In this case,

Tds@10% I required to be deducted by

  • Trustee of PF Scheme
  • Any other person authorized under the scheme

 

Cut off Amount is Rs 30000 50000 .

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

Hence tds is to be deducted if amount of payment  or aggregate of such payment is more than 30000

 

 

If pan no not provided,

then tds is deducted at maximum marginal rate

 

Note:-

As per Secition 197,

Concept of Forms 15G AND 15GA is applicable to this section also

No tds if such forms provided

 

( An employee can give a declaration in Form No. 15G to the effect that his total income including taxable pre-mature withdrawal from employees provident fund scheme does not exceed the maximum amount not chargeable to tax.

 When the employee furnishes such declaration, no tax will be deducted by the trustee of Employees Provident Fund Scheme while making the payment to such employee.

 

Similarly for senior citizens,Form 15H is applicable for non deduction of tax.)

  1. Income Tax
  2. Tax Deducted at Source (TDS)
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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 .
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