AMENDMENTS IN SECTION 192A BY FINANCE BILL 2016
Presented By: CA RAHUL GUPTA
History
of Section 192A
The Finance Act 2015 had Inserted a new section 192A regarding the TDS on
payment of accumulated provident fund balance. The provision had inserted with
effect from 01.06.2015
EPF Withdrawal >=Rs.30000
a)
After 5 Years (No TDS)
b)
Within 5 Years Pan Given & Form
15G/15H submitted then No TDS but if Pan Given & Form 15G/15H not submitted then TDS @ 10%
If No Pan then TDS @34.608%
EPF Withdrawal < Rs 30000
a)
No TDS in this case
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 Rs.
30,000/-- but the member has rendered service of less than 5 Years.
- If employee withdraws amount
more than or equal to Rs, 30000, with service less than 5 years but
submits Form I5G/15H along with their PAN.
Amendment
in Section 192A
Now in section 192A of the Income-tax Act, in the first proviso, for the
words “thirty thousand rupees”, the words
“fifty thousand rupees”
shall be substituted with effect
from the 1st day of June, 2016.
Disclaimer
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Thank You !!
CA. Rahul Gupta
ACA, B.Com
Email: carahulgarg5687@gmail.com
Contact No.: 9999907579, 011-22817758
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