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of <h1>Income Tax Bill 2025 Clause 392(7) retains 10% TDS on provident fund withdrawals above Rs 50,000</h1> The Income Tax Bill 2025's Clause 392(7) largely mirrors Section 192A of the Income-tax Act 1961, governing tax deduction at source on provident fund withdrawals. Both provisions require trustees to deduct 10% TDS when accumulated balances of Rs. 50,000 or more are paid to employees, but only where exemption conditions under relevant schedules are not met. The key difference is a technical update in schedule references - the 2025 Bill refers to Schedule XI versus the 1961 Act's Fourth Schedule. The threshold and rate remain unchanged, ensuring continuity while the PAN requirement provision has been omitted, creating potential uncertainty unless addressed elsewhere in the new legislation.
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