EPFO during January this year, has greatly simplified the process for transfer of PF account on change of jobs by removing the requirement of approval from employer in majority of the cases. Till now, the transfer of PF accumulations used to happen with the involvement of two EPF Offices. One, from which the PF accumulation is transferred (Source Office) and two, the EPF Office in which the transfer is actually credited (Destination Office).
Now, with an aim to further simplify the process, EPFO has removed the requirement of approval of all transfer claims at the Destination Office by launching a Revamped Form 13 software functionality. Henceforth, once the transfer claim gets approved at the Transferor (Source) Office the previous account will automatically get transferred to the present account of the member at the Transferee (Destination) Office instantly furthering the aim of “Ease of Living” for Members of EPFO.
This revamped functionality also provides the bifurcation of taxable and non-taxable components of PF accumulations to facilitate accurate calculation of TDS on Taxable PF interest.
