Employees’ Provident Fund Organization (EPFO) is a government body which handles retirement funds of India’s crores of salaried workers. EPFO’s most sought-after service online is with drawings of EPF amount accumulation. EPFO Form 19 is one of the main forms for applying for such an operation. It is used by the members in an attempt to withdraw their Provident Fund on retirement date or in cases of exceptional conditions. With the assistance of technology, it is easy to monitor the status of Form 19 submission from the EPFO portal.
We provide you with step-by-step information on how to trace the Form 19 status from the EPFO website, as well as the taxes involved such as the 80TTB deduction. We also utilize proper information from [CNBCTV18]. Let us see this happening.
What is Form 19 in EPFO?
Form 19, published by EPFO, is utilized to submit an application for terminal settlement of PF accounts either on reaching retirement age (58 years) or due to reasons like resignation, unemployment for two months or more, or other compulsions. Form 19 facilitates the discharge of the EPF amount earned by the workers, offering necessary financial assistance at crucial points in life.
Steps to Trace the Status of Form 19 in EPFO Portal
It is a simple task to trace the status of your submission of Form 19 without physically going to EPFO offices. The following are step-by-step steps:
1. Visit EPFO Portal:
Provide access to the official EPFO website
2. Log in to Member Portal:
Log in by providing your Universal Account Number (UAN) and password. In case your UAN has not been activated, you are asked to activate it to proceed.
3. Visit ‘Claim Status’:
Log in and click on the ‘Online Services’ tab under the menu. Look for the choice that has the word ‘Track Claim Status’ in it and click it.
4. Mandatory Details to be filled:
Fill in your UAN number and other information as per the portal’s requirement.
5. Status Check:
You can check your claim status after you enter details. Your status is created by the system such as “Under Process,” “Approved,” or “Rejected” along with any remarks as may be required.
Tax Implications of EPF Withdrawal – Understanding 80TTB Deduction
While withdrawing your funds using Form 19, it’s crucial to consider the tax implications. Contributions to EPF are generally tax-free under Section 80C of the Income Tax Act. However, if withdrawals are made before five years of continuous service, such amounts may be taxable.
Senior citizens with interest income from withdrawal of EPF are taxable under Section 80TTB deduction, as introduced in the Union Budget 2018. Senior citizens can claim the deduction of ₹50,000 for every financial year from the interest received on bank deposits, post office schemes, and other like sources including EPF (if any). The following is an example calculation:
Example Calculation:
- Interest Earning from EPF Withdrawal: ₹60,000
- Section 80TTB Maximum Deduction: ₹50,000
- Taxable Interest Income: ₹60,000 – ₹50,000 = ₹10,000
Tax to be deducted on the ₹10,000 will be determined on the basis of available income tax slab and senior citizen’s income of the current year.
Assume all these deductions have not considered non-senior citizen withdrawal. Withdrawals by youth can be taxed more for EPF withdrawn within 5 years of service. This shows the significance of tax to be accounted in planning of finances.
CNBCTV18 Reference
The CNBCTV18 article covers a range of EPF withdrawal and claim tracking processes. It provides step-by-step directions for both online and offline procedures, emphasizing the simplicity of the EPFO digital platform. It also briefly covers legislative and procedural reforms, including some budget announcements that simplify EPF-related services. Such materials can assist your understanding and provide practical information in conducting your Form 19 transactions.
FAQs for EPFO Form 19
1. What do you need to file Form 19 in EPFO?
You must have your UAN, Aadhaar card, PAN card (if you are taxable) and a UAN-linked bank account to file Form 19 successfully.
2. How long does the withdrawal process take?
Withdrawals are normally carried out within 15–20 working days after successful submission of Form 19 through the portal. The timeframe may be stretched where there are complexities in the process or additional verifications.
3. What are the most common reasons for rejection of claims?
Claims are rejected due to incorrect or mismatched personal details entered, account mapping errors, or ineligibility.
Form 19 in EPFO is an important form to apply for final settlement of your Provident Fund on retirement or other eligible situations. Users can track the status of their Form 19 in EPFO application online on the EPFO website by logging into the Member Portal with their UAN login. The status of their claim would be “Under Process” or “Approved,” giving users transparency. Tax implications, particularly under Section 80TTB, must be remembered while withdrawing from EPF. The interest received on EPF withdrawal is eligible for deduction of ₹50,000 by the senior citizen. Platforms like [CNBCTV18] are good options to get information regarding the withdrawal process and government announcements. Clients are advised to remain updated and seek professional advice before taking any financial decision.
Disclaimer
The article is general knowledge and should not be taken as investment advice. Investors need to take very seriously all the pros and cons of investing or taking out money in the Indian financial system. Tax and EPFO regulations change; it is suggested that finance or tax professionals be consulted for individual advice.
