inspiringmeme app
whatsapp number

+91-8010-8118-78

pf-tds-return
  • PF Body to Deduct TDS on Withdrawal of PF under Certain Circumstances

None of us can deny from the fact that how far an Employee Provident Fund plays an important role in our life. Logically, EPF is the most important part of the individual’s salary and plays major role in building the sufficient retirement accumulation. It signifies the effort of an employee who has dedicatedly devoted his life towards the employment. But what if his saving has become curse on him? Yes, ‘CURSE’! Can you believe the situation how one feels when his lifetime saving gets vacuumed by someone. The same is going to be effective from 1st June 2015 with the implementation of The Finance Act 2015 under the section 192A. The law has been passed regarding the accumulation of the provident fund balance of an employee.

With the next month onwards, if an employee wish to withdrawal his/her PF with work history less than five years with an accumulation of over Rs 30,000 as PF amount, the EPFO will deduct tax at source. The TDS will be deducted at the rate of 10% with the required submission of PAN number.

The TDS deduction will not be applicable to those members who submit the form 15G and 15H. 15G is submitted by the claimants below age group of 60 years, while, 15H will be submitted by senior citizens of above 60 years. These forms are submitted just to declare that their income wouldn’t be taxable after receiving the payment.

If a member fails to submit PAN details, forms 15G and 15H, he will be deducted with the TDS at the maximum marginal rate of 34.608%.

On the other hand, TDS deduction is not applicable in following cases:

  •  Transfer of PF from one account to another account.
  •  If employee is terminated due to discontinuation or ill health.
  •  If employee withdraws PF after a period of five years of his continuous service.
  •  If the payment is less than 30,000 but has concluded service less than 5 years.
  •  If employee withdraws more than or equal to Rs 30,000 with service less than 5 years but has submitted PAN along with 15G and 15H form.

 

disclaimer icon All images and content mentioned herewith have been shared by the authors/contributors. We do not hold any liability for infringement or breach of copyright of third parties across the spectrum. Pictures shared by authors/contributors are deemed to be authorized by them likewise. For any disputes, we shall not be held responsible.

Previous

Movies Released This Friday | List of Movies Released Today 29 May 2015

Next

Welcome to Our Personal Domain of InspiringMeMe.com!

5 Comments

  1. With havin a whole lot written content do you come
    upon any problems of plagorism or copyright violation? My website provides extensive exclusive content I’ve either written myself or outsourced nevertheless it seems a lot of it is popping it up throughout the web without
    my authorization. Are you aware any ways to help prevent content from being scammed?
    I’d truly appreciate it.

  2. I think this is among the most important information for me.
    And i am glad reading your article. But wanna remark on some general things, The site style is ideal,
    the articles is really excellent : D. Good job, cheers

  3. Remarkable! Its actually awesome article, I have got much clear idea on the topic of from this article.

  4. Great line up. We will be linking to this great article on our site. Keep up the good writing.

  5. I am impressed with this internet site, real I am a big fan .

Leave a Reply

© 2015-2020 Inspiring MeMe | All rights reserved.

Submit Your Article and Get Noticed Across the World

download app
close close