The provident fund is deducted from the salary of every employed employee and everyone’s own Universal Account Number (UAN) is generated on the EPFO portal. You can know about your provident fund balance only through UAN.
However, it is always necessary to keep this account updated and for this it is necessary to update KYC. If you contribute to EPFO and you have not yet updated KYC in EPF, then update it quickly sitting at home. Let us tell you the whole process related to this…
- Login to your account on the EPF portal through UAN.
- After this go to the ‘Manage’ section and click on ‘KYC’.
- Enter all the required information and tick the box of the document to be updated.
- Click on ‘Save’ under the ‘Pending KYC’ section.
- The updated document is verified from the department of the concerned data.
Explain that in Budget 2023, Finance Minister Nirmala Sitharaman has reduced TDS on EPF withdrawal, giving great relief to Employees Provident Fund (EPF) account holders. TDS deduction on EPF accounts has been reduced from 30 per cent to 20 per cent in the new budget plan.
Budget Finance Minister Nirmala Sitharaman suggested to EPF holders that account holders whose PAN is not linked to the account will now have to pay less TDS during withdrawal. As per the current income tax law, TDS is deducted from EPF if the amount is withdrawn within 5 years of opening the EPF account. But if the withdrawal is made before 5 years, then 10 percent is deducted.
Interest amount will be credited soon
Let us tell you that PF account holders who have been waiting for interest money for one year can get this amount soon. According to media reports, interest money will be sent to the PF account before Holi i.e. by the end of February. Significantly, every year this money comes by November-December. But this time there has been a record delay in interest payment.