EPFO has implemented the new rules from 1st April 2022. Let us tell you that in the financial year 2022-23, the employees are getting 8.1 percent interest from the EPFO.
There is important news for people living with EPFO fund after retirement. EPFO has made it clear that, according to the changed rule from April 1, 2022, if more than Rs 2.5 lakh contribution is deposited in your PF account, then what percent TDS will be deducted on the interest received on it. If your EPFO account also gets more than Rs 2.5 lakh contribution per annum, then you should read this news completely.
What percentage of TDS will be deducted on Rs 2.5 lakh – If the contribution is deposited in your account more than Rs 2.5 lakh, then 10 percent TDS will be deducted from the interest received on it. Along with this, if the PAN card is not linked with your EPFO account, then 20 percent TDS will be deducted from the interest. On the other hand, if you are an NRI, then 30 percent TDS will be deducted from the interest received on your EPFO account.
Since when the rules came into force – EPFO has implemented the new rules from 1 April 2022. Let us tell you that in the financial year 2022-23, the employees are getting 8.1 percent interest from the EPFO. EPFO had notified this rule in August 2021 last year.
Will get more interest than PPF and GPF – Answering a question in Rajya Sabha, Minister of State for Labor Employment, Rameshwar said that, in the financial year 2022-23, PF account will get more interest than PPF and General Provident Fund (GPF).
29.8 percent more PF Withdrawal – Answering a question in the Rajya Sabha, Labor Employment Minister Rameshwar said that in the financial year 2021-22, Rs 91,187.54 crore was withdrawn from the PF account. Whereas in the financial year 2019-20, Rs 50,568.48 crore was withdrawn from the PF account, which is 29.8 percent more than before the epidemic.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
