- What is EPF withdrawal form 31?
- When can you use Form 31?
- What are the documents required to submit Form 31?
- What are the contents of Form 31?
- How can I withdraw my PF online with UAN Form 31?
- How to submit Form 31?
- Things to remember while submitting Form 31.
- How to check EPF claim status online?
- What are the other tax-saving investments under Section 80C?
- Frequently Asked Questions
Employee Provident Fund EPF is one of the popular savings schemes introduced under the supervision of the government of India. Also, it is the main scheme under the Employee Provident Funds and Miscellaneous Act, 1952. Furthermore, this savings scheme is managed by the Employee Provident Fund Organization (EPFO). In this article, we will understand the partial withdrawal from the Employee Provident Fund ( EPF withdrawal form 31). And it is also a guide on EPF filing procedure and how to download the form.
This scheme aims to build a sufficient retirement corpus for an individual. The fund is created with monetary contributions from both employer and employee. Also, each of them has to contribute 12% of the employee’s basic salary (Basic + Dearness allowance) towards this fund every month. Once an individual retires, they receive the total contribution (of both employee and employer as a lump sum with interest. Moreover, the government of India has mandated contribution in this scheme. You can calculate the maturity value of your investment in EPF by using Scripbox’s EPF Calculator.
What is EPF withdrawal form 31?
Form 31 of Employees Provident Fund is also known as the PF Advance Form. Also, this form serves as an application for partial withdrawal of funds from the EPF account. The money from this account cannot be withdrawn as and when required. Furthermore, there is a certain criterion for the withdrawal from the EPF account. In other words, an individual can withdraw the amount in special situations only.
When can you use Form 31?
The following are the circumstances and conditions where an individual can withdraw money partially from their PF account. Unless the individual satisfies the below withdrawal rules, it is against the provident fund regulations to withdraw the entire money.
|Withdrawal Purpose||Limits on Withdrawal||Service required||Other conditions|
|Education||Individuals can withdraw up to 50% of employee contribution to EPF with interest||7 years||Individuals can withdraw this money for their further studies. Or the education of their children post 10th standard.|
|Marriage||Individuals can withdraw up to 50% of employee contribution to EPF with interest.||7 years||Individuals can withdraw this money for the marriage of self or dependents.|
|Purchase of Land/ Purchase or construction of a new house||For land purchase –Individuals can withdraw an amount of up to 24 times their monthly wages and DA. Also, For House –Individuals can withdraw an amount of up to 36 times of their monthly wages and DA.||5 years||Individuals should purchase the land or house in their name, or their spouse name or jointly.|
|Renovation of House||Individuals can withdraw an amount of up to 12 times of their monthly wages and DA.||5 years||The house to be renovated should be in their name, or their spouse name or jointly. This facility is available twice – After 5 & 10 years of completion of the house.|
|Repayment of Home Loan||Individuals can withdraw an amount of up to 36 times of their monthly wages and DA.||10 years||1) The house purchased should be in their name, or their spouse name or jointly. 2) Also, the loan must be taken from an authorized agency, bank or institution.3) the official agency, bank or institution must be able to provide a certificate indicating the outstanding principal and interest|
|Before Retirement||Individuals can withdraw an amount up to 90% of their accumulated corpus in their EPF account with interest.||Once an individual reaches an age of 54 years and within one year of retirement/superannuation, whichever is later.||To help them for their financial expenses|
Incase of Special cases where an individual can withdraw money from EPF account –
1) The closure of the company for more than 15 days and the employees are unemployed without compensation
2) The employee has not received a salary for two consecutive months.
However, The reason for not receiving compensation can be anything apart from a strike.
What are the documents required to submit Form 31?
The following documents are required along with Form 31 for EPF withdrawal –
|Documents for EPF Withdrawal|
|Purpose of EPF Withdrawal||Documents Required|
|Purchase of a house/land||Declaration FormRegistration certificate of the house property/land|
|Repayment of home loan||Certificate of outstanding principal and interest from the lending agency, bank or institution|
|Medical Illness||Certificate from the employer and the doctor|
|Marriage||The declaration is within form 31|
|Education||Certificate from the concerned education institution|
|Grant of advances in special cases||Corticated from the employer|
|Physically handicapped||Certificate from the concerned doctor|
|Withdrawal before retirement||Declaration from the member|
What are the contents of Form 31?
An employee, an employer, and the EPF commissioner must fill the form 31 of EPF. Also, it is mandatory to provide latest and factual information in the form. The following are the contents to fill in the form by each of them.
The following are the requisite details to be filled by the employee in a EPF withdrawal form 31 –
- Employee mobile number
- The purpose of advance
- The amount of advance
- Name of the employee
- Employees Father’s name/ Husband’s name
- Name and address of the employer
- EPF account number
- Monthly basic salary and dearness allowance
- Full postal address of the employee
- Signature of employee and employer
- Mode of remittance
- The beneficiary of the cheque ( in case of home loans, EMIs, etc.)
- For any other reason, provide bank account details
- For marriage advances, provide details like name, age, date of marriage and address
- Advance stamp receipt
The following are the requisite details to be filled by the employer in a EPF withdrawal form 31–
- Certification of the employer
- Designation, signature and date (along with stamp)
EPF Commissioner Details
The following are the requisite details to be filled by the EPF Commissioner in a EPF withdrawal form 31 –
- Amount to be reimbursed
- Mode of remittance
- Signature of the officer
How can I withdraw my PF online with UAN Form 31?
Form 31 is the PF Advance Form and is used for partial withdrawals from the EPF account. To withdraw from an EPF account using form 31 online, one has to follow the steps below:
- Visit the UAN member portal and login into your account using UAN and password.
- Under the ‘Online Services’ tab, select ‘Form 31, 19 and 10C’. The member details will be displayed.
