The Finance Act 2015 has come up with a new section 192a. This is nothing but related to TDS that is imposed on the payment of accumulated provident fund balance as per the employees which are imposed from 01.06.2015.
According to this, the income tax will be applicable as given here. If in case the payment of the accumulated PF balance is expected to exceed Rs. 30000/- then the service will be below 5 years and is as follows:
Therefore, it is essential that the individuals should clearly examine the implementation of the amended provisions in the Income Tax Act 1961. It is even important to have a close examination in the 192a tds which has been deduced only at the time of payment of provident fund in Form No. 19_ Form No. 19.Form no 15H is for senior citizen(60 years & above). On the other hand, the form 15G he is applicable only for people is not eligible for taxable income.
If you could consider form 15G & 15H are considered to be self-declaration and are accepted only in case of publications. This form is not applicable if in case the amount of withdrawal is more than RS. 2.50,000/- and Rs. 3,00,000. In success that individuals should quote PAN in 15G./15H.
Moreover, the individuals who have been continuously using the service for 5 years or more than 5 along with the sentence with a former employer is not required to provide the details of PAN as well as Form No. I5G/15H. In the same way, the individuals possessing terminated service due to any reason such as bad health condition, the contraction for discontinuing of an organization, or any other reason which has been beyond the control of the individuals are never required to provide either PAN or Form No, 15G 15H. In this scenario income tax will not be applicable as per the rule 8 provided in the Fourth Schedule to the Income Tax Act, 1961.
As per the 192a of income tax act, the overall balance view and becoming payable for an individual who is active in a recognized prudential fund can be deduced from the computation of their overall income.
If you could consider both the accumulated balance should you as well as the amount to be paid by the individual with respect to the recognized provident fund that has been maintained by the employer will be included with any amount that is transferred from the individual account. If in case any other recognized problem shall fund for fund maintained by the present employer or employers will be then considered as in computing for a particular time duration of continuous services that are accepted by the clause (I) or clause (Ii). In these cases, the individuals need to make use of the service continues with respect to the former employer or employers where aforesaid can also be a part of it.
Service is discontinued due to a bad health condition, discontinuing of the organization by an individual, or any other reason exceeding the control of an individual.
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