“The Finance Act, 2016 has adapted area 192A of Assets Tax Act, 1961 to accession the beginning absolute of PF abandonment from Rs 30,000 to Rs 50,000 for Tax Deducted at Antecedent (TDS),” the notification stated.
The accouterment will appear into aftereffect from June 1, 2016, accouterment abatement to subscribers of retirement armamentarium anatomy EPFO.
The government had alien the angle to abstract TDS on PF withdrawals in adjustment to abash pre-mature abandonment and to advance continued appellation savings.
According to absolute provisions, TDS is deducted at the amount of 10 per cent provided PAN is submitted.
TDS will be deducted at the amount of 10 per cent provided PAN is submitted.
However, in case Form 15G or 15H is submitted by the member, again TDS is not deducted. These forms are to acknowledge that their assets would not be taxable afterwards accepting acquittal of their PF accumulations from retirement armamentarium anatomy EPFO.
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