I worked with My previous organization till 40 months. There was a PF deduction of 3000/- Rs on avg from my monthly salary. I wanted to withdraw the PF amount from company PF trust. What would be the TDS amount deducted if I withdraw it ?
From United States, Rolling Meadows
From United States, Rolling Meadows
Dear Verma,
If the Provident Fund Deduction is less than 5 years then it will be added to your Income of the current year and it it is become taxable subject you are in tax bracket.
TDS is one way of payment of tax. If your Employer is not deducting the tax on the quantum of PF Withdrawal, then you will have to pay the same as advance tax.
Ramakant
From India, Pune
71If the Provident Fund Deduction is less than 5 years then it will be added to your Income of the current year and it it is become taxable subject you are in tax bracket.
TDS is one way of payment of tax. If your Employer is not deducting the tax on the quantum of PF Withdrawal, then you will have to pay the same as advance tax.
Ramakant
From India, Pune
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TDS on withdrawal of PF - limit Rs.50000 from 1.6.2016.pdf
Guide Lines for PF Withdrawal.doc