New Delhi: If you have a PF account in EPFO, then this is special news for you. You should soon get the PF account linked with the PAN card. If you do not do this then you may have to pay double TDS. EPFO has given this information by issuing a circular.
According to the circular issued by EPFO, if your EPF account is linked with PAN card, then TDS will be deducted at 10 percent. On the other hand, if the EPF account is not linked with the PAN card, then TDS will be doubled i.e. 20 percent.
On the other hand, the EPFO’s circular said, for every day of delay, a fee of Rs 200 will be charged. The late fee should not exceed the amount of TDS. Every taxpayer receiving taxable income is required to provide PAN number to EPFO under section 206AA of the Income Tax Act.
The circular also said that if PAN is not linked with PF account, then tax will be levied at the following rates (whichever is higher):
- The rate specified in the relevant provision of section 206AA of the Income-tax Act
- at the applicable rate or rates
- At the rate of 20 per cent (Section 194A and Section 206AA)
How to get your PAN from EPF account:
- First of all click on EPFO UAN Member Service Portal.
- Click here in Menu Menu.
- Then click on KYC.
- Here you have to select PAN card and enter PAN number.
- After this your PF account will be linked with PAN card.
- If your name and number are verified with the data of the IT department, your PAN will be verified immediately. When your PAN is linked with your PF account, it will appear in your ‘Member Profile’ table.
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