Hello, I want to withdraw my pf amount.i have worked 1 year 6 months.my pf amount is like this EPF - 40781 / EPS - 20474
but my PAN is not verified in Pf account its showing error bcz my PAN card name and income tax dept name is not same,even i tried to correct name in income tax dept through online by submitting grievence but they asked to give acknowledgment number of PAN but that i dont have with me.
If i withdraw my PF amount will TDS get deducted?? My EPF and EPS amount crosses 50000/-.
Is it my TDS will get deduct? How to correct name in income tax?
Thanks in advance
From India, Bengaluru
but my PAN is not verified in Pf account its showing error bcz my PAN card name and income tax dept name is not same,even i tried to correct name in income tax dept through online by submitting grievence but they asked to give acknowledgment number of PAN but that i dont have with me.
If i withdraw my PF amount will TDS get deducted?? My EPF and EPS amount crosses 50000/-.
Is it my TDS will get deduct? How to correct name in income tax?
Thanks in advance
From India, Bengaluru
Permitted Withdrwal from One’s PF Balance is not an Income, hence not computed as Taxable. Please check with IT Professional to get clearer picture. Harsh K Sharan, Kritarth Team 1.6.2020
From India, Delhi
200From India, Delhi
How much tax is payable on EPF?
If you withdraw your EPF before completing 5 years of service, the withdrawal is taxable as follows:
The interest paid on the EPF is taxable at your slab rate
The Employer and Employee contributions are taxable at your slab rate. This is because the deduction given to EPF contributions in previous years is reversed. These contributions now become taxable.
PAN for EPF Full Withdrawals
For full settlement cases, TDS would be deducted if the total amount is more than ₹50,000/- and service period is less than 5 years. The TDS amount changes according to whether you have given PAN. Full withdrawal due to unemployment of two months or more would come under this category. The following conditions apply:
If your withdrawal is between 50,000 and Rs 2.5 lakh, no TDS would be cut if PAN is provided or Form 15G/H is submitted (if applicable). Form 15 H/G apply if your income is below the taxable limit of 2,50,000.
For amounts, more than 2.5 lakh TDS would be deducted at 10% if PAN is provided
For amounts greater than 2.5 lakh, if PAN is not provided, TDS would be deducted at the maximum marginal rate of 34.608%.
Note: There is no TDS if your service is more than 5 years or amount is less than ₹50,000 and hence you do not need to submit PAN in this case.
From India, Pune
If you withdraw your EPF before completing 5 years of service, the withdrawal is taxable as follows:
The interest paid on the EPF is taxable at your slab rate
The Employer and Employee contributions are taxable at your slab rate. This is because the deduction given to EPF contributions in previous years is reversed. These contributions now become taxable.
PAN for EPF Full Withdrawals
For full settlement cases, TDS would be deducted if the total amount is more than ₹50,000/- and service period is less than 5 years. The TDS amount changes according to whether you have given PAN. Full withdrawal due to unemployment of two months or more would come under this category. The following conditions apply:
If your withdrawal is between 50,000 and Rs 2.5 lakh, no TDS would be cut if PAN is provided or Form 15G/H is submitted (if applicable). Form 15 H/G apply if your income is below the taxable limit of 2,50,000.
For amounts, more than 2.5 lakh TDS would be deducted at 10% if PAN is provided
For amounts greater than 2.5 lakh, if PAN is not provided, TDS would be deducted at the maximum marginal rate of 34.608%.
Note: There is no TDS if your service is more than 5 years or amount is less than ₹50,000 and hence you do not need to submit PAN in this case.
From India, Pune
Hello Nathrao,
Thanks for the details but my problem is iam not able to update PAN bcz its showing error PAN name and income tax name does not match so i want to know my EPF - 40781
EPS - 20474 so is it they will consider whole amount for TDS or they consider only EPF for TDS deduction?
If TDS get deduct then how i can correct my income tax account name?
Plz reply me on this bcz i want to withdraw my PF as soon as possible
From India, Bengaluru
Thanks for the details but my problem is iam not able to update PAN bcz its showing error PAN name and income tax name does not match so i want to know my EPF - 40781
EPS - 20474 so is it they will consider whole amount for TDS or they consider only EPF for TDS deduction?
If TDS get deduct then how i can correct my income tax account name?
Plz reply me on this bcz i want to withdraw my PF as soon as possible
From India, Bengaluru
Hi My PAN name and Adhar name is correct but in income tax account name is not correct so how to correct name in income tax dept? Thanks in advance
From India, Bengaluru
From India, Bengaluru
No tax if the amount of EPF withdrawn is more than Rs 50000/-.If withdrwn before 5 years and the amount is less than Rs 50000/- it is taxable.
From India, Thiruvananthapuram
From India, Thiruvananthapuram
In most of the cases,where PAN kyc was not done ,epfo deducted the tds for all amounts due above 50k.Pls update your PAN and do kyc.
Pls if online kyc is reje ted due to mismatch of name, pls raise joint declaration and submit manually at çoncerned epf for kyc.
Alternatively Put correction request at nsdl for pan,and get renewed PAN before kyc at epfo.
From India, Vadodara
Pls if online kyc is reje ted due to mismatch of name, pls raise joint declaration and submit manually at çoncerned epf for kyc.
Alternatively Put correction request at nsdl for pan,and get renewed PAN before kyc at epfo.
From India, Vadodara
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