EPF claim rules change under new Form 121 declaration
In short
EPF members are being told to check their service period, withdrawal amount and estimated annual income before filing the new Form 121 declaration. The report says this is to avoid TDS on claims for withdrawals made before five years.
This matters because filing the form the wrong way could trigger tax deductions. The report does not spell out the full rule change or who will be affected in every case.
What the reporting says
Members are being told to check service period, withdrawal amount and estimated annual income before filing a new Form 121 declaration to avoid TDS on EPF claims, according to the report. The guidance is about withdrawals before five years and how the exemption claim works. The immediate consequence is a possible tax deduction risk if members file incorrectly; the exact rule change is not fully stated.
Why it matters
The report says EPF members should review their service period, withdrawal amount and estimated annual income before filing the new Form 121 declaration, so they can avoid TDS on claims. That suggests a procedural change affecting members making withdrawals before five years. The source does not specify the underlying rule text, the exact exemption conditions, or whether employers or the EPFO have changed processing steps.