From a tax perspective, as per Section 10(12) read with Rule 8 of Part A of Fourth Schedule of the Income Tax Act, 1961, the accumulated PF balance due and payable to the employee i.e. balance to his credit on the date of cessation of his employment, is exempt from tax if he has rendered continuous service for a period of five years or more
A minimum of 12% of an employee's base salary and performance wages must be deducted as provident fund contributions, with the employer contributing another 12%.
EPFO is transferring 8.5% interest to PF accounts, here's how to check your balance - Before Diwali, the Employees' Provident Fund Organisation (EPFO )is transferring the interest of Provident Fund to the PF accounts of the subscribers. If you want to withdraw your PF money before the festival, then this news is for you. Notably, now at the time of a medical emergency, PF money comes into your bank account within an hour.