common man.
But while filing tax we have only details of PF contribution made by us and not the contribution done by employer. Cant we claim the pf contribution which is made by employer in our tax file?
Absolutely accurate let the person decide if they agree with this double taxation and really feel the interest rate taxation is the best option for their money this is the worst governance ever
Instead of doing this they can limit the contribution in EPF(upto 10 or 12% of basic or some particular amount)...But our government's intention is something else..not acceptable but we are helpless & can't do anything...
Employee contribution to PF itself is not exempted from tax ie only till 1.5 L in 80 C, one can avail. Rest employee has already paid income tax for Employee contribution. Now if there is tax on the interest of this amount why should one even opt for PF.
I have a doubt regarding taxation on interest. What is the taxation on interest earned on accumulated balance after quitting job? Suppose an employee after quitting does not withdraw PF and would like to earn interest for the next three years. Will the interest be taxable on those three years. Please enlighten
Sir why difference in 1.5 lakh deduction in employee ac contribution and employer contribution has 7.5 lakh deduction ,,, and what is difference in employee and employer contribution
At 9.39, you have put interest on employer's contribution under other sources of income. Is that correct? Many portals mention employers contribution and its interest are part of salaries!
No normal person contributes soo much amount to PF. This Rules will not effect any Middle Class Person. Only Rich people who earn in seveal lakhs every month!
Help please 🙏 Q1. If any one retired on 01 Feb 2023 so can avail the higher pension scheme and he/she not opted higher pension tick that time application form please update the procedures how he/she avail the benefits. Q2. Currently Any more deduction from salary if we avail the benefits for higher salary .
