PF Withdrawal
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Simplify Your PF Withdrawal with Web Tax services Expert Assistance
Employees' Provident Fund (EPF) is a mandatory contribution
EPF provides financial safety net for employees post-retirement
Accrues interest on an annual basis, enhancing the overall savings
Premature withdrawals are allowed under specific conditions
For the withdrawal, forms are available on the EPFO website
Essential Documents for PF Withdrawal
Universal Account Number (UAN):
Your UAN is a crucial identifier for EPF withdrawal. Ensure it's readily available for the process.
Bank Account Information:
Provide accurate bank account details to facilitate the seamless transfer of the EPF amount.
Identity and Address Proof:
Include valid identity and address proof documents to verify your credentials.
Canceled Cheque with IFSC Code and Account Number:
Submit a canceled cheque bearing both the IFSC code and account number to streamline fund transfers.
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PF Withdrawal and Tax Implications
EPF withdrawals are exempt from taxation if an employee consistently contributes for five consecutive years.
If there’s a break in EPF contributions within the five-year period, the withdrawal becomes taxable for that FY.
TDS (Tax Deducted at Source) is applicable when an employee withdraws an EPF amount exceeding Rs 50,000 before completing five years of service.
For early EPF withdrawals (before five years) exceeding Rs 50,000:
TDS of 10% is deducted if the employee provides their PAN card.
Without a PAN card, the TDS rate increases to 30%.
Employees can avoid TDS by submitting Form 15G (for individuals below 60 years) or Form 15H (for individuals above 60 years).
EPF withdrawals after completing five years of continuous service are tax-free, and no TDS is deducted.
Web Tax services keeps you informed for optimal financial planning and to make informed decisions regarding EPF withdrawals.