PF withdrawl TDS

TDS 5262 views 6 replies
Friends.... I worked with a MNC for 1 year. Now I want to withdraw PF amount from trust which administers that company PF matters. But they told me that on payment of PF amount TDS would be deducted. Please let me under which section this TDS on PF withdrawl would be applicable. Thanks Rohit
Replies (6)


 

 

Tax on accumulated balance of recognised provident fund.
111. (1) Where the accumulated balance due to an employee participating in a recognised provident fund is included in his total income, owing to the provisions of rule 8 of Part A of the Fourth Schedule not being applicable, the 47[Assessing] Officer shall calculate the total of the various sums of 48[tax] in accordance with the provisions of sub-rule (1) of rule 9 thereof.
(2) Where the accumulated balance due to an employee participating in a recognised provident fund which is not included in his total income under the provisions of rule 8 of Part A of the Fourth Schedule becomes payable, super-tax shall be calculated in the manner provided in sub-rule (2) of rule 9 thereof.
Exclusion from total income of accumulated balance.
8. The accumulated balance due and becoming payable to an employee participating in a recognised provident fund shall be excluded from the computation of his total income
(i) if he has rendered continuous service with his employer for a period of five years or more, or
(ii) if, though he has not rendered such continuous service, the service has been terminated by reason of the employees ill-health, or by the contraction or discontinuance of the employers business or other cause beyond the control of the employee, 57[or]
57[(iii) if, on the cessation of his employment, the employee obtains employment with any other employer, to the extent the accumulated balance due and becoming payable to him is transferred to his individual account in any recognised provident fund maintained by such other employer.
Explanation.Where the accumulated balance due and becoming payable to an employee participating in a recognised provident fund maintained by his employer includes any amount transferred from his individual account in any other recognised provident fund or funds maintained by his former employer or employers, then, in computing the period of continuous service for the purposes of clause (i) or clause (ii) the period or periods for which such employee rendered continuous service under his former employer or employers aforesaid shall be included.]
Tax on accumulated balance.
9. (1) Where the accumulated balance due to an employee participating in a recognised provident fund is included in his total income owing to the provi-sions of rule 8 not being applicable, the 58[Assessing] Officer shall calculate the total of the various sums of 59[tax] which would have been payable by the emp-loyee in respect of his total income for each of the years concerned if the fund had not been a recognised provident fund, and the amount by which such total exceeds the total of all sums paid by or on behalf of such employee by way of tax for such years shall be payable by the employee in addition to any other 59[tax] for which he may be liable for the previous year in which the accumulated balance due to him becomes payable.
(2) Where the accumulated balance due to an employee participating in a recognised provident fund which is not included in his total income under the provisions of rule 8 becomes payable, an amount equal to the aggregate of the amounts of super-tax on annual accretions that would have been payable under section 58E of the Indian Income-tax Act, 1922 (11 of 1922), for any assessment year up to and including the assessment year 1932-33, if the Indian Income-tax (Second Amendment) Act, 1933 (18 of 1933), had come into force on the 15th day of March, 1930, shall be payable by the employee in addition to any other tax payable by him for the previous year in which such balance becomes payable


 

 

I am working in a private marketing company wants to draw my PF amount.  What are the provisions for withdraw the amount.

 

prasant.

Originally posted by :Guest
"HI   "


 

Originally posted by :Rohit Bhalotia
" Friends.... I worked with a MNC for 1 year. Now I want to withdraw PF amount from trust which administers that company PF matters.

But they told me that on payment of PF amount TDS would be deducted.

Please let me under which section this TDS on PF withdrawl would be applicable.

Thanks
Rohit
"


 

assement period of PF


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