The EPF Interest Rate for 2022-23 is fixed at 8.15%. The TDS rate has been reduced from 30% to 20% on taxable withdrawal of EPF for individuals who do not posses PAN. For the FY 2022-23, the interest rate notified is 8.15%. The government reviews the interest rate on EPF accounts regularly. On retirement, the employee receives a lump sum corpus of EPF, including the employee’s contribution, employer’s contribution and the interest amount credited every year. An employer also contributes to the employee’s EPF account. As per the EPF scheme, the employer deducts a certain amount of contribution from the employee’s salary and deposits in his or her EPF account. The scheme applies to those who are employed. Income Tax Deductions List - Deductions on Section 80C, 80CCC, 80CCD & 80D - FY 2021-22 (AY 2022-23)Įmployee Provident Fund (EPF) is a retirement benefits scheme framed under the Employees Provident Fund & Miscellaneous Provisions Act, 1952.
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