Employees’ Provident Fund Organisation has made it simpler for people to link their PAN card with their EPF account. Updating your KYC details is crucial to make online claims. In order to process your claims in a hassle-free manner, you have to update your PAN with UAN (Universal Account Number). Here’s how you can do it online in these simple steps:
- Login to the EPF Members portal using your user id (here your UAN) and password at https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
Click on the KYC option in the Manage drop down list.
Tick the PAN Option and enter your PAN details. You can update other KYC documents such as Aadhaar, bank account, passport, driving license, election card, ration card, national population register, etc. as well in this step.
Now click on “Save” button and submit the documents for the verification purpose.
After you have saved your details, your PAN will be verified through NSDL.
- On successful approval of your KYC document, your EPF account will be linked with PAN and you will find “Verified” written against your PAN details.
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.
In case the employee has linked his EPF account with PAN, TDS is deducted at a rate of 10% whereas TDS deducted reaches at 34.608% in case the employee has not linked his pan with his EPF account.