May 22, 2015

CA CS ICWA TAX PROFESSIONALS PORTAL- FINANCE ACT 2015 INSERTED NEW SECTION 192A - TDS ON PF WITHDRAWL - APPLICABLE WITH EFFECT FROM IST DAY OF JUNE 2015


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SECTION - 192A - APPLICABLE WITH EFFECT FROM IST DAY OF JUNE 2015


The trustees of the Employees’ Provident Fund Scheme, 1952, framed under section 5 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 or any person authorised under the scheme to make payment of accumulated balance due to employees, shall, in a case where the accumulated balance due to an employee participating in a recognised provident fund is includible in his total income owing to the provisions of rule 8 of Part A of the Fourth Schedule not being applicable (i.e PF withdrawl before 5 years of continuous service ), at the time of payment of the accumulated balance due to the employee, deduct income-tax thereon at the rate of ten per cent.:

 Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payment to the payee is less than thirty thousand rupees  (Fifty thousand rupees w.e.f 1st June 2016 ) :


Provided further that any person entitled to receive any amount on which tax is deductible under this section shall furnish his Permanent Account Number to the person responsible for deducting such tax, failing which tax shall be deducted at the maximum marginal rate.






Download and submit below mentioned forms for avoidance of tds on pf withdrawl

Form 15G

 Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax



        Form 15H

Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to made by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax



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