te EPFO News: Know about these TDS liabilities on PF withdrawal; see cases where TDS is not payable - Details here | Zee Business

EPFO News: Know about these TDS liabilities on PF withdrawal; see cases where TDS is not payable - Details here

The Employees' Provident Fund Organisation (EPFO) has issued a notification regarding the Tax Deducted at Source (TDS) liabilities that the members must be aware of.

EPFO News: Know about these TDS liabilities on PF withdrawal; see cases where TDS is not payable - Details here
EPFO News: Know about these TDS liabilities on PF withdrawal; see cases where TDS is not payable. Source: Reuters

EPFO TDS Circular: The Employees' Provident Fund Organisation (EPFO) has issued a notification regarding the Tax Deducted at Source (TDS) liabilities that the members must be aware of. The EPFO members can login to the official EPFO website at epfindia.gov.in in case of any queries.

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What is TDS?

The concept of TDS was introduced with an aim to collect tax from the very source of income. A person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the central government, as per the official Income Tax website. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

"Know about TDS liabilities," EPFO has recently tweeted from its official Twitter handle.

 

In this context, the EPFO members must know that TDS is payable on final PF settlement if the service is less than five years and withdrawal amount is more than Rs 50,000.

The members must know that on the submission of PAN, if form 15G/15H is submitted, no TDS is deducted. On the other hand, if form 15G/15H is not submitted then TDS is deducted at 10 per cent.

Now, without the submission of PAN, TDS is deducted at maximum marginal rate of 34.606 per cent.

The EPFO members must also know that there is no TDS deduction in respect of the following cases:

1) Transfer of PF from one account to another PF account.

2) Termination of service due to Ill health of member /discontinuation of Business by employer/completion of project/other cause beyond the control of member.

3) If employee withdraws PF after a period of five year.

In case of further details, the interested individuals must login to the official EPFO website at epfindia.gov.in.

Written By: ZeeBiz WebTeam
Edited By: Shivendra Kumar
Updated: Wed, Feb 23, 2022
12:50 pm
New Delhi , ZeeBiz WebDesk
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