Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952
No TDS in respect of the following cases:-
TDS will be deducted in respect of the following cases:
♠ If employee withdraws amount more than or equal to Rs. 50000/-, with service less than 5 years, thenOnline GST Certification Course by TaxGuru & MSME- Click here to Join
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.
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.