New PF withdrawal rule: PAN card holders must check in FY24 during income tax return (ITR) filing
PF withdrawal rule: Under income tax rules, provident fund amount withdrawn before five years of PF account opening, whole taxable amount is taxable
New provident fund (PF) withdrawal rule: While presenting the Union Budget 2023, Finance Minister Nirmala Sitharaman proposed to decrease Tax Deduction at Source (TDS) from 30 per cent to 20 per cent for taxable component of the Employees' Provident Fund (EPF) Scheme for non-PAN cases. However, other income tax rule will remain same. As per the income tax rule, if a PF or EPF accountholder goes for its EPF withdrawal before completion of 5 years of account opening, then in that case, whole withdrawal amount would remain taxable and PF contribution above ₹2.5 lakh per annum would also remain taxable.