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EPFO to deduct TDS on PF withdrawals in some cases from June

"Income Tax shall be deducted at source (TDS)... if at the time of payment of the accumulated PF balance is more than or equal to Rs 30,000 with service less than 5 years," it added.

 
 
The National Pension System, launched on January 1, 2004, aims to overcome moderate contributions towards retirement planning by offering higher returns and tax benefits.
Studies have shown that as many as 70% people who get a windfall lose it within a few years. It is, therefore, important to create a regular income stream.
 
 
The scheme was launched with effect from September 2014, hiking the pension amount to a flat Rs 1,000 per month for those who were getting lower amount earlier.
The body has a corpus of over Rs 6.5 lakh crore and it is expected to get an incremental deposit of Rs 80,000 crore during this fiscal.
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