The government has notified raising the threshold limit of PF withdrawal for deduction of tax from existing Rs 30,000 to Rs 50,000. The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TDS) from existing Rs 30,000 to Rs 50,000, a senior official told PTI. No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1. "The Finance Act, 2016 has amended section 192A of Income Tax Act, 1961 to raise the threshold limit of PF withdrawal from Rs 30,000 to Rs 50,000 for Tax Deducted at Source (TDS)," the notification stated. TDS shall not be deducted in case of transfer of PF from one account to another PF account.

Source: dna May 30, 2016 15:43 UTC