TDS on accumulated provident fund payments: non PAN payees taxed at the standard non PAN rate under section 206AA, not maximum. The amendment omits the second proviso to Section 192A so that where a payee fails to furnish PAN in respect of an accumulated balance payment under the ... Summary
TDS on accumulated provident fund payments: non PAN payees taxed at the standard non PAN rate under section 206AA, not maximum.
The amendment omits the second proviso to Section 192A so that where a payee fails to furnish PAN in respect of an accumulated balance payment under the Employees' Provident Fund Scheme, tax will be deducted at the non PAN rate prescribed under section 206AA rather than at the maximum marginal rate; the exemption for payments below the monetary threshold remains unaffected and the change is effective from 1 April 2023.
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