EPF Consultation Service Provider in Lucknow, Uttar Pradesh
Everyone works hard to achieve success and security for the present as well as the future. The present can be taken care of, with the monthly salaries received in return for their hard work. But after an individual retires from their job, there are no fixed sources of income to take care of their basic needs. The expenses after retirement at times also increase because of certain medical conditions but with no fixed source of income. Keeping this in view the government had introduced EPF to inculcate the habit of saving which would assist the retirees.
According to this, 12% of their basic salary is contributed monthly by the employee along with a monthly contribution in the same percentage by the employer. Since it is a scheme managed by the government there is a fixed rate of interest with low risk. On retirement, the employee gets a lump sum amount which includes contribution made by them as well as the employers along with the interest.
There is no tax applicable on EPF since it is deducted from the income, therefore it enjoys the benefit of Exemption. But this tax exemption is not applicable if the amount is withdrawn before the completion of 5 years.
Every salaried person can avail of the benefits of this scheme which requires you to be registered under EPF as well as making monthly contributions. It is a source of money that is extremely crucial after retirement.
NAS Solutions has been able to assist numerous organizations in registration and compliance related to EPF.