11 May 2025
Report the taxable portion of your EPF withdrawal under the head "Income from Salary" in ITR 3.
The employer’s contribution plus interest is taxable as salary income, while interest on your own contribution is taxable under "Income from Other Sources".
If you previously claimed deductions under Section 80C for your own contributions, that portion will also become taxable under "Salary" on withdrawal before 5 years.
11 May 2025
Sir, this withdrawal was made after 5 years of service so do I need to report it in 17 (1) or 17 (2) or 17 (3) or some other particular?
Also, the entire PF amount was settled all at once and TDS was deducted on it. Can I mention this PF withdrawal under "Salary" head instead of showing it under sperate heads.
11 May 2025
Withdrawals made after five continuous years of service are completely tax-free. This includes both your contributions and the employer’s contributions, along with the accrued interest. So, no TDS deducted over it. Get TDS certificate for more details...