Business News Desk,Provident Fund is deducted from the salary of each employed employee and each has its own Universal Account Number (UAN) 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.
The updated document is verified from the department of related 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 those account holders who do not have PAN linked to their accounts can now pay less TDS during withdrawals. have to give. As per the current income tax law, TDS is deducted from EPF if the amount is withdrawn within 5 years of opening the EPF account.
Interest amount will be credited soon
Explain 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, this money comes by November-December every year. But this time there has been a record delay in interest payment.