Pf withdrawal
This query is : Resolved
Priya Pallandu
(Querist)
06 July 2017
Hi, I closed my pf account 4.5yrs old in September 16.Got the money credited in Feb after deducting tds of 10%. I have it reflected in my 26as. My question is how should I show it in my ITR? IOS? If under salary should I pay more tax based on my slab in addition to 10% already deducted? And if bifurcation needed for employer employee important for tax purpose. Pls help. TIA.
08 July 2017
show all Income received from closure of account as Exempt Income . Claim all 10% TDS back through ITR filings.PPF all income is non-taxable. But no tax benefit on amount deposited in 2016 will be applicable.
Priya Pallandu
(Querist)
08 July 2017
But this is not ppf. This is pf.
08 July 2017
Please note that in case of PF , the amount you deposited is your tax paid money ( show it as exempt income in ITR for AY 17-18 ) , so all invested money is tax free . The amount of interest RECEIVED IN upto FY- 2015-16 is Tax free. But Interest earned from April -Set. 2016 is taxable and TDS can be claimed / refunded accordingly.
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