Income tax on pf withdrawal
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2012
Hello
I have changed my job in Nov 2010 (FY10-11).At that time, I had asked for PF withdrawal from my PF account. This money got credited to my bank account in Aug 11 in FY 11-12. I had not completed 5 years with my ex-employer. In the last FY 10-11, even without adding my PF contribution, I was fulfilling the 80C limit of Rs.100000 as I had investments in PPF and Pension policy. Based on this, can I claim exemption from the withdrawn amount to the extent of my contribution, on the grounds that I has not claimed it as a deduction earlier .. Pls reply at the earliest
Thanking in advance
I have changed my job in Nov 2010 (FY10-11).At that time, I had asked for PF withdrawal from my PF account. This money got credited to my bank account in Aug 11 in FY 11-12. I had not completed 5 years with my ex-employer. In the last FY 10-11, even without adding my PF contribution, I was fulfilling the 80C limit of Rs.100000 as I had investments in PPF and Pension policy. Based on this, can I claim exemption from the withdrawn amount to the extent of my contribution, on the grounds that I has not claimed it as a deduction earlier .. Pls reply at the earliest
Thanking in advance
01 July 2013
IT Act and PF act both are different and you have to comply both the act so you cannot avoid to stop PF account
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