EPFO introduces automatic transfer of PF balance for employees effective from today

EPFO has launched a groundbreaking automatic transfer system for provident fund balances, streamlining the method for employees switching jobs. No longer will people have to manually request transfers; as an alternative, EPFO will seamlessly transfer the PF balance to the brand new employer’s account, making certain uninterrupted retirement financial savings.

In taxation, the brand new tax system turns into the default choice beginning today. Unless particularly opting for the previous tax system, taxes can be mechanically calculated underneath the brand new guidelines. Good information for taxpayers: tax brackets stay unchanged for the monetary 12 months 2024-25, and people incomes ₹ 7 lakh or much less yearly will not pay any earnings tax underneath the brand new system.

Security measures are additionally being enhanced, with NPS implementing a two-factor Aadhaar-based authentication system to safeguard transactions and mitigate spoofing makes an attempt.

FASTag customers are reminded to finish KYC by March thirty first to keep away from deactivation and potential double toll expenses. NHAI tips ought to be adopted to make sure seamless transactions at toll plazas.

Furthermore, the depart encashment tax exemption restrict for non-government employees has been raised from ₹ 3 lakh to ₹ 25 lakh, offering important reduction for people on this class.

(With inputs from IANS)