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EPF Taxation and ITR revision

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Sanjeev

Tax Payer

117 Points Posted on 25 November 2022

Dear Sir,

I've got the employee contribution to EPF, including VPF greater than 2.5 lacs for FY 2021-22. Hence, I need to pay tax on the interest earned on the contribution greater than 2.5 lacs. While submitting the ITR before 31st July 2022, I did some rough calculations and submitted ITR. Now, I see that some TDS is deducted on the interest earned for FY 2021-22 in EPF passbook. Few queries:

1. How can I find the EPF interest income for which this TDS is deducted ? I do not see it in the EPF passbook nor in any form 16, 26AS.

2. How do we fill the ITR-2 form for this EPF interest income ? Need help. As I understand, it should come in income from other sources, but that section itself has many sub-sections. PLeease elaborate.

Regards,

Sanjeev

Replies (5)

Quick Summary

This discussion addresses the tax implications for EPF contributions exceeding 2.5 lakhs in FY 2021-22, where interest earned on the excess amount is taxable. The user initially filed their Income Tax Return (ITR) based on rough calculations but later noticed TDS deducted on their EPF interest. They are seeking guidance on how to identify the exact EPF interest income subject to TDS and how to accurately report this 'income from other sources' in their ITR-2 form, especially as the deadline for revising their return approaches.

sabyasachi mukherjee

Profession

19978 Points Posted on 27 November 2022

So it's a wrongbreturn submitted
Send an intimation and file a revised return.

Sanjeev

Tax Payer

117 Points Posted on 27 November 2022

Thanks. I can correct the return only if I know the answers to the following queries::

Q1. How can I find the EPF interest income for which this TDS is deducted ? I do not see it in the EPF passbook nor in any form 16, 26AS.

Q2. How do we fill the ITR-2 form for this EPF interest income ? Need help. As I understand, it should come in income from other sources, but that section itself has many sub-sections. PLeease elaborate.