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of <h1>New Section 192A: 10% Tax Deduction on EPF Withdrawals Over 30,000 Without PAN from June 2015</h1> Clause 41 of the Finance Bill, 2015, introduces section 192A to the Income-tax Act, effective June 1, 2015. This section mandates that trustees of the Employees' Provident Fund Scheme, 1952, or authorized individuals, must deduct a 10% income tax from the accumulated balance payable to an employee if it is includible in their total income due to rule 8 of Part A of the Fourth Schedule not applying. No tax deduction is required if the payment is below thirty thousand rupees. Recipients must provide their Permanent Account Number; otherwise, tax is deducted at the maximum marginal rate.
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