EPF taxable interest computation for ITR FY 2022-23
This query is : Resolved
Quick Summary
23 July 2023
Hello,
In my EPF passbook statement I can see taxable interest (above 2.5L) for each month separately, for FY 2022-23. But the interest for FY 2022-23 has not yet been credited.
So, my query is:
1. While filing ITR for FY 2022-23, I should not consider the EPF interest in my taxable income as it has not yet been credited in my passbook. Instead, I should be considering it in the next FY, when it gets credited. Is this correct ?
2. Or am I expected to calculate the interest and pay tax on it on my own in this FY itself ? If so, how should I factor in TDS as part of the calculations ?
Thanks
In my EPF passbook statement I can see taxable interest (above 2.5L) for each month separately, for FY 2022-23. But the interest for FY 2022-23 has not yet been credited.
So, my query is:
1. While filing ITR for FY 2022-23, I should not consider the EPF interest in my taxable income as it has not yet been credited in my passbook. Instead, I should be considering it in the next FY, when it gets credited. Is this correct ?
2. Or am I expected to calculate the interest and pay tax on it on my own in this FY itself ? If so, how should I factor in TDS as part of the calculations ?
Thanks
23 July 2023
Check the TDS deducted in form 26AS and/or AIS report and take call.
23 July 2023
Sir, thanks for your quick response!
But neither is the interest credited for FY 2022-23 in my PF account nor has any TDS been deducted by PF department. I have cross checked this in my Form 26AS and AIS as well.
So, my query is, shall I defer paying tax on this interest till it gets credited to my account or shall I compute it on my own and pay it now itself ?
But neither is the interest credited for FY 2022-23 in my PF account nor has any TDS been deducted by PF department. I have cross checked this in my Form 26AS and AIS as well.
So, my query is, shall I defer paying tax on this interest till it gets credited to my account or shall I compute it on my own and pay it now itself ?
23 July 2023
Presently you differ the amount and file return as it is. Once it gets credited, you will have option to revise the ITR till 31.12.2023.
23 July 2023
You are welcome.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Reward for festival
- Ito add credit side of bank
- Form 144 TDS Return Validation error
- Closer of business and itc of capital goods
- Capital gain on commercial property and investment in residential property
- Rectification under processing even after 6 months cpc portal
- RCM and same line
- TDS Return Statement Status
- ARCA LOGIN
- Appointment of Auditor By Form ADT-1
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
