Hi All,
Need some clarification on filing IT returns.
I resigned from company A in September 2010 and they have settled my pf in April 2011. Since I have not served 5 years, it made sense to me when they deducted tax. I am getting confused now while filing the returns. Will be greatful if someone can help me with below questions:
1) Since the company paid me the PF only in April,2011 with the tax deduction(shows up in 26AS form of this year), Am i suppose to put this in IT Returns? If yes, where should i put this(Under income from salary/pension or income from other sources)
2) I was going through your forum to understand about the EPF taxing. Someone has mentioned that only employer's share and the interest is taxable and not what the employee's share. In my case,
Employee's share : 32,000
Employer's share : 12,000
Tax deducted during the settlement : 4,400 rupees
Am I suppose to pay 4,400 rupees or just 1200 rupees as tax since 32,000 is my share.
Please help me clarify these two doubts.
Regards,
Manju
CAclubindia
