How well do you know your finances?
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15 responses to “Quiz: Do you know your finances”
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I had worked with an IT co back in 2004 for just about 3.5 months. They also had a pf contribution in their salary structure. Since it has been around 10 years, is there anyway I can claim my accumulated funds with interest over these 10 years?
Kindly reply on my given email. Thanks
Hello RJ
After 10 years you want the PF contribution you made for 3.5 months.
Questions that come to my mind are:
Do you have the PF number?
You will not get interest for 10 years. After 3 years of the last contribution the account stops earning interest.
When the PF amount is withdrawn before five years of continuous service, it is be taxable in the hands of the individual as if the fund was not recognised from the start of the contributions.
Try checking your balance online at http://www.epfindia.com/MembBal.html
For more details you can refer to our article Withdrawal or Transfer of Employee Provident Fund and Basics of Employee Provident Fund: EPF, EPS, EDLIS
I have bought a house in TN. I have taken 15L as home loan. In the agreement sale deed, the property value is less than 15L. So the incometax dept in my organisation are asking me to give me the value certificate. So i am not able to submit this as my proof for tax deduction.Could you please suggest me what should i do now?
Viswa a basic question why did you take loan for 15 lakh when property is less than 15 lakh? So your pay roll department is justified in asking.
If bank has given loan it must have verified papers so based on it you can claim interest on loan as income from house property.
Details of how to claim are at Income from House Property and Income Tax Return
You can also verify by calling Income tax office at given numbers
For Income tax related queries
ASK : 1800 180 1961
For Rectification and Refund
CPC : 1800 425 2229
e-Filing : 1800 4250 0025
I have worked for a company for 3.5 years, and i joined Y company. i have applied for PF transfer, before it happened i resigned Y company (worked for 9 months) and joined Z company.
So i have totally three PF accounts now. I am confused that how to handle all these, whether to transfer last two accounts or to withdraw. Please suggest me.
If you withdraw from each of those accounts as each account is less than 5 years you will have to pay tax.
EPF withdrawal/transfer is going to improve EPFO has promised (it was supposed to start from Jul 1 but is expected to start in Aug) Ref. So wait and then consolidate to one account.
Dear Sir,
I was working with a private company in Bangalore since 01 Sep 2008.
I left my job on 16/10/2012 on health grounds. I applied for PF
withdrwal and a amount Rs. 19,044/- has been credited to my Bank
account. I feel the amount that has been credited to my Bank a/c is
erronous as my contribution iself coming around Rs. 32,000/-.
I checked all the salary slip from Sep/2008 to Oct/2012 and found my
PF contribution as follows:
Sep/2008 To Oct/2012 (50 months)X 605 (12% of Basic+DA)= Rs. 30,250.
Again, on 01/01/2013 while checking online PF balance I recieved a msg
e.g. “EE= 29,417, ER= 8997 as on 10/12/2012. Account updated upto
31/03/2012”.
It means they have not paid me even my contrubuted money forget about
the employer contribution and Interest thereon.
Sir, do think they paid me the correct amount to me, if not pls do
help me what to do now.
Tks & Regards.
Waiting for your kind suggession.
NC Banik
Bangalore
Dear Sir,
Sad to hear about your case. Hope your health is better now.
Your EPF amount should match the SMS atleast. (There is EPS amount also)
You can ask in Jagoinvestor forum your query.
First things that come to my mind in your case is to file RTI (Right to Information). For details about RTI you can read Jagoinvestor RTI article.
Dear sir,
Please suggest me, i had left job 2010 & there on EPF a/c my name is Uday biradhar,
But my on bank a/c name is Rudragouda kashinath Biradr.
Now i want withdraw my PF what should i do ?
Pleas waiting u r reply….
While withdrawing the EPF/EPS withdrawal form one submits a cheque with along with the bank details one needs to submit a cancelled cheque with the form which should be in sync.
Quoting from Different names in PF and bank account
You can draft a letter stating the employee in the bank account and PF are one and the same i attach you a letter format.
create a new bank account as the pf account name.
You can make an an affidavit mentioning both the names and stating that both the person are some of one identy, do this in consultation with lawyer.
Our article EPF Refund and Bank Account Problems covers more such problems so might be of help!
I have Two policy in LIC India. 15000/- & 300000/- I am fresher and working from last 3 months, current co not deduct pf & medical claim , that two policy enough for me? or else invest more in another way. my salary is not more than 20000/- pm. please give me some guidance.
Swapnil we understand your confusion and can identify with it.
But before we answer a) we are not qualified/expert – we are like you only, trying to answer questions that we have come across.
b) Information is insufficient – how old you are? Why did you buy these LIC policies? Do you have some liabilities? What do you want to invest in- what is risk you can take / what are your expectations.
It’s like I have a 3 AC ticket from Mumbai – but where to? why? why not plane? why are you travelling?
I hope you understand what we are trying to say.
If you answer the questions we can help you find the answers. Another forum which we recommend is Jagoinvestor Forum where you can put the question and also get more information.
sir, i m working in pvt. firm. they are not deducting epf. but, i want
to open a account of epf for my future money. can i open a a/c.with
epf without employer or company as a outsider
Employee Provident Fund means for employee. You can open a Public Provident Fund (PPF) account