Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952 under section 192A
♠ 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)
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…