The government has notified raising the threshold limit of PF withdrawal for deduction of tax TD S f...........

Current GK (IBPS-CL) Banking Awareness

The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TD S) from existing Rs 30,000 to _____.

Rs 40,000

Rs 50,000

Rs 80,000

Rs 1 lakh

Rs 2 lakh

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Explanation:

No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1.
The Finance Act, 2016 has amended section 192A of Income Tax Act, 1961 to raise the threshold limit of PF withdrawal from Rs 30,000 to Rs 50,000 for Tax Deducted at Source (TDS)," the notification stated.