Epf and income tax return
This query is : Open
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 Whether all of employer's and employee's contribution to PF if withdrawn taxable or only "employee's contribution is taxable"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.
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 Whether all of employer's and employee's contribution to PF if withdrawn taxable or only "employee's contribution is taxable"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.
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 Whether all of employer's and employee's contribution to PF if withdrawn taxable or only "employee's contribution is taxable"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.
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.
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 ?
Reply - Yes.
The receipt is taxable. Without mentioning how tax can be paid ?
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.
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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