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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on May 05, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by Sunil on Apr 01, 2023Hindi

Money

Is there any limit of my contribution and employer contribution towards EPF, VPF, Graduity. Is PPF also coming in this list Is Sukanya Samruddhi Yogna maturity amount taxble @ 21 yrs of daughters age? What is the tax implications

Ans: Hi Sunil
Employer contribution to PF is done at 12% of the basic salary. Gratuity contributions generally are about 15 days salary for each completed year. PPF and Sukanya maturity amounts are not taxable

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Asked by Anonymous - Jan 31, 2024Hindi

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Hi experts, I am still waiting for a response. Reposting Hi, Question with regards to EPF My wife quit working in 2015 and post that there hasn't been any EPF contribution. We haven't withdrawn her EPF as we didn't need the money. Please can you let us know if the below A. Is our money safe since its been 10 years and there hasn't been any contribution B. Will she be getting any interest? C. If we withdraw the amount now and will there be any tax implication on the withdrawal? Somewhere in one article I read that the money not withdrawn within 36 months will be given away to senior welfare fund. This has got us all worried as the only reason we didn't withdraw is we didn't need the money and kept it for a rainy day. Please can you answer this question at the earliest as we are really worried about our EPF money post reading the article. Also, could you help us out with the process to withdraw the PF amount.

Ans: EPF account turns inoperative after 36 months of consecutive NO contribution. Hence no interest accrues on such inoperative accounts. Your spouse needs to visit nearest EPF and complete formalities to activate and withdraw the EPF balance. You may need KYC documents and letter from her last employer.

Jinal Mehta |97 Answers |Ask -Follow

Financial Planner - Answered on Mar 08, 2024

Asked by Anonymous - Feb 06, 2024Hindi

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Hi experts, I am still waiting for a response. Asking the question for the 3rd time. Reposting Hi, Question with regards to EPF My wife quit working in 2015 and post that there hasn't been any EPF contribution. We haven't withdrawn her EPF as we didn't need the money. Please can you let us know if the below A. Is our money safe since its been 10 years and there hasn't been any contribution B. Will she be getting any interest? C. If we withdraw the amount now and will there be any tax implication on the withdrawal? Somewhere in one article I read that the money not withdrawn within 36 months will be given away to senior welfare fund. This has got us all worried as the only reason we didn't withdraw is we didn't need the money and kept it for a rainy day. Please can you answer this question at the earliest as we are really worried about our EPF money post reading the article. Also, could you help us out with the process to withdraw the PF amount.

Ans: Please withdraw your PPF balance. Your wife's account must have been frozen. please do it asap.

Milind Vadjikar |1048 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Dec 02, 2024

Question by P - Nov 23, 2024Hindi

Money

(My wife age is 54 years and working in a private school since more than 20 years. she is contributing to EPF from the joining. Upto MARCH 2015an amount of RS 780/- is deducted from her salary (i.e.12% of 6500 wages) & 780 by employer. From APRIL2015 an amount of RS 1800/- is deducted (i.e. 12% of 15,000 wages) & 1800 by employer. Is she eligible to get higher pension of 15,000 or not? if not how much pension she will get by 2028. By 2028 total employee contribution is 5.2 lakhs & 5.2 lakhs by employer. Total service by 2028 will be 25 years.

Ans: Hello;

Formula for monthly pension under EPS is:

Monthly pension=(pensionable salary X pensionable service)/70

The pensionable salary is the average monthly salary of the last 60 months.

Pensionable service is in number of years while being EPFO member.

Also EPF and EPS are two separate schemes.

EPF you get as lumpsum on retirement while EPS is the pension scheme.

12% of employee contribution and 3.67% of employer contribution goes towards EPF

While only 8.33% of employer contribution goes towards EPS.

As per above formula, your spouse may expect a monthly pension of around Rs. 5350/- after completion of 25 year service.

Best wishes;

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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