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Amount withdrawn is more than 30000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

 

CASE RATE OF TDS
Normal Cases 10%
If Pan No Not Submitted*

34.608%(FY 2015-16)

/35.535% (FY 2016-17)

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 was 12% in FY 2015-16 and 15% in FY 2017-18 

 

Maximum Marginal Rate Calculation

Particulars FY 2015-16 FY 2016-17
TAX RATE 30 30
SURCHARGE @12%/15% 3.6 4.5
TAX+SURCHARGE 33.6 34.5
CESS 1.008 1.035
MAXIMUM MARGINAL RATE 34.608 35.535

 

 

 

 

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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 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .