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TDS deduction News

04 Jun 2021

Looking for PF withdrawal? Here’s how to avoid TDS deduction

EPFO allows withdrawal of PF before retirement but if you want to get the money before 5 years of account opening, then TDS (Tax Deduction at Source) is applied on the withdrawal amount. The PF withdrawal rules clearly state that if the EPF/PF account is attached with PAN, the TDS deduction rates stand at 10 percent while in the case of EPF accounts without PAN, the TDS rate stands at 20 percent. PF account holders can avoid TDS deduction while taking out money before five years of account opening.

13 Apr 2020

Employees should inform employers about intention to opt new tax regime: CBDT

CBDT said an employee intending to opt for concessional rates of income tax as provided in the Budget 2020 may intimate the deductor or his employer of such intention.

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