Employees’ Provident Fund Organisation’s (EPFO) Provide KYC (know your customer) for the employee's there some documents required such as bank account number, PAN card, Aadhaar, passport, driving license, election card and ration card in the EPF accounts.
Link of Pancard in epf Account is Compalsary whenever our Claim amount more than 50,000/-
after linking Aadhaar with EPF account is ready to, sending PAN number and bank account number, though not compulsory, are required to process any sort of online EPF claims.
Also Read: How To Generate UAN Epfo Number
Online EPF services such as withdrawing the pension fund (PF)or requesting the transfer of PF account are possible only when you have all three details including Aadhaar, PAN and bank account number sending in your EPF account.
Note: Without a valid PAN number or Without kyc of Pancard, TDS of approximately 34.60% will be deducted during the final PF withdrawal.
So that All employee you need to linking of PAN with EPF account, if not now, is helpful for all your future EPF related claims.
All you need to link your PAN with EPF is an activated Universal Account Number (UAN). if your KYC Pancard is Mandatory for Withdrawal epf balance. without pan card kyc 36.60% deduction of your original epf balance, So that easy to link your pan card in your epf account.
If you haven’t activated your UAN yet, visit the page ‘EPFO Universal Account Number Registration and Activation Process’ to know the process. Once you have your UAN activated, you will have a password to login to your account and also check your epfo balance.
pan card importance for epfo balance withdraw if your balance is below Rs 50,000, no TDS is deducted from the employee
The following Steps to link PAN card to EPF account
Step 1: Visit EPFO UAN Member e-Seva Portal and log in using the UAN number and password. and then after epfo home page,
you can see details of Kyc like the following.
Step 2: From the main menu click ‘Manage > KYC’
Step 3: You will be redirected to the ‘Add KYC’ page, where you will see a list of the document under ‘Document Type’ to update.
Step 4:Select ‘PAN’ > Enter ‘PAN Number’ > Enter ‘Name as printed on your PAN card’ > Click ‘Save’
If the name and number match with the Income Tax Department records, your PAN gets verified automatically.
Note: Aadhar card and Pancard Name are same if not same then pan card verified fail display or not match you the following type of error display following type:
Pan verification failed. (Name against UAN does not match with the NAME in Income Tax Department)
Once your PAN is successfully seeded to your EPF account, you will find the same on the home page of the website in the ‘Member Profile’ table.
Your PAN is an important document when it comes to saving taxes on your EPF withdrawals. As per current rules, TDS is deducted on withdrawals if the collective service period is of less than 5 years. However, if your balance is below Rs 50,000, no TDS is deducted from the employee.employee has linked his PAN card with EPF account, TDS is deducted at a rate of 10% whereas TDS deducted reaches at 34.68% in case the employee has not linked his PAN card with EPF account.
Some of query related employee so we can detail explain as my knowledge,
FAQs on About PAN with EPF Account(Give Your Question to provided Ans as soon as possible)
Que 1: Can I Claim My epf Amount (Above Rs.50,000) but Name in the Pan Card Is Not Matching With The Name In The epf Account?
it's Not Possible because. If the name in the PAN card is different from the one mentioned in the PF account, the PF amount cannot be claimed So you can apply for a pan card correction form and the same as aadhar name you can apply a pan card correction.
This is because if the name of the individual does not match, the system will not accept the Pancard KYC details that are uploaded.
Que 2: Can I get UAN number from PAN Card?
it's Possible.so please read my article: How to get my UAN Number? This artical, you can select your PAN Card Number, Name, Date of Birth, Mobile Number.
Que 3: Can I withdraw epf balance without linking PAN
it's Possible but then you will have to pay TDS of 34.68%. This is the current maximum marginal rate.
Que 4: Will there be a problem with Pan verification failed. (Name against UAN does not match with the NAME in Income Tax Department) how to resolve this problem?
Ans: If a problem finds to name uan does not match with the name in income tax department you can change your pan card otherwise change your aadhar details.then after you can change your name, dob as your pan card details.
Que 5: How can I link Aadhaar Card with the EPF account?
Ans: Yes, You can easy to E-kyc for Read my article to Epfo e-kyc || Aadhar Card, Pancard, Bank, Passport, Driving License, Election Card