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Income tax does not apply to any advance under any of the withdrawal-related headings that were previously addressed.

Situations where the entire amount owed to his credit may be taken out:

After the age of 55, upon retirement. The employee is required to wait two months if they resign without retiring.

On retiring because of a physical or mental disability, as confirmed by the licensed physician.

Just before to leaving India for a permanent residence abroad (including accepting a job overseas).

If the worker has chosen to participate in a voluntary retirement plan

The corpus of EPF is ring-fenced.

Top PF ESI Consultant in Ahmedabad in India by Connect 2 Payroll Processing Services. For whatever reason, no court has the right to seize the EPF corpus in order to satisfy any past-due debt or legal obligation. PPF and NPS have similar features, therefore EPF is not the only social security tool that benefits from this type of exemption.

NPS to EPF

Fund transfers from EPF to NPS are permitted by PFRDA. EPF now offers 8.5% tax-free returns, and all money may be taken out when it matures. In the case of NPS, purchasing an annuity requires using 40% of the corpus. However, NPS does provide the opportunity for greater fairness. While EPF can continue as long as the member is employed, NPS can be extended until the member becomes 70. Normally, the account will cease to receive interest at age 61 if the person quits at age 58. If you can earn 2.6% tax-free over the rate on a 10-year bond, I think an EPF is one of the greatest retirement solutions. Having said that, an additional INR 50,000 deduction on NPS need to be taken advantage of. EPF to NPS, a simple "no" response.

Dedicated Provident Fund:

As the name implies, the employee's voluntary contribution to his own provident fund is known as the Voluntary Provident Fund. This contribution exceeds the required 12% of the base salary. Employees are allowed to contribute up to 100% of their base pay. As with EPF, the interest rate stays the same. VPF has EEE status as well. Under section 80C, contributions are tax deductible up to a total of 1.5 lakh. Interest earned during the accumulation period is likewise tax-free. Additionally, the proceeds are tax-free at maturity.

The VPF account is an add-on to the EPF account. The side cart and the bike will use the same road, and both will be subject to the same traffic laws. Every regulation is applicable, including the five-year minimum contribution requirement (without which withdrawals become taxable) and the various criteria for withdrawals.