Utility: Does your PF also get deducted? So read this news, these big changes have happened in the rules!

The government has changed the rules for EPF withdrawal from 1 April 2023. Now, if PAN is not linked, TDS will be deducted at 20% instead of 30% on the withdrawal. This rule will come into effect from 1 April 2023.

The changed rule will benefit those PF holders whose PAN has not been updated yet. If the account holder withdraws within 5 years, he has to pay TDS. Hence, no TDS is charged after 5 years.

Apart from this, the minimum threshold of Rs 10,000 for TDS has also been removed in Budget 2023. In the case of lotteries and puzzles, the rule of the Rs 10,000 limit will continue to apply. TDS will not be deducted from the total amount up to 10 thousand in a financial year. After this TDS will be deducted.

People who have a Tax PAN card have to pay less TDS. If someone's PAN card is not updated in the records of EPFO, then he will have to pay TDS up to 30%. Now it has been increased to 20 percent.

Apart from the above scenario, if a person withdraws money within 5 years of opening the EPFO ​​account, he/she has to pay TDS. 10% TDS will be levied on withdrawals above Rs 50,000 and PAN card is available. But if there is no PAN, then he will now have to pay 20% TDS instead of 30%.

The amount deposited in the PF account can be withdrawn partially or completely. EPF amount can be withdrawn when the employee retires or remains unemployed for more than 2 consecutive months. On the other hand, in case of a medical emergency, marriage, home loan repayment, etc., some part of the amount deposited in this fund can be withdrawn under certain conditions.