EPF: Good news with EPF new rule.. Announcement in budget.. Everyone must know..

EPF: Do you have a PF account? Are you withdrawing money from it? Have you had a PF account for five years? But this news is for you. Recently, the central government made a key announcement about the PF account in the budget. Many facilities have been provided to those who want to withdraw money. According to this new rule, if money is withdrawn from the PF account after five years, now the tax will be less. It has now further reduced the previous tax (TDS) for withdrawing money from PF accounts which are not linked to PAN card.

At present, if the money is withdrawn from the account which is not linked to the PAN card before the completion of five years of the PF account, the center will levy a tax of 30 percent on it. Finance Minister Nirmala Sitharaman made a key announcement in the budget that it has now been further reduced to 20 percent.

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It is known that if money is withdrawn now from a PF account that has not passed five years, it will be taxed. However, TDS is not applicable if the cash withdrawal amount is less than Rs.50 thousand. If you withdraw more than that, you will have to pay tax. If cash withdrawal is more than Rs.50 thousand from PF accounts not linked with PAN card, the tax is currently 30 percent.

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If withdrawal is made before five years from the PF account linked to the PAN card, it will go into non-taxable income. That’s why according to the new rule.. if your PAN card is not linked.. if you want to withdraw money from PF account after five years.. wait till April 1. Then.. the tax will be reduced from 30 percent to 20 percent.

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PF withdrawal through online is very easy. No need to go to PF office for this. It can be done online. In EPFO ​​members portal.. login with UAN, password.. can be processed. There click on claim option in online services tab. Then verify the bank account number. You have to select the options as to how much amount you want and why you are claiming it. Also need to provide address. A canceled check or bank statement is required.

• Check here how to withdraw money from PF account online.
• How to Check PF Balance Click Here

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