EMPLOYER PROVIDENT FUND
KNOW ABOUT TAX ON EPF INTEREST
Published By Livemint | 24 Mar, 2023
WHAT IS EPF?
A retirement benefit scheme where employee & employer contribute 50-50 to the EPF account
Credit : Pexels
TAX ON EPF INTEREST
EPF interest is taxable under Income Tax Act,1961, as it comes under income from other source
Credit : Pexels
TAX RATE
Tax rate on EPF interest differs for different tax slabs
Credit : Pexels
TAX EXEMPTION
People with up to 2.5 lakh of taxable income are exempted
Credit : Pexels
TAX DEDUCTION AT SOURCE
EPFO deducts TDS at the rate of 10% on EPF interest
WHEN IS TDS DEDUCTED?
TDS is deducted from interest amount every month & deposited to govt
UPPER LIMIT
TDS is deducted on annual EPF interest of more than
₹
50,000
Credit : Pexels
HOW TO CLAIM TAX DEDUCTION ON EPF
Claim TDS by providing deduction details to the income tax department
FORM 15G/15H
It is important to submit Form 15G and Form 15H to claim TDS
Credit : Pexels
CLICK HERE FOR MORE VISUAL STORIES