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Provident funds: Premature withdrawal to be subject to TDS

Provident fund withdrawals before five years of completion of service will now attract income tax ranging between 10 per cent and 34.608 per cent. A new provision in the Finance Act, 2015 that becomes effective from June 1 has mandated that premature withdrawals of retirement savings that exceed Rs 30,000 before completion of five years […]

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