can I take employee contribution of EPF withdrawn before 5 years as income. since this is my first return. so I can't revise previous return and add the deduction claimed under section 80 c?
or will I have to file return for all the previous years now?
if yes what will be the penalty/ fee payable for filing the returns for previous 4 years?
If previous four years, the total income was below the taxable income limit, then there was and there is no need to file those 4 year returns, while withdrawing EPF.
EPF withdrawal after 5 continuous years of service is tax free. Before 5 years, it is added to your regular income.
If that was and that is the only income, then it will be taxed.
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