Tax on Premature PF Withdrawal
- From June 1, TDS will be deducted on Provident Fund at 10.3% withdrawal before five years of continuous service.
- TDS will not be applicable if the Provident Fund withdrawal is less than ` 30,000.
- TDS will be deducted at the maximum marginal rate of 30.6% for employees without PAN card.
- Even those with a PAN Card will need to refile their past ITRs where deductions were claimed against EPF contributions.