Employee Provident Fund Organisation (EPFO) have allotted Universal Account Numbers (UAN) to all its subscribers through an employer.
EPF Form 11 is declaration form submitted by a new employee to its employer declaring his basic details such as name, DOB, residential address, contact details, previous employment details. KYC related details such as aadhaar, bank account, PAN details.
Earlier, a new joinee who had made EPF contribution in previous employment had to submit both the forms Form 11 and Form 13 which is for PF transfer.
As per the latest notification from EPFO, the new declaration form will replace Form 13 in all such cases where an existing member of the provident fund makes a request for transfer of his fund using UAN.
The EPF members who have been allotted UAN and where KYC details have been verified by the previous employer are not required to fill separate Form 13.
Contribution towards Employee Provident Fund is optional if the basic salary is more than Rs 15,000/- per month and the employee can choose between deduction and non-deduction of provident fund.
While contribution to provident fund is mandatory if the basic salary of an employee is less than Rs 15,000.
Provident fund is one of the easiest way of building retirement corpus as it earns a handsome interest of 8.70% which is compounded yearly.
TDS is not applicable when individuals transfer Provident Fund from one account to another Provident Fund Account. If PF is withdrawan before 5 years and amount is more than Rs 50,000, TDS of 10 per cent will be applicable.