PF Withdrawal In Budget 2023: In the budget, the government also changed the rules for withdrawing money from PF, now so much TDS will be deducted.
PF Withdrawal In Budget 2023: Now EPFO (Employees’ Provident Fund Organization) has shown the impact of the budget! Actually, many important announcements have been made in Budget 2023 by Modi government! Through these announcements, announcements have been made by the government keeping in mind the interests of different classes of people! Along with this, an important announcement has been made by the Modi government regarding PF (PF Account) in this budget! Crores of people are also going to benefit from this announcement!
The general budget of the country has been presented by Finance Minister Nirmala Sitharaman on February 1! In EPFO (Employees’ Provident Fund Organization), the Finance Minister has made many big announcements in this budget! Along with this, an important announcement has been made about the Provident Fund in the budget! Those people are going to benefit from this announcement! Those who are withdrawing from PF Account!
According to Finance Minister Nirmala Sitharaman’s budget speech, previously 30 percent TDS had to be paid on withdrawals from EPFO (Employees’ Provident Fund Organization)! However, now the government has proposed to reduce it! The government has now proposed 20 percent TDS on PF (Provident Fund) withdrawal! In such a situation, now people will have to pay only 20 percent TDS on withdrawing money from PF (PF Account)!
PF Nikki : PF Withdrawal In Budget 2023
People are going to benefit a lot by deducting TDS on withdrawal from PF (Provident Fund)! Reduction in TDS rate on EPF withdrawal will help those persons whose PAN number is not updated with records in EPFO (Employees’ Provident Fund Organization)! At the same time, to give some relief to the income earners in the lower income slab, the requirement of tax deduction at the maximum marginal rate on PF account withdrawals for non-PAN holders has been removed! 20% TDS will now be charged on such persons! At the same time, the new rule will be applicable from 1 April 2023!
Employees’ Provident Fund Organisation
According to the current income tax laws, TDS is deducted on PF (Provident Fund) withdrawal if money is withdrawn within 5 years of opening the PF Account! If PAN is available with EPFO, TDS is deducted at the rate of 10% if the withdrawal amount exceeds Rs.50,000! However, if PAN is not available, TDS is deducted at 30%! This will be valid only when EPFO (Employees’ Provident Fund Organization) has PAN card!