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Friday, May 22, 2015

Amendment in Section 192A of the IT Act, 1961 - Instructions for deduction of TDS on withdrawal from PF

Dear All,

From 1st of June 2015  a new Amendment in Section 192A of the IT Act, 1961 - Instructions for deduction of TDS on withdrawal from PF 

Income Tax shall be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or equal to Rs. 30,000/-, with service lessthan 5 years:-

a) TDS will be deducted @ 10% provided PAN is submitted. In case Form No. 15G or 15H is submitted by the member, then no TDS shall be deducted.

b) TDS will be deducted @ maximum marginal rate (i.e. 34.608%) if a member fails to submit PAN (and no Form No 15G or 15H).

TDS shall not be deducted in respect of the following cases:-

• Transfer of PF from one account to another PF account.

• Termination of service due to ill health of member, discontinuation/contraction of business by employer, completion of project or other cause beyond the control of the member.

• If employee withdraws PF after a period of five years of continuous service, including service with former employer.

• If PF payment is less than Rs. 30,000/- but the member has rendered service of less than 5 years.

• If employee withdraws amount more than or equal to Rs. 30,000/-, with service less than 5 years but submits Form 15G/15H along with their PAN


1. TDS is deductible at the time of payment.

2. TDS will be deducted under Section 192A of Income Tax Act, 1961.

3. Form 15H is for senior citizens (60 years & above) and Form 15G is for individuals having no taxable income. Form 15G & 15H are self declarations and may be accepted as such in duplicate.

4. Members must quote PAN in Form No.- 15G / 15H and in Form No. 19.

5. Form Nos. 15G and 15H cannot be accepted if amount of withdrawal is more than Rs. 2,50,000/- and Rs. 3,00,000/- respectively

A flow-chart is appended for understanding the implications of the  Amended Provision in the Income Tax Act 1961

Appended below is the Gazetted Notification of the same 

Saturday, May 09, 2015

Rajya Sabha clears the Finance Bill, 2015 as approved by Lok Sabha

Dear All,

Union Budget, 2015 was presented by the Hon'ble Finance Minister Mr. Arun Jaitley on February 28, 2015. On April 30, 2015, the Lok Sabha passed the Finance Bill, 2015 with certain amendments.

After being passed by the lower house of Parliament, the Rajya Sabha on Thursday, May 7, 2015 has passed the Finance Bill, 2015 already passed by the Lok Sabha, thus completing the budgetary exercise for the fiscal year.

Please note that Service Tax rate increase will effective after enactment of Finance Bill 2015 and after issuance of Notification in this regard 

Amendment in Finance bill 2015

Courtesy @

Tuesday, May 05, 2015

E-Payment of ESIC Effective from 1st May 2015

Dear All

As your are aware  from 1st May Onwards all esic Payment is to be made online appended below is the details process of the same & list of 58 Banks  from where all  ESIC Payments can be made Online 

 Detail Process of E- Payment

Online ESIC Payment Process

List of bank for Online ESIC Payment

Monday, May 04, 2015

Minimum Pension Rs 1000 Official Letter from Central EPF Office

Dear All,

Pls refer to my blog in regards to continuation of Minimum  Pension  Rs 1000  in this regards enclosed is the Official Letter from EPF Office 

Minimum Pension Rs 1000