TDS from amount paid from Recognized Provident Fund – Section 192A

Table of Contents

This section is applicable from 1st june 2015.

Notwithstanding anything contained in this Act, the trustees of the Employees’ Provident
Fund Scheme, 1952, framed under section 5 of the Employees’ Provident Funds and Miscellaneous
Provisions Act, 1952 or any person authorised under the scheme to make payment of accumulated
balance due to employees, shall, in a case where the accumulated balance due to an employee
participating in a recognised provident fund is includible in his total income owing to the provisions
of rule 8 of Part A of the Fourth Schedule not being applicable, at the time of payment of the
accumulated balance due to the employee, deduct income-tax thereon at the rate of ten per cent.:
Provided that no deduction under this section shall be made where the amount of such payment
or, as the case may be, the aggregate amount of such payment to the payee is less than thirty
thousand rupees:
Provided further that any person entitled to receive any amount on which tax is deductible under
this section shall furnish his Permanent Account Number to the person responsible for deducting
such tax, failing which tax shall be deducted at the maximum marginal rate.

Also Read:

 

Confused about complicated laws? Take our GST consultation services to get your issues solved from GST experts. Click here to know more.

Read More Articles

Section 44ADA – Presumptive Taxation Scheme for Professionals

From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any

Read Article »

Registration Under GST

Topic Covered in this Article Persons required to register compulsorily Documents Required for Registration Fees for Registration Voluntary Registration Time Limit for Registration Effective Date of Registration Requirements for Registration Can a person take more than one GSTIN Things that

Read Article »

GST on Import

Article 269A of constitution mandates that import of goods or services in India is considered as Inter-state trade. Therefore, import of goods or services is considered as interstate supply and is liable for payment of IGST. IGST on the import

Read Article »

Subscribe

We will send updates relating to GST only

(No spam, you can unsubscribe anytime)