Epf and income tax return

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This query is : Open

Saurabh Malpani (Querist)

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 Whether all of employer's and employee's contribution to PF if withdrawn taxable or only "employee's contribution is taxable"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

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 Whether all of employer's and employee's contribution to PF if withdrawn taxable or only "employee's contribution is taxable"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

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)

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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