TDS on EPF Balance withdrawals Rules/Guidelines

Contribution towards an EPF account provides a benefit to individuals by way of a deduction under Section 80 C. It would also be good to know what would be the income tax implications of EPF withdrawal. Interestingly, EPF withdrawal is taxable under certain circumstances and exempt under the certain circumstances.
The following table will help you easily understand the taxability on withdrawal of EPF:

Serial No
Amount withdrawn is < Rs 50,000 before completion of 5 continuous years of service
However, If the individual falls under the taxable bracket, he has to offer such EPF withdrawal in his return of income
Amount withdrawn is > Rs 50,000 before completion of 5 years of continuous service
TDS @ 10% if PAN is furnished;
No TDS in case Form 15G/15H is furnished
Withdrawal of EPF after 5 years of continuous service
Further, the individual need not offer the same in the return of income as such withdrawal is exempt from tax
Transfer of PF from one account to another upon a change of job
Further, the individual need not offer the same in return of income as it is not taxable.
Before completion of 5 continuous years of service\ if
employment is terminated due to employee’s ill health
The business of the employer is discontinued
or the reasons for withdrawal are beyond the employee’s control
Further, the individual need not offer the same in the return of income as such withdrawal is exempt from tax

Aadhaar Linking Deadlines For These 6 Services Are Fast Approaching

According to the government’s mandate, you have to link your Aadhaar number with various key documents and services to continue using them. The deadlines for doing so are fast approaching, therefore, if you haven’t done it yet, it’s time to get a move on. Read on to find out how to go about the linking process.
You should visit the Income Tax website, enter your PAN and Aadhaar details, and complete the authentication process
Bank account
You can link your bank account with your Aadhaar at a bank branch, or using Internet or mobile banking facilities. To do it through Internet banking, log in to your online banking account and click on the ‘Update Aadhaar’ link. Enter your Aadhaar details and submit it. Use the OTP sent to your registered number to complete the process.
Mutual fund folio
CAMS and Karvy Computershare offer an online facility for linking your Aadhaar to your mutual fund account. Go to the CAMS or Karvy website and click on the ‘Link Your Aadhaar’ tab. Follow the steps to fill in the form and submit it, then enter the OTP generated and sent to your registered mobile number to complete the linking process.
Deadlines to watch out for
Deadline for Linking
What will happen if you fail to link?
31st December 2017
Your Bank accounts will be blocked.
31st December 2017
Your Income Tax returns will not be processed.
Mutual Funds folio
31st December 2017
Your account will cease to be operational.
31st December 2017
Your Insurance policies will become inaccessible.
Post Office schemes
31st December 2017
Your accounts will be blocked.
Mobile Number
6th February 2018
Your Phone number will be deactivated.
Insurance policies
You can link Aadhaar to your insurance policies by logging on to the website or visiting the customer service department of your insurance provider. In most cases, you are only required to provide your policy number and date of birth for the verification. Once verified, you will be asked to update your Aadhaar number. At present, only LIC, SBI Life Insurance, ICICI Prudential Life Insurance and Max Life Insurance offer online Aadhaar linking services.
Post office schemes
Aadhaar linking is mandatory for opening or holding a Post Office account or investing in small savings schemes like NSC and PPF. To do this, log on to the India Post website, download the Aadhaar linkage form, fill it up and submit it to the post office where you hold an account.
Mobile number
Visit a store or service centre of your mobile service provider or call their customer service to request Aadhaar linking