With a view to keep away from extra tax deducted at supply (TDS), all workers ought to instantly hyperlink their Everlasting Account Quantity (PAN) to EPF. For not finishing the required formalities, the staff should pay double the speed of regular TDS.
In case your PAN is linked to your EPF account, then TDS can be deducted at a price of 10%. Then again, for not linking your PAN with the EPF account, a 20% TDS can be deducted.
In response to a round launched on 6 April, “For every day that the failure continues, you’ll be charged Rs.200. Late charges, alternatively, should not exceed the quantity of TDS.”
Each taxpayer who receives taxable earnings is required by part 206AA of the IT Act to supply their PAN to the payer (EPFO).
The round additionally famous that if the PAN is just not linked to PF Account then tax shall be deducted at following charges (whichever is increased):
(i) on the price specified within the related provision of 206AA of the IT Act; or
(ii) on the price or charges in pressure; or
(iii) on the price of twenty per cent: (Ref. part 194 A learn with part 206 AA of Earnings Tax Act).
Right here is hyperlink your PAN along with your EPF account:
Step 1: Login to the EPFO portal along with your UAN credential
Step 2: Underneath the tab “Handle”, Click on on the KYC possibility
Step 3: You’ll land on a brand new web page while you hyperlink PAN with EPF account
Step 4: Enter your identify and the PAN. And save.