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PF withdrawal rule

With new rules in action, PF Subscribers can withdraw more without TDS
By OLM Desk | July 11, 2016

Some good news finally with PF withdrawals—starting June 1, there is no TDS applicable on PF withdrawal of up to Rs.50,000. The threshold has been raised from the earlier Rs.30,000, which offers some flexibility to subscribers to the EPFO when making early withdrawals. However, with this move, members will be encouraged to make withdrawals, defeating the long-term orientation of the scheme. There are two other instances when the TDS is not applicable in case of PF withdrawal— when one transfers PF from one account to another and when one makes a withdrawal after five years of maintaining the PF account.

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