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

Posted by & filed under Provident Fund - (Notification -Circulars).

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

Notes

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 






























Post Views: 1,533

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

Posted by & filed under Income Tax.

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 @ simpletaxindia.net

Post Views: 1,330

Maharashtra Profession Tax Amendment 2015

Posted by & filed under Profession Tax.

Dear all,

 In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2015 (Mah. Act No. XVII of 2015), is hereby published under the authority of the Governor.

Following Amendments passed 

1. (Levy, Amendment and Validation) Act, 2015.
2. AMENDMENT TO THE MAHARASHTRA PURCHASE TAX ON SUGARCANE ACT, 1962.
3. AMENDMENT TO THE MAHARASHTRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS
    AND EMPLOYMENTS ACT, 1975.
4. AMENDMENT TO THE MAHARASHTRA TAX ON THE ENTRY OF GOODS INTO LOCAL AREAS ACT, 
    2002.
5. AMENDMENTS TO THE MAHARASHTRA VALUE ADDED TAX ACT, 2002.

 6. VALIDATION AND SAVINGS


** In regards to Profession Tax if any employer has finalize the salary of Apr-2015 Pls recalculate  the same as per new slab


“(b) (i) in case of a male, exceed Rs. 7,500 . . 175 per month.
but do not exceed Rs. 10,000 ;
(ii) in case of a female, do not exceed . . Nil.”.

Rs. 10,000 ;



Pls click below is the said Notification of the same 


Maharashtra Profession tax Amendment 2015

Post Views: 1,741

Jharkhand New Minimum wages W.E.F 1st Apr 2015 to

Posted by & filed under Minimum Wages-Jharkhand.

Finally Govt. Notification has arrived and Jharkhand Minimum Wages and V.D.A. (Variable Dearness Allowance) has been revised effective 01.04.2015. I was expecting revision of wages and not increment in V.D.A.. However the monthly impact will be as follows:

1. Unskilled – 9.8/- daily and 254.8/- Monthly
2. Semi Skilled – 9.8/- daily and 254.8/- Monthly
3. Skilled – 10.9/- daily and 283.4/- Monthly
4. Highly Skilled – 13.18/- daily and 342.68/- Monthly.

Pls find below is the Said Notification of the same 

Jharkhand Minimum wages with effect from 01.04.2015
Post Views: 1,664

Union cabinet approves continuation of minimum pension of Rs 1,000 per moth

Posted by & filed under Provident Fund - (Notification -Circulars).



The Union cabinet on Wednesday approved continuation of the minimum pension of Rs 1,000 per month beyond 2014-15 on a perpetual basis, benefitting about 20 lakh retirees covered under the pension scheme run by the Employees’ Provident Fund Organisation. Providing a minimum pension of Rs 1,000 per month is an effort to provide meaningful subsistence to pensioners who have served in the organized sector,” the government said in a statement. 

The cabinet also approved Rs 850 crore per year grant to meet the liability on a tapering basis, it said. 

The Employees’ Pension Scheme, 1995 (EPS), which was effective from September 2014, had expired on March 31, 2015, after which EPFO had restored to the earlier provision that had led to widespread protests from trade unions. 

The UPA-II government had in February 2014 accorded approval to the proposal for ensuring a minimum pension of Rs 1,000 per month for the pensioners of EPS for 2014-15 and provided a budgetary support of Rs 1,217.03 crore. 


However, the proposal could only be implemented by the BJP-led NDA government with effect from September 1 last year after necessary amendments to the EPS Act. 

@courtesy Economics Times

Post Views: 1,551

Prakash Consultancy Services Online Help Desk Ticket system

Posted by & filed under Uncategorized.

Dear All ,

I am happy to announce that Prakash Consultancy Services has started a Online Helpdesk Ticket system from today.In order to streamline support requests and better serve you, we utilize a support ticket system. Every support request is assigned a unique ticket number which you can use to track the progress and responses online. For your reference we provide complete archives and history of all your support requests. A valid email address is required to submit a ticket
Pls visit to the following link in regards to the same 


http://www.pcsmgmt.com/helpdesk/

Your valuable suggestion in regards to the same are welcome

PCS Team 











Post Views: 947