Link PF account to PAN | Link PF account to PAN 2022 | steps for linking a PF and PAN account |
If a PF account is connected to a valid Permanent Account Number (PAN), the TDS rate will be 10 percent. In the unlikely event that it is not connected to a valid PAN, the TDS level doubles to 20 percent.
Link PF Account To PAN
In a recent guideline issued by the Employees’ Provident Fund Organization (EPFO), the legal entity used a new tax framework for PF worth more than Rs 2.5 lakh for private sector workers, while the limit was set at Rs 5 lakh for government. staff.
In accordance with the circular issued on April 6, TDS interest received in excess of contributions will be effective from April 1, 2022. TDS will be deducted during interest credit on the EPF account. While awaiting final payment or transfer, TDS will be deducted at the latest date in the case of final payment.
Also note that if the TDS reaches Rs 5,000, then there will be no deductions although the full taxpayer tax debt will remain.
In addition, the EPFO also stated that if a PF account is linked to a Permanent Account Number (PAN), the TDS rate will be 10 percent, according to a Mint publication report. In the unlikely event that it is not connected to a valid PAN, the TDS level doubles to 20 percent, as reported.
It means that if your PAN is not updated or not connected to your PF account, you end up paying twice the TDS rate than the usual 10 percent.All taxpayers under section 206A of the Income Tax Act, who receive taxable income are required to provide a PAN to the taxpayer (EPFO) of that income.
In this case, you can claim a TDS refund by completing the 26 Q and 27 Q Income Tax forms. Also, note that the due date for completing the TDS return for the first quarter (April to June) is 31 July of the financial year; the deadline for the second term (July to September) is October 31; while January 31 is the deadline for the third term (October – December). Finally, May 31 is still the last day to complete the TDS returns for the fourth quarter (January-March) of the financial year.
If you fail to file a TDS refund in advance, a fine of Rs 200 is charged daily where the failure persists. However, note that the amount charged will not exceed the TDS amount, according to the EPFO.
Steps For Link PF Account To PAN
Step 1: First, visit the EPFO UAN Member in the Server Portal and sign in using your UAN number and password. You will find the captcha code below the password that needs to be added to the exact code in the box below it in order to successfully enter.
Step 2: After logging go to the ‘Manage’ section on the main menu.
Step 3: Under the ‘Manage’ section, simply click on KYC. This will direct you to a page where you need to add your personal details including bank account, PAN, Aadhaar, passport, driver’s license, election card, rating card, and national population register.
Step 4: You must select a PAN component, then add your unique PAN number. Make sure you enter your name as printed on the PAN card and click save.
Step 5: If your name and number match the IT department records, your PAN will be automatically verified. Once the PAN is successfully connected to your PF account, you can find the PAN information in the ‘Member Profile’ table.