The Employees Provident Fund Organization (EPFO) has recently announced several updates. After these updates, it will be easier to operate the PF account as well as claim settlement and money transfer will become much simpler than before. Along with this, both the employer and the employee will get many benefits from this update of EPFO. 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.
EPFO Introduces New Version of Form 13
EPFO has released an updated edition of Form 13 for transferring PF on changing jobs, which will make it easier for EPFO members to transfer the money deposited in the PF account to another account on changing jobs. Let us tell you that the updated Form 13 of EPFO will work to advance many of the facilities already available in Form 19.
TDS and Interest Tax Clarification
Know if Your PF Interest is Taxable or Not – EPFO has made several 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, the correct calculation of TDS can be done with the updated Form 13 and there will be less possibility of any kind of mistake in it.
UAN Generation Without Aadhaar
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 the PF Trust, which have either been merged with EPFO or their exemption has been canceled. At the same time, 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.
EP FO Addresses Pending PF 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 EP FO that such PF account holders will be paid the PF amount once through a demand draft.
1. What is the new update in EPFO Form 13?
The updated Form 13 now allows smoother and faster PF transfers when changing jobs. It also helps with better TDS calculation and tax classification of interest.
2. Can UAN now be generated without Aadhaar?
Yes, employers can now generate UAN for multiple employees without Aadhaar using existing member data. However, the UAN will be active only after linking Aadhaar.
3. Is PF interest taxable?
With the new changes, EPFO has enabled easier identification of whether the interest is taxable or not using the revised Form 13.
4. What is EP FO doing about pending PF payments?
EPFO will clear certain delayed PF payments via demand drafts for those who didn’t receive funds via the Electronic Challan cum Return (ECR) system.
5. Who benefits most from the latest EP FO changes?
Both employers (for bulk UAN creation) and employees (for easy PF transfers and payment tracking) benefit greatly from these updates.
