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of <h1>Section 192A requires 10% tax deduction on provident fund payments above fifty thousand rupees when rule 8 exemption doesn't apply</h1> Section 192A of the Income Tax Act, 1961 mandates trustees of Employees' Provident Fund Scheme or authorized persons to deduct income tax at 10% on accumulated balance payments to employees when such payments are includible in total income due to rule 8 of Part A of Fourth Schedule being inapplicable. No deduction is required if payment amount is below fifty thousand rupees. The provision was inserted in 2015, with threshold amount increased from thirty thousand to fifty thousand rupees in 2016, and requirement for PAN furnishing was removed in 2023.
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