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TMI BlogSection 192A - TDS from withdrawal from Employees Provident Fund SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... t Funds and Miscellaneous Act, 1952 or any other person authorized under the scheme to make payment of accumulated sum to employees, shall deduct income tax thereon at the time of payment of the accumulated balance due to employees at the rate of 10%. When does the liability to deduct tax at source arise: Such tax shall have to be deducted in a case where accumulated balance due to an employee p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Part A of the Fourth Schedule to the income tax Act, 1961 Part A of the Fourth Schedule to the income tax Act, 1961 contains the provisions relating to RPFs. Under the Existing provisions of Rule 8 of part A of the fourth schedule, the withdrawal of accumulated balance by an employee from the RPF exempt from taxations Tax on accumulated balance (Rule 9 of Part A of the Fourth Schedule) (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecognised 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, for any assessment year up to and including the assessment year 1932-33, if the Indian Income-tax (Second Amendment) Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... control of the employee, or (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; or (iv) if the entire balance standing to the credit of the employee is transferred t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any person authorised by the regulations of the fund to make payment of accumulated balances due to employees, shall, in cases where rule 9(1) applies, at the time an accumulated balance due to an employee is paid, deduct therefrom the amount payable under that rule and all the provisions of Chapter XVII-B shall apply as if the accumulated balance were income chargeable under the head "Sal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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