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Section 192a of income tax act is concerned with the tds on premature withdrawal from epf. It directs the employees' provident fund scheme, 1952 to deduct tds when employees do not meet the provisions mentioned under rule 8, part a of the fourth schedule. Tds on salary (section 192) and tds on provident fund (section 192a) are provisions under the income tax act, 1961, that govern the deduction of tax at source (tds) on salary payments and withdrawals from the provident fund (pf).
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What is section 192 of the income tax act? Exempt up to 12% of salary. This section is particularly new as it.
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Section 192a of the income tax act, 1961 deals with the tds on premature withdrawal of accumulated balance from the employees’ provident fund (epf).
Section 192a was introduced to ensure tax compliance during premature withdrawal of epf balances. Learn all about tds on epf withdrawal under section 192a. A new section 192a was inserted by the finance act, 2015 regarding tds on payment of accumulated provident fund balance. The current article highlights the provisions of section 192a covering basic provisions, time of deduction of tds, the rate of deduction of tds, the due date of deposit and filing of return and the circumstance under which tds is not deductible under section 192a.
Tds on epf withdrawal shall be deductible only if the following conditions are satisfied: There are two components of the employee provident fund: Know when it's applicable, rates, exemptions, form 15g/15h usage, and how to avoid higher tds. This section ensures that the government receives a portion of the tax on premature epf withdrawals, which are considered taxable income in such cases.
If you withdraw your epf amount before completing five years with an employer, the rule mandates that the epfo will deduct tds if your withdrawn sum exceeds a specified threshold in a financial year.
Learn everything about section 192a of the income tax act, including tds rates on pf withdrawals, exemption criteria, and compliance process. Section 192a of the income tax act, 1961 essentially is concerned with the tax deducted at source or tds on the withdrawals of the provident fund.
