Drawing Money from Provident Fund will be taxed from 1st June!!
Posted on: 19/Jun/2015 6:29:52 PM - No. of views : (1888)
A scheme to introduce tax deductions on money drawn from the Employees� Provident Fund is to be effective from 1st June.
If an employee with 5 years� service and more than Rs. 30000/- in his PF account draws money, it will be subject to 10% tax.
If PAN Card details are submitted, the tax will be 10%. Otherwise, the tax will be more according to the Provident Fund Organisation.
However, either during transfer of funds from one account to another or while resigning earlier from the job due to various reasons, will NOT entail any tax.
