EPF withdrawal before 5 years will be taxable.So will it be come under section 17(1) of IT act?
Can we club the amount with salary while filing the income tax return?
Please Guide.
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Epf withdrwal
Replies (1)
In case the period of continuous service is less than five years, the sum total of the employer’s contribution to EPF and interest earned on it is taxable under the head “salary" in the subscriber’s income tax return.
The subscriber’s own contribution portion of the withdrawal is not taxable. But if the subscriber had claimed deduction under Section 80C on his contribution in earlier years, it becomes taxable under salary.
The interest earned on the subscriber’s own contribution portion is taxed under ‘income from other sources’.
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