As per Section 192A

TDS is to be deducted by PF Department

on Premature Withdrawal of PF

IF Period of Service is upto 5 years

+

Amount withdrawn is more than 30000

(This limit of 30000 is now increased to 50000 from 1.6.2016)

 

Rate of TDS

 

C ASE RATE OF TDS
Normal Cases 10%
If Pan No. Not Submitted* 35.88% (Financial Year 2018-19/Financial Year 2019-2020)
If 15G/15H Submitted

No TDS

 

Note:

If Pan No. not submitted,Rate of TDS is at Maximum Marginal Rate

(i.e. Highest tax rate+ Surcharge+cess)

Surcharge rate is 15% in Financial Year 2018-19/2019-20

 

Maximum Marginal Rate Calculation

P articulars FY 2018-19 FY 2019-20
TAX RATE 30 30
SURCHARGE @15% 4.5 4.5
TAX+SURCHARGE 34.5 34.5
CESS 1.38 1.38
MAXIMUM MARGINAL RATE 35.88 35.88

 

 

 

 

  1. Tax Practical
  2. Practical TDS (Non Salary)

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 9 years. He also provides Accounts Tax GST Training in Delhi and Pune.