Friends, Employees’ Provident Fund Organization (EPFO) periodically shares important information to PF members through social media and its web portal. This time EPFO has given a new message on the PF Passbook portal and has warned PF members who do not have PAN KYC linked to their PF account, let’s know about this new update of EPFO.
New message of EPFO on PF passbook portal
Friends, if you do not have a PAN KYC link in your UAN account and you go to the passbook portal of EPFO to check your PF passbook, then you can see some such message: –
This means that your PAN is not linked to your PF / UAN account and if TDS is being applied to your PF withdrawal amount, then PAN KYC is necessary to avoid maximum tax deduction.
When and how much tax is taxed on withdrawal of PF?
Friends, if your total service is less than 5 years and your EPF amount is more than 50,000, then your PF withdrawal amount can be taxed and you can also avoid this tax. Let us know about all the different conditions: –
PAN is not a KYC link
If you do not have a PAN KYC link in your PF account, then it is a simple matter that you cannot fill Form 15g or even 15h, in which case a maximum of 34% will be taxed which will be deducted from your PF withdrawal amount.
PAN is a KYC link but has not submitted Form-15G / 15H
If your PAN is a KYC link but you have not submitted Form 15g / 15h, then in this case tax of 10% will be deducted from your withdrawn PF amount.
PAN is a KYC link and has also submitted Form-15g / 15h
If your PAN KYC is linked to your PF account and you have also submitted the form 15g / 15h at the time of withdrawal of PF, then no amount of TDS / TAX will be deducted on your withdrawn PF amount ie you will get the full amount of PF.
So friends, this is the reason why this message is being given by the EPFO in case the PAN card is not linked to the KYC PF account, many PF members submit their PF Claim Form in the absence of this information, but later their money comes down Can’t understand why his PF money has come down?
But what about this, having more than 5 years service and having linked pan with pf. Is it necessary to give 15g/h form during withdrawal for no tax deduction.