TDS on Provident Fund

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TDS PROVISION ON EMPLOYEE PROVIDEND FUND WITHDRAWN FOR MORE THAN 30000RS. #pdf

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Sandip R Lathiya

on 12 March 2016

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Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952 (FORM No. 19) No TDS in respect of the following cases:-  Transfer of PF from one account to another PF account.  Termination of service due to Ill health of member /discontinuation of Business by employer/completion of project/other cause beyond the control of member.  If employee withdraws PF after a period of five year.  If PF payment is less than Rs. 30,000/- but the member has rendered service of less than 5 years.  If employee withdraws amount more than or equal to Rs. 30,000/-, with service less than 5 years but submits Form 15G/15H along with their PAN TDS will be deducted in respect of the following cases:  If employee withdraws amount more than or equal to Rs. 30000/-, with service less than 5 years, then a) TDS will be deducted @ 10% if Form-15G/15H is not submitted provided PAN is submitted. b) TDS will be deducted @ maximum marginal rate (i:e. 34.608%) if employee fails to submit PAN. Notes: 1. TDS is deductible at the time of payment. 2. TDS will be deducted under Section 192A of Income Tax Act, 1961. 3. Form 15H is for senior citizens (60 years & above) and Form 15G is for individuals having no taxable income. Form 15G & 15H are self declarations and may be accepted as such in duplicate. 4. Members must quote PAN in Form No.- 15G / 15H and in Form No. 19. FORM NO. 19 - TDS Employee withdrawal >= Rs. 30,000/- After 5 year NO TDS TDS @ 34.608% Submit Form 15G/15H Within 5 year Submit PAN NO PAN Employee withdrawal< Rs. 30,000/- NO TDS No TDS NO TDS:  Transfer  Termination of service (ill health/ closure/Cause beyond the control of the employee) Not submit Form 15G/15H TDS @ 10%

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