- Then click on ‘verify’ next to the bank account after entering your bank account’s last four digits to verify your bank details.
- An undertaking will be displayed. Click on ‘Yes’ to continue. Then, click on ‘Proceed to online claim’.
- Here, one has to select ‘Form 31′ from the drop-down and enter the reason for withdrawal. The purpose of withdrawal will be displayed in the drop-down. Select one reason and enter the ’employees address’ and the amount of withdrawal. Then, submit the application.
- Please note that a few of the reasons selected will require document proof, and the same has to be uploaded online. After submitting the application, the employer will review the request. Once processed, the amount will be credited to your bank account. It usually takes 15-20 days for the amount to be credited to the bank account. An SMS alert will be sent to your registered mobile number.
How to submit Form 31?
One can submit Form 31 for withdrawal, either offline or online.
The following are the steps to submit the EPF Form 31 offline –
- Firstly, download the form 31 as mentioned above
- Secondly, fill the form with all the relevant details.
- After filling, the individual needs to contact the employer. Also, they need a certification validating their employment with the company. Furthermore, the employer needs to fill the designation, date, and signature fields in the form. Additionally, the enclosures also have to be attested.
- Lastly, the individual needs to submit the form to the respective EPFO website.
The following is the filing procedure to submit the EPF Form 31 online –
- Visit the EPFO website. Click here
- Login to the account by entering the UAN and password
- Under the ‘Online Services’ tab, select ‘Claim Form 31’.
- It will open a new page with specific details. The following are the details – name, date of birth, father name, PAN card, Aadhaar card number, date of joining the company, and mobile number.
- Enter the last 4 digits of the bank account number and verify it.
- After this, a new pop-up window appears to accept the terms and conditions. Accept the ‘Certificate of Undertaking’ to proceed further.
- Select the ‘Proceed For Online Claim’ option.
- Choose the ‘PF Withdrawal’ option from the drop-down menu.
- In the next page, one must select the ‘PF Advance Form’.
- Provide the details like the purpose of withdrawal, the amount required, and also other necessary information.
- Lastly, Click on ‘Submit’ to complete the online EPF withdrawal application process.
Furthermore, upon submitting the EPF withdrawal form one has to wait for their employer to approve the request. Subsequently, individuals can find the amount credited to their bank account. Additionally, individuals can check their EPF balance online after logging in.
Things to remember while submitting Form 31.
An individual should keep in mind the following things while submitting the Form 31
- One has to attach a cancelled cheque while submitting the form. Also, it is a mandatory step for verifying the bank account details with the correct IFSC code.
- In the case of offline application, a certificate validating employment from the employer is compulsory.
- The UAN is active. Also, the mobile number linked to it must be functional.
- Furthermore for online applications, the UAN must be linked to KYC documents. Also, this includes PAN card, Aadhaar card, and bank account with correct IFSC code and other requisite details.
- Hence, it takes a couple of weeks to process the application and receive funds.
How to check EPF claim status online?
The following are the steps for checking the EPF claim status online –
- Firstly, visit the EPFO website. Click here
- Secondly, login to the account by entering the UAN and password
- Under the ‘Online Services’ menu tab, click on ‘Track Claim Status’.
- Select the respective PF office location from the drop-down menu
- An employee can refer to their payslip and enter the establishment code.
- Enter the 7-digit account number and lastly, click on ‘Submit’.
- Finally, the status of the claim will appear on the screen.
What are the other tax-saving investments under Section 80C?
Following are the other tax saving investment options
- Tax Saving Fixed Deposit
- Public Provident Fund (PPF)
- National Pension Schemes (NPS)
- National Savings Certificate (NSC)
- Sukanya Samriddhi Yojana (SSY)
- ELSS fund (tax saving fund)
To check their tax liability while filing income tax returns, one can use an income tax calculator.
Scripbox Income Tax Calculator helps in checking if there is any additional scope to save more tax. This also helps investors get maximum tax benefits on their investments. Also, Scripbox’s Income Tax Calculator, helps investors to derive full benefits by suggesting tax-saving investments. They can claim the same while filing income tax returns.
Frequently Asked Questions
Form 31 for EPF withdrawal is available on the EPFO website. One can also download the EPF form by clicking here.
In March 2020, the government has announced that individuals can withdraw a certain amount from their EPF. The amount can be withdrawn if they face a shortage of money due to coronavirus. Furthermore, according to the amendment, individuals can withdraw an amount equal to three months of their basic and DA. Or 75 percent of their PF balance, whichever is lower.
Until the coronavirus vaccine comes out, the government has given some relief to individuals.
You can withdraw 100% of the PF amount post-retirement. But one cannot withdraw the complete PF amount before retirement or while switching jobs. One can withdraw a maximum of 90% of the PF amount before withdrawal. EPFO allows withdrawals before retirement only on certain conditions.
For the purpose of medical emergencies, one can withdraw the lesser amount of employees PF or six times the monthly salary.
If the reason is the construction of the house, the employee must’ve served at least five years in the company and then he can withdraw up to 90% of the PF amount.
For the renovation of the house, the house must at least be five years old, and the employee can withdraw 12 times the monthly salary.
If the employee wants to repay the home loan, the employee must’ve served at least three years to withdraw 90% of the PF balance.
Suppose the employee or his children or his sibling is getting married. In that case, the employee must’ve served at least a minimum of 7 years to withdraw 50% of the employee’s share plus interest.
The time taken by the EPFO for an employees’ withdrawal claim depends on whether the employee applied online or offline. Suppose the employee applied for EPF withdrawal online. In that case, it takes 5-30 days for the amount to be credited to the employee’s bank account. If the claim is applied through offline mode, it takes 20-30 days for the amount to be credited into the bank account.