Several news outlets have documented cases of corporations failing to pay into employees’ EPF accounts. The failure of Byju’s to contribute to the Employees’ Provident Fund Organisation (EPFO) was recently reported in the media. Byju’s reportedly paid late, but then again, that wasn’t news at the time.

Here’s what you can do if you discover that money that should have been deposited into your EPF account is missing.

“In case the EPF contributions have been deducted from the wages of an employee, but the employer does not deposit them into the employee’s EPF account, the employee can approach the employees’ provident fund authorities (EPFO) and inform them about the same,” says Rama Karmakar, Tax Partner-People Advisory Services, EY India. Both an online grievance through the EPF i Grievance Management System (EPFIGMS) site and a paper complaint to the PF authorities are available to the employee.

Required EPFO Complaint Form Documents

An individual must provide specific paperwork when filing a complaint with the EPFO.

According to Vaibhav Bhardwaj, Partner at INDUSLAW, “To make a complaint on EPFO’s grievance website, an employee is required to produce proof that EPF installments have been deducted but not deposited in the EPF account. An employee can prove that a deduction was taken out of their pay but not put into their EPF account by providing their pay stubs and EPF account information.

How to file complaint on the EPFIGMS portal

Using the EPFIGMS portal is as easy as following the instructions below.

When filing a complaint with the EPFO, employees should have their Universal Account Number (UAN) and the number of the relevant establishment handy. However, you can still move forward without these specifics.

Step 1: Visit the EPFIGMS portal (https://epfigms.gov.in/) and click on the “Register Grievance” tab.

Step 2: Select the status – PF member, EPS pensioner, employer or others. If an individual does not have any of the details, then select “Others” in the status. Select the status as PF member to register complaint about missing EPF contributions.

Step 3: The next step asks if you have a claim ID. Enter it if you have a grievance related to a specific claim made on the Member Sewa portal. If not, select no.

Step 4: Enter the UAN details, security code and click on “Get Details”.

Step 5: Once your UAN details are shown on the screen, click on “Get OTP”. A one-time password will be sent to your mobile number registered in the EPFO records.

Step 6: Enter the OTP and click on submit. Once the OTP is successfully verified, click on OK.

Step 7: An individual will be required to enter personal details – name, gender, contact information, address, etc.

Step 8: Click on “PF account number” in the “Grievance Details” column.

Step 9: Select the type of complaint, provide the complaint description and upload the necessary documents. Click on “Add” once the necessary documents have been uploaded.

Step 10: The complaint will be posted to the area titled “Grievance Details”. Click on submit to file the complaint. An individual will receive an SMS once the complaint is successfully submitted. The EPFO grievance portal allows an individual to track the status of the complaint.

Also Read : Trading and market holiday calendar 2023 — NSE, BSE and MCX

What will happen to the employer ifthe complaintis found correct?

In his article, Bhardwaj states, “If the employer is found to have indeed not deposited the contribution, then they would be required to pay the contribution with interest and may also be penalised.” The EPFO may then pursue legal action against the company in order to recoup the money and any damages incurred.

What if your exempted trust holds your EPF account?

Some workers’ EPF funds are held not by the EPFO but by an exempted trust. Karmarkar states, “For employees under an exempted trust, a similar approach can be followed to lodge a complaint for missing EPF contributions.”

The post What to do if your employer does not deposit EPF contributions in your account appeared first on Republic Aeon.

The new year 2023 (New Year 2023) has started. There are also new plans in the new year. Investment and tax saving is a part of planning for most people. Investment is the means which works to increase your money, as well as can help in saving tax. There are many such schemes, by investing in which you get better returns and also get the benefit of tax exemption. If you too are looking for tax saving schemes in the year 2023, then know here where investing can save your money.

Home loan

If you are planning to buy a house in the new year, then this is a better investment for you. Nowadays, most of the people take home loan from the bank to buy a house or flat. In this case, you can claim tax exemption on both the amount taken for the home loan and the interest earned on it. You can claim tax exemption on the principal amount of home loan up to Rs 1.5 lakh per annum, while under section 24 you can claim tax exemption on the interest of up to Rs 2 lakh on the principal amount.

NPS

National Pension Scheme (NPS) is a long term investment plan. By investing in it, you get a huge lump sum fund at the age of retirement. Along with this, you get monthly pension on the basis of your annuity amount and its performance. By investing in it, you will get three benefits. First, you will collect retirement funds for yourself, the second advantage is that you will start getting regular income after retirement through annuity, and the third advantage is that by investing in this scheme, you can take an additional tax exemption of Rs 50,000 under section 80 CCD (1B). .

health insurance
In today’s time, health insurance has become the need of everyone. The Corona period has taught everyone that trouble never comes without warning and for this we should keep ourselves ready at all times. Through health insurance, you can not only provide security cover to yourself and your family, but can also take advantage of deduction under section 80D on purchasing a health insurance policy.

EPF

A part of the salary of employed people goes to the EPF account. On this, under Section 80C, you can get tax exemption on investing up to Rs 1.5 lakh annually in PF account, but for most of the people, this amount does not reach up to 1.5 lakh. In such a situation, you can increase your contribution to PF through VPF (Voluntary Provident Fund). In VPF you get the same benefits as in PF. In such a situation, a good amount will also be collected for you and you will also get exemption in tax.

The post Tax Saving Tips for FY23. appeared first on Republic Aeon.