Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952 under section 192A
No TDS on withdrawal from EPF in following cases
- Transfer of PF from one account to another PF account.
- Termination of service due to III 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. 50,000/- but the member has rendered service of less than 5 years.
- If employee withdraws amount more than or equal to Rs. 50,000/-, with service less than 5 years but submits Form 15G/15H along with their PAN
TDS on withdrawal from EPF in following cases
♠ If employee withdraws amount more than or equal to Rs. 50000/-, 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. 35.88%) 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 other 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.
(Republished with Amendments)
Author Bio
I want to withdraw 200000(2 lacs) from my PF account.But my PAN is not seeded to PF account.I have 10 years of continuous service till date.Will TDS be deducted from withdrawal amount of Rs 200000(2two lacs) from my PF account?
Dear Deepak Kumar Ji, I retired in August 2017. I did not withdraw my EPF corpus at that time and applied for withdrawal on July 2020. I served the organisation for full 7 years from August 2010 to retirement in August 2017.
I was contributing to voluntary provident fund from April 2013 to March 2016. No VPF thereafter. I have filed withdrawal online on Form 19 for full and final settlement. What would be tax implications, the last VPF contribution completing only 4 years and not 5 years? Would the interest on my entire VPF be taxable or only on VPF of year 15-16 ?
Is TDS applicable on the whole amount of Employers share, Employees Share & even Pension amount if it reaches 50000/-
Or it is applicable only when the employer & Employees share is more than 50,000/-
Please clarify this doubt.
Thanksa, deepak ji its indeed concise and complete bird eye view…