Tax on epf withdrawal
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2013
I am a salaries person..i have a PF withdrawal of around Rs.45000/- and the EPS part is around 12000/-.
so according to me tax on EPF part comes at 4500/-(45000*10%).
what are the consequences if i do not declare my withdrawal since its a small amount?
Will any scrutiny further will take place?
OR
If i pay tax after 31 JULY'13, do i need to pay any interest or penalty?
Pls advise.
so according to me tax on EPF part comes at 4500/-(45000*10%).
what are the consequences if i do not declare my withdrawal since its a small amount?
Will any scrutiny further will take place?
OR
If i pay tax after 31 JULY'13, do i need to pay any interest or penalty?
Pls advise.
28 July 2013
Since the PF withdrwal before 5 years is taxable and also PF nowadays crediting by bank transfer, always chance of getting demand notice from department, suggested to declare and pay the tax and file the return
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