Greetings for the day
We all are aware that as per amendment in section 192A of I.T. Act, from 01/06/2015 on wards TDS provisions will be applicable on settlement of claims prior to 5 years. Hence in the interest of workers, all employers are requested to guide their employees to get PF dues transferred to their new/present accounts instead of final settlement. Accordingly, employers should fill Form no. 13 instead of Form no. 19 to avoid payment of income tax. This will facilitate employees to get pension and EDLI benefits to their family members upto Rs. 3,60,000/-.Notification enclosed for the reference.
From India, Ghaziabad
EPFO issued circular clarifying aspects re: TDS on balances/transfer of balance(accumulation) in employees' EPF a/cs and 5 yrs."Continuous Service" to qualify for exemption from TDS. The circular dt.20.5.2019 is attached for your guidance/ref.
From India, Bangalore
If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.