Hi Sir/Madam
My EPF taxable component for this year is shown as 50000 in EPF passbook.
However, i don't see any TDS entry in my 26AS. I wondering at what rate i shall declare this in my ITR.
I read in portal that TDS Deduction is mandatory at 10%, however i don't see any TDS in my 26AS Form.
In case i pay at applicable tax rate then there is a chance i am paying excess as if EPFO later deducts it at 10%.
Please suggest
Regards,
Wait for interest accrual on the additional (taxable) component.
As per notification No. 95/2021 dated 31st August 2021, for calculating taxable interest, the PF department shall maintain separate accounts, one with taxable contribution and another with non-taxable contribution, for all the subscribers starting from the financial year 2021-22 and onwards.
The taxpayer shall be liable to pay tax on the interest accrued in the taxable contribution account. The EPFO shall deduct TDS on such interest.
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