PF Account Link To PAN Card PAN not yet linked with PF account, may have to pay double tax
Link PF account to PAN card: PAN is not yet linked to PF account, may need to pay double tax How to link PAN to EPF account: Employees need to make sure their EPF account is linked to PAN card. Otherwise you may have to pay double TDS. According to the EPFO, TDS is deducted by 20 percent if the EPF account is not a valid PAN card link.
EPFO has said that if an account holder dies, TDS will be debited from his account even in such a situation. Also, this TDS will be deducted from the accounts of both Indian workers and international workers.
Link PF account to PAN card: PAN is not yet linked to PF account, may need to pay double tax
EPFO New Guidelines: Employee’s Provident Fund Organization has issued new guidelines regarding tax on deposits in PF accounts. Let us know what’s special in this guideline…
If you are a salaried employee and you have a PF account with EPFO, you must link your PF account to the PAN card. Employees must ensure that their EPF account is linked to the PAN card. Otherwise you may have to pay double TDS. According to the circular issued by the EPFO, if the EPF account is linked to a valid PAN card, TDS will be deducted only 10 percent. If the EPF account is not linked to a valid PAN card, TDS will be deducted at a rate of 20 percent. The EPFO circular said, “For each day of delay, a fee of Rs 200 will be charged. However, the late payment fee should not exceed the amount of TDS. It is necessary to provide the PAN number under EPFO to give up.
EPFO said this important thing
The EPFO has said that TDS is guaranteed for those working in the private sector in case of deposits of more than Rs 2.5 lakh in PF in a year and more than Rs 5 lakh in the account of government employees. – Transfer to account. is cut. The person whose PF account is linked to PAN only needs to pay 10% TDS. At the same time, if PAN is not linked, NDS will have to pay up to 20 percent and NRIs up to 30 percent.
If PAN is not linked to PF account.
If a person has a valid PAN card associated with the PF account, then he must pay TDS at the rate of 10 percent. With a PF account not linked to PAN, the person has to pay TDS at a rate of 20 percent. This means that PAN is not linked to PF account, almost double the tax will have to be paid.
However, if the TDS amount remains 5000, no interest will be deducted from the account of PF subscribers. However, the customer’s personal tax liability continues to represent his total tax.
In the event of the death of PF account holder
The employee fund has said that if an account holder dies, TDS will be debited from his account. At the same time, this TDS is deducted from the accounts of both Indian employees and international employees. If you want to link PF account holder to PAN card, follow the steps given by us.
This applies in particular to the new guidelines.
Under the new EPFO guidelines, if 2.5 lakh plus annual contribution PF accounts are not in final settlement or transfer status, then the TDS amount of these accounts will be deducted on the day of interest credit. Also, TDS is levied at the time of transfer of PF amount from EPFO to EPFO or EPFO exemption institution, file settlement of PF account.
How to link PF account to PAN
To link PF account to PAN, first click on EPFOUAN Member Services Portal.
Click here in the main menu.
Then click on KYC.
Here, select PAN card and enter the PAN number.
After this, your PF account will be linked to the PAN card.
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