EPFO Updates: Form 13 to Simplify PF Account Transfers and Taxation

The Employees’ Provident Fund Organisation (EPFO) has updated Form 13, simplifying PF account transfers for members switching jobs and separately reflecting taxable and non-taxable PF interest components. Additionally, a bulk Universal Account Number (UAN) generation feature has been introduced for employers without needing to seed Aadhaar, benefiting over 1.25 crore EPFO members.

New Form 13

EPFO has introduced a new version of Form 13 to simplify and expedite the transfer of EPF accounts in case of a change in jobs by members. Previously, the worker required approvals from their previous (transferor office) and future employer (transferee office).

Under the new regime, PF balances will be automatically credited to the new employer once it is approved by the earlier employer, in keeping with EPFO's larger vision of improving the "Ease of Living" of its members.

Another significant modification that EPF India has introduced in Form 13 is that the interest credited in the PF account will be distinctly bifurcated between taxable and non-taxable categories. This will make it easy for EPFO and its members to comply with taxes.

The new addition will also assist in the proper computation of Tax Deducted at Source (TDS) and will minimise the scope of any type of error while filing taxes in the future.

EPF has also implemented other enhancements to accelerate processes such as auto-settlement. This step will prove to be advantageous for those wishing to settle their PF claims within time.

EPFO has also enabled the generation of UAN in bulk without an Aadhaar number in some situations. The new EPFO update is advantageous to members of Exempted PF Trusts which have merged with EPFO or whose exemptions have been revoked, as well as recovery or quasi-judicial cases. Employers now have the option to create Universal Account Numbers (UANs) in batches based on already existing Member IDs and available data, without depending on Aadhaar. But, for security purposes, these UANs will be kept on hold until the Aadhaar seeding is successfully carried out.

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