te Now, no TDS on Rs 50,000 PF withdrawal from tomorrow | Zee Business

Now, no TDS on Rs 50,000 PF withdrawal from tomorrow

The government has raised the limit of the PF withdrawal for TDS to Rs 50,000 from Rs 30,000 earlier.

Now, no TDS on Rs 50,000 PF withdrawal from tomorrow
No tax to be deducted on PF from June 1. Photo: Zeebiz webdesk

From June 1 no tax deducted at source (TDS) would be applicable for provident fund (PF) withdraws of up to Rs 50,000.

The government has raised the limit of the PF withdrawal for TDS to Rs 50,000 from Rs 30,000 earlier.

According to the existing provisions, TDS of 10% is deducted on submitting the PAN card.

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Apart from this, the transfer of one PF account to another will not attract any tax.

Even if an employee withdraws the PF after 5 years it will not be taxed.

All these provisions will come into effect from June 1, 2016 and provide relief to subscribers of Employee Provident Fund Organisation (EPFO).  

Written By: ZeeBiz WebTeam
Updated: Tue, May 31, 2016
02:15 pm
Mumbai, ZeeBiz WebDesk
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