Epf and income tax return

This query is : Open

Saurabh Malpani (Querist)
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31 July 2011 Reposting because I had marked my previous query resolved by mistake.

Hello,

I left my first job on Feb. 23 2009 and withdrew my PF. (I worked for 3years)

The same was credited to my account in July 2010.

I again changed my job on Sept. 09 2010 and again withdrew my PF. (I worked for 6 months)

The same was credited to my account on Feb. 18 2011.

I filed my tax return without mentioning these PF withdrawl. As I looked up my form 26 AS (after filing my return), I see that there is a mention of TDS deduction for my first PF withdrawl but there is no mention of PF withdrawl for the second case.

Here are my queries:

1. Whether all of employer's and employee's contribution to PF if withdrawn taxable or only "employee's contribution is taxable"

2. Do I have to mention both my PF withdrawl in my IT return statement?

3. Why did the second PF withdrawl didn't get a mention in my form 26AS online? Did they not deduct any TDS or they didn't pay it? I do not have any statement.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 August 2011 1. Whether all of employer's and employee's contribution to PF if withdrawn taxable or only "employee's contribution is taxable"

Reply-
Taxable portion will include
1. Employer's Contribution & Interest on Employer's Contribution-
This will be treated as salary.
2."employee's contribution is NOT taxable, HOWEVER , Interest on this is taxable under the head Income from other sources.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 August 2011 2. Do I have to mention both my PF withdrawals in my IT return statement?

Reply - Yes.
The receipt is taxable. Without mentioning how tax can be paid ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 August 2011 3. Why did the second PF withdrawl didn't get a mention in my form 26AS online? Did they not deduct any TDS or they didn't pay it? I do not have any statement.

Ans- Since during the period no claim has been made by you U/s 80C, The salary may not be in taxable limit, or the amount of TDS , if any, deducted but not ,so far, has been deposited by the employer etc. are the possible reasons.
You may just inquire with the ex-employer.

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