No TDS for provident fund withdrawals of up to Rs 50,000
Posted on: 01/Jun/2016 2:13:57 PM
There is an amendment in the withdrawal of PF amount by the employees. Earlier the employees cannot withdraw the amount accumulated within 5 years. The government had introduced the proposal to deduct TDS on PF withdrawals in order to discourage pre-mature withdrawal and to promote long term savings. Now the Government has notified raising the threshold limit of PF withdrawal for deduction of tax from existing Rs 30, 000 to Rs 50,000.
