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This query is : Resolved

Reena (Querist)
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28 July 2022 A person not working in the F.Y 2021-22 A.Y 2022-23, But he withdrawn the PF amout. They have deducted TDS for this withdrawn.

How can show this as income and get refund this tax deducted amount.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 July 2022 EPF payout has 3 components.

1. Employee’s contribution
2. Interest on employee’s contribution
3. Employers contribution and interest on employer’s contribution

A. This is the amount contributed by employee to EPF. This portion of your withdrawal is not taxable. However, if you have claimed deduction under section 80C on your contribution in earlier years, you may have to pay additional tax as if 80C was not claimed for those years.

B. Interest on employee’s contribution
This portion is taxed as income from other sources.

C. Employer’s contribution and interest on employer’s contribution
Employer’s contribution and interest on it is fully taxable. It is taxed under the head salary in your tax return. When TDS is deducted on it, you are likely to see an entry under salary TDS in your Form 26AS for it.

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