EPF TDS Rules in HinEPF TDS Rules : If you are a PF account holder and you are going to withdraw money from your PF account, you should know the TDS rules in EPF before withdrawing money from the account, otherwise you may suffer a huge loss. So friends in today’s post, we are going to share the same information with you when tds is received while withdrawing money from PF and when not?di – TDS rules while withdrawing money from PF.
When does TDS get deducted in PF?
You know, if you are going to withdraw money from PF, in which place your TDS bites. And what is its rule (EPF TDS Rules).
If your job is less than 5 years and the PF money is being withdrawn. (Note that all your
previous jobs will be added in 5 years when you have deposited PF money)
If the amount you are withdrawing from pf is more than 50 thousand.
When does TDS not be deducted in PF?
Now know what is the EPF TDS rules for these conditions in which you do not have to pay TDS while withdrawing money from PF.
TDS does not cut if your job term is more than 5 years.
TDS does not deduct if the amount to be withdrawn from your PF is less than 50 thousand.
If your job is less than 5 years and the amount to be withdrawn from PF is also more than 50 thousand and you fill your pen card (pan card), EPF TDS form 15G or 15H (which is required), TDS does not bite.
TDS does not bite if your job has been caused by any of the following reasons.
Due to poor health.
Your employer or the project you were working on caused to go into ruin or loss.
Or from a person who is not under the control of an employee.
While transferring from one PF account to another PF account. (Below you have explained all the tds in image format in which 30,000 tds are now being started at 50,000) instead of 30,000)
How much TDS deducted on PF
EPF TDS Rules: TDS on PF will be separately for different positions. Such as:-
PAN number is not given or incorrect
If you have not given pan number or given wrong pan number while KYC your PF account and the PF amount is more than Rs. 50,000, you may have to pay TDs up to about 34%. This is the maximum marginal rate in terms of income tax slabs applicable to income. Suppose, if you are withdrawing Rs. 1 lakh, you will get Rs. 66 thousand after giving Rs. 34 thousand as TDS (TDS).
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Given PAN number, but did not submit Form-15G
If you have submitted PAN number to your PF account, but with PF claim in Form Form-15G/10G. If 15H is not deposited, your 10% will be deducted as TDS. Which will be 10% of the amount withdrawn from your PF. Suppose, if you are withdrawing Rs. 1 lakh, you will get Rs. 90 thousand after giving Rs. 10, 000 as TDS (TDS).
Submit form 15G / 15H to avoid TDS
If your job is less than 5 years and your PF withdrawal amount is more than 50000, you will have to fill the PF withdrawal form PF FORM 19 and FORM 10C as well as Form 15G or 15H.
If you are below 60 years of age at the time of withdrawal from EPF, you need to fill up form 15G and if you are above 60 years of age at the time of withdrawal from EPF, you need to fill up form 15H.
In EPF form 15g or 15h, you need to fill in your basic information, such as name, PAN card number, complete address, email ID, mobile number, PF withdrawal amount, etc. And the most important of this is your PAN number, which is required to be filled.
How To Get EPF TDS Refund
If any reason is your TDS is deducted in the PF and you do not fall under the tax net in terms of annual income, you will get back your chopped TDS money. For which you have to fill in the income tax return form after the financial year.
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