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Amount withdrawn is more than 30000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 |