Tax on withdrawal of EPF amount
This query is : Resolved
13 September 2022
I need clarity on Tax applicable on EPF withdrawal.
I was working with company A from 04-Dec-2014 to 12-Aug-2016 and during this tenor EPF was deposited with Company's EPF Trust.
Due to personal issues I was not working for 4 months i.e.. from 13-Aug-2016 to 04-Jan-2017. Later I joined Company B on 5-Jan-2017 and with Company B the EPF was deposited under UAN a/c. So from Jan-2017 onwards I am in continuous service.
Finally Company-A pushed me to withdrawn EPF amount and after completing the formalities received credits of Rs.Rs.203000/- on 12th May-2021 i.e. 4.9yrs after service exit with Company-A. At the time of withdrawal Form15 was submitted hence there no deduction done by Company-A however same is present in my Form 26AS under head - PART A1 - Details of Tax Deducted at Source for 15G / 15H.
Please confirm if this EPF withdrawn amount is Tax free or do I need to pay taxes.
Thanks in advance.
I was working with company A from 04-Dec-2014 to 12-Aug-2016 and during this tenor EPF was deposited with Company's EPF Trust.
Due to personal issues I was not working for 4 months i.e.. from 13-Aug-2016 to 04-Jan-2017. Later I joined Company B on 5-Jan-2017 and with Company B the EPF was deposited under UAN a/c. So from Jan-2017 onwards I am in continuous service.
Finally Company-A pushed me to withdrawn EPF amount and after completing the formalities received credits of Rs.Rs.203000/- on 12th May-2021 i.e. 4.9yrs after service exit with Company-A. At the time of withdrawal Form15 was submitted hence there no deduction done by Company-A however same is present in my Form 26AS under head - PART A1 - Details of Tax Deducted at Source for 15G / 15H.
Please confirm if this EPF withdrawn amount is Tax free or do I need to pay taxes.
Thanks in advance.
CA R SEETHARAMAN
(Expert)
13 September 2022
It's taxable as you have not completed 5 years of service in that company.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Visiting card purchase
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
