Hello, I want to withdraw my PF amount. I have worked for 1 year 6 months. My PF amount is as follows: EPF - 40781 / EPS - 20474. However, my PAN is not verified in the PF account. It's showing an error because my PAN card name and the income tax department name do not match. Even though I tried to correct the name in the income tax department online by submitting a grievance, they asked for the acknowledgment number of the PAN, which I do not have with me.
If I withdraw my PF amount, will TDS get deducted? My EPF and EPS amounts exceed 50000/-. Will my TDS be deducted? How can I correct the name in the income tax details?
Thanks in advance
From India, Bengaluru
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If I withdraw my PF amount, will TDS get deducted? My EPF and EPS amounts exceed 50000/-. Will my TDS be deducted? How can I correct the name in the income tax details?
Thanks in advance
From India, Bengaluru
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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
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214From India, Delhi
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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 ₹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 the amount is less than ₹50,000, and hence you do not need to submit PAN in this case.
From India, Pune
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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 ₹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 the amount is less than ₹50,000, and hence you do not need to submit PAN in this case.
From India, Pune
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Hello Nathrao,
Thank you for the details, but my problem is I am not able to update my PAN because it's showing an error that the PAN name and income tax name do not match. I want to know my EPF - 40781 and EPS - 20474. Will they consider the whole amount for TDS, or will they consider only EPF for TDS deduction? If TDS is deducted, how can I correct my income tax account name?
Please reply to me regarding this because I want to withdraw my PF as soon as possible.
From India, Bengaluru
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Thank you for the details, but my problem is I am not able to update my PAN because it's showing an error that the PAN name and income tax name do not match. I want to know my EPF - 40781 and EPS - 20474. Will they consider the whole amount for TDS, or will they consider only EPF for TDS deduction? If TDS is deducted, how can I correct my income tax account name?
Please reply to me regarding this because I want to withdraw my PF as soon as possible.
From India, Bengaluru
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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
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From India, Bengaluru
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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
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From India, Thiruvananthapuram
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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
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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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