Professional Documents
Culture Documents
1.Refundable
2.Non-Refundable
1
Refundable/Temporary Loans
3
Additions 12 months Basic+DA or EC+VC
or whichever is less repayable in
substanti not more than 60 equally
al monthly installments.
alteration A member has to complete 10
s or years of membership who has
improve availed HBA from the
m- corporation and 5 years
ents to membership who has not
the availed HBA from the
dwelling corporation.
house Estimate of the
repair/renovation expenses to
be enclosed with the 4
Obligatory Rs. 20,000/- or 5 months
expenses Basic+DA or EC+VC whichever
in is less repayable in not more
connectio than 30 equal monthly
n with any installments.
religious
ceremony
by
customar
y usage
5
Natural Not exceeding Rs.15000/-
calamities like or 50% of EC+VC
flood, whichever is less
earthquake. repayable in not more
than 24 equal monthly
installments.
6
Loans for Rs.100,000 or 5 months Basic
visiting pay plus DA or 50% of EC+VC
abroad whichever is less repayable in
not more than 50 equal
installments.
Copy of valid visa for the
country to be visited to be
enclosed along with
application.Employee will be
required to take minimum 5
days leave.
7
Non refundable loan
8
For acquisition 36 months Basic+DA or
of ready built 90% of EC+VC+CC with
house/flat or for interest thereon or actual
purchasing site cost of construction
and whichever is less. A
construction of member has to complete
a house 5 years of membership of
thereon the fund.
9
Additions 12 months Basic+DA or
alterations/m EC+VC with interest
odifications/i thereon whichever is
mprovements less.After 5 years of
to the completion of house.
dwelling
house owned 12 months Basic+DA or
by the EC+VC with interest
member thereon whichever is
less.After 10 years of
completion of house.
10
Son, 12 months Basic+DA or
Daughters 50% of EC+VC including
marriage interest thereon whichever
is less.
11
F.S. Advance Up to 90% of EC+VC+CC
with interest thereon.One
year prior to
superannuation
12
Dependent 6 months Basic+DA or
members EC+VC, whichever is less.
illness
13
FAQ :
14
Q-3 What is the period after which
we can take loan for house
repair after purchasing it ?
Ans.5 Years
15
Q-5 We are making payment to whom,
directly
party or employee ?
Ans.In case of repayment of loan to
bank,the
payment is made, in all other cases
payment
is made to the employee.
16
Q-6 In case of absence of marriage card, is
it
possible to give loan ?
Ans.No,however if the trustees certify that
the
marriage is genuine, then loan can be
given.
19
Q-11 Can we deposit lump sum amount in
VPF ?
Ans. We can deposit lump sum amount in
VPF
as and when approved by trustees.
20
Q-13 Can I take an other refundable loan,
while
there is another one pending ?
Ans. No.First we have to repay the existing
loan
in full.
21
Q-15 What are the documents required for
settling the PF dues of resigned
employee ?
Ans. 1.Inter office memo 2.Request letter
by
employee 3.Service particulars
4.Advance
receipt 5.Form 15G or PAN No.
6.Declaration of non-employment.
23
Q-18 If there are more than one nominee and if
any nominee claims for his share only,
then what is procedure, what PF rules say ?
Ans. We require following documents from
nominee to claim his share:
1. Death Certificate 2. Affidavit
3. Legal succession certificate 4. Form 15G
or PAN no.
The balance of remaining nominee will
continue to remain with the trust till such
time application is received for settlement.
24
Q-19 For how many years we can keep PF
amount after retirement ?
Ans. We have to pay VPF immediately and
we
can keep CPF & EPF up to 8 years.
25
Q-20 Which permanent withdrawal an employee
can refund ?
Ans. An employee can refund permanent
withdrawal taken for the following
purposes :
1. For purchase of a site for construction of
house
2. For acquisition of ready built house/flat
or for purchasing site and construction of a
house thereon
3.
Addition/alterations/modifications/improvements
to the dwelling house owned by the
member. 26
Q-21 When is interest credited and how it
is
calculated ?
Ans. Interest on opening balance for full
years
credited for continuing members on
31st
March every year.
Interest on monthly contribution is
given
from first day of the month
succeeding the
month of credit. 27
Q-22 When we pay interest in final
settlement,
what is basis month to month or day
to day
basis ?
Ans.Interest on settlement during the
month is
paid till last month.
Interest to those retiring during the
month is
paid till the month of retirement.
It is month to month basis. 28
Q-23 Related sections and taxability under
IT Act ?
Ans. As per section 17(1) of IT
Act,1961,Employers
contribution more than 12% is taxable for
employee as well as interest given on PF
amount
more than 8.5% is also taxable for employee.
When a employee resigns before completing
5 year
of service and withdraw his PF amount then
we
deduct TDS @30.90% and if service of period
is
more than 5 years then we deduct TDS @ 29
Q-24 What is procedure for Final settlement ?
Ans. 1.We get related documents from HRD of
concerned region of employees.
2.Then we check and enter it in Entry
register.
3.update master in system.
4.Cross check amount with Sadashiv Sir and
save
amount in system.
5.Then we send amount after making entry in
SAP
by F-43 command.
6.Send the document no. generated by SAP
by mail
in lotus. 30
Q-25 Whether payments to employees are
made
from bank a\c of the trust or IOC ?
Ans. IOC
31
Q-27 What is interest rate on refundable
loan,what is statutory rate of interest
for
PF ?
Ans. Interest rate on refundable loan is
1%
above of statutory rate for interest on
PF
amount.
Statutory rate of interest for Pf is the
rate
which is declared by Govt.12% 32
Q-28 What is statutory rate for
contribution,
what are provisions of IT Act on it ?
34
Q-31 What is periodicity of trust meeting ?
Ans. Every quarter as per rules of PF Act.
35
Q-33 who bears the expenses of trust ?
Ans. Employer bears the expenses of
trust.
39