Latest Updates On Online PF Payment - CiteHR
Jeevarathnam
Sr. Manager Hr/admin
Samchd2000
Rm Sales

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Dear All,

Ministry of Labour and Employment vide notification No.G.S.R. 360(E) dated 5th May, 2015 has amended para 38(1) of the EPF Scheme, 1952. The Central Government has made it mandatory for employers to pay statutory contributions electronically through Internet Banking only.

In exercise of powers conferred to the Central Provident Fund Commissioner under amended para 38(1) of EPF Scheme, 1952, it had been ordered by CPFC vide Office Order of even No. dated 24th June, 2015 that an employer who makes payment of less than Rupees one lac in a particular month as contributions under Employees’Provident Funds and Miscellaneous Fund Act, 1952 and Schemes frames thereunder, shall have the option to make such payments thorugh bank drafts or bankers cheques or cheques drawn only on the local bank as was being done earlier.

The order dated 24th June, 2015 stands amended and shall be valid upto the month of December, 2015. Thereafter, it shall be mandatory from 1st January, 2016 for all employers to make payments electronically through internet banking.

is there any taxation applied on withdrawing PF..i had got my PF for 4.5 years of job with huge deductions
Yes. Now there is TDS if at all the the PF is claimed with in 5 years. Huge deductions means?
The TDS limit is 10% of the amount payable if you are having a Pan card
I have got almost 10% deducted from my pwn PF contribution when I wanted to withdraw the same
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