The Employees Provident Fund Organization (EPFO) takes full care of the facilities of PF customers. A special service related to this can be started, which will benefit crores of PF customers of the country. Now PF customers will be able to claim PF through Unified Payments Interface (UPI).

The new system of EPFO ​​will allow fund transfer to the linked UPI ID of PF customers. According to reports, EPFO ​​has already prepared a blueprint for UPI integration and is expected to implement this facility within the next 2 to 3 months.

According to reports, EPFO ​​is in discussion with the National Payments Corporation of India (NPCI) to integrate PF withdrawal with the UPI platform. With this, PF customers can get their PF amount instantly from digital payment apps like PhonePe, GooglePay, Paytm and Bhim App.

You will be able to withdraw your PF through ATM card

Apart from UPI transactions, EPFO ​​is also working on enabling PF withdrawal from ATMs.

Who gave the information

In an interview with news agency ANI, Labor Secretary Sumita Dawra has revealed information related to this. Sumita Dawra said that EPFO ​​subscribers will be able to withdraw their PF through ATM by 2025. Along with this, she said that the Ministry of Labor is in the process of upgrading the entire IT services. This will help employees across India registered with EPFO.

According to a report, this system will be implemented across India in May or June next year. It is being said that the central government can remove the limit of 12% on employee contribution to PF. Employees can be given the option to contribute according to their savings and employees will be allowed to deposit an amount above the limit at any time.

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The post New PF withdrawal Rule: You will be able to withdraw your PF amount through ATM card, Check Details first appeared on Rightsofemployees.com.

Under which now if for some reason you want to withdraw your PF balance before a period of 5 years and your PAN card is not linked, then in such a situation now you will have to pay 20% TDS instead of 30%. These new rules will come into force from 1 April 2023. However, these rules will be applicable in case of non linked PAN card.

Less TDS will have to be paid than earlier

Investing in Employees Provident Fund (EPF) is considered a better option for any employed person. A part of the salary of the salaried class people is deposited in their EPF account. On which the government gives strong interest. PF balance helps people in any kind of financial crisis in future.

Many times in times of need or difficulty, we need to withdraw PF balance before 5 years. At such times the account holders have to pay TDS. During this, account holders whose PF account is not linked to their PAN card will have to pay less TDS than before. Due to which they will get a big relief, earlier they had to pay 30% TDS on such withdrawals, which has now been announced to be reduced to 20%.

If it has not been five years since the PF account was opened, and the amount is withdrawn, and the PF account is linked to the PAN card, then TDS will not be deducted on it, but the withdrawn amount will be included in the taxable income, and that But income tax will also have to be paid.

For this, you have to send a message to this number 7738299899 from your registered mobile number with EPFO. You have to enter ‘EPFOHO UAN’ i.e. first EPFOHO and then UAN. This facility is available in 10 languages ​​- English, Hindi, Punjabi, Tamil, Malayalam, Gujarati, Marathi, Kannada, Telugu and Bengali. If you want SMS in a language other than English, add its first three letters after the UAN ID. For example, if you want a message in Hindi, then you have to write ‘EPFOHO UAN HIN’.

Check balance by missed call (How to check PF Balance via missed call)

PF account holders can also know their PF balance through missed call. For this, you have to make a missed call on 9966044425 from your registered mobile number. After this, a message related to the amount of the account will come on your mobile number.

The post Good news for PF account holders, will get this benefit, know details first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman has changed the tax rules regarding withdrawal from Provident Fund. Now, if PAN is not linked, 20 percent TDS will be levied during withdrawal instead of 30 percent. This rule will be applicable from 1 April 2023. The benefit of the changed rule will be to those PF holders, whose PAN is not yet updated. Actually, if an account holder withdraws money within 5 years, then he has to pay TDS. Whereas, after 5 years no TDS is levied.

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

Know what are the new rules

, people who have tax PAN card have to pay less TDS. If someone’s PAN card is not updated in the records of EPFO, then he has to pay TDS up to 30%. Now it has been reduced to 20 percent.

When is TDS taken

Apart from the above situation, if a person withdraws money within 5 years of opening the EPFO ​​account, then he will have to pay TDS. If an amount of more than Rs 50,000 is being withdrawn and PAN card is available then 10% TDS will be levied, but if PAN is not there then he will now have to pay 20% TDS instead of 30%.

When can PF money be withdrawn The amount deposited in PF account can be withdrawn partially or completely, it is also called PF withdrawal. EPF amount can be withdrawn when the employee retires or remains unemployed for more than 2 consecutive months. At the same time, in circumstances like medical emergency, marriage, home loan payment, some part of the amount deposited in this fund can be withdrawn under certain conditions.

The post New PF withdrawal rule: Rule changed regarding withdrawal from EPFO, know how much tax will be charged first appeared on Rightsofemployees.com.