There is complete EPF withdrawal by an employee after 9.5 years of service in an IT MNC in June-July 2016.
The EPF department deposited the EPF amount in Employee's account.
I understand that there is no tax deducted at source as employee completed more than 5 years of service & he did not receive any formal TDS communication from the EPF department.
ITR - 2 has been filled up to show this income of EPF withdrawal.
The details are shown in 'Schedule EI' tab [Details of Exempt Income (Income not to be be included in Total Income)]
Further in 'Schedule OS' tab (Income from other sources), this income is shown under the head 'Income chargeable under special rate - 111 - Tax on Accumulated Balance of Recognised PF'.
Is it the correct way of representing the EPF Withdrawal income in the IT Return ?
Would appreciate your views on the above scenario
CAclubindia
