If an individual has withdrawn pf before 5 years. Where to report this withdrawal on ITR3?
TDS was deducted by the EPFO and appearing on 26AS.
1 Replies
Chandrashekar M
(18 Points)
Replied 11 August 2024
If an individual has withdrawn PF (Provident Fund) before 5 years, they need to report this withdrawal on ITR-3 (Income Tax Return) as follows:
1. _Schedule S_: Report the PF withdrawal under "Income from other sources" in Schedule S.
2. _Section 80C_: If the withdrawal is eligible for exemption under Section 80C, claim the exemption here.
3. _Schedule EI_: Report the TDS (Tax Deducted at Source) deducted by EPFO under "TDS on income other than salary" in Schedule EI.
4. _26AS_: Verify the TDS amount on the 26AS statement and match it with the amount reported in Schedule EI.
Additionally:
- _Note_: If the withdrawal is subject to tax, it will be added to the individual's total income and taxed accordingly.
- _Exemption_: If the withdrawal is eligible for exemption under Rule 8 of the Income-tax Rules, 1962, claim the exemption in Schedule S.
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