Business Updates

PF withdrawal to attract TDS

The withdrawals of PF accumulations (F-19) with effect from 1/06/2015 will be subjected to TDS due to recent amendment in Section 192A of the Income tax act,1961 if at the time of payment of accumulated PF, balance is more than or equal to Rs 30,000/-, with service less than 5 years.
TDS shall not be deducted 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/contraction of business by employer, completion of project or other cause beyond the control of the member.
 If employee withdraws PF after a period of five years of continuous service, including service with former employer.
 If PF payment is less than Rs30,000/-but the member has rendered service of less than five years.
If employee withdraws amount more than or equal to Rs30,000/-with service less than five years but submits form 15G/15H along with their PAN.

The detailed guidelines in this regard has been issued vide EPFO, Head Office Circular dated 21.05.2015, the link thereof is mentioned below:-


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