I am salaried person with salary income of Rs5L in FY 16-17. In the FY 16-17, I withdrawn the PF from my previous organization for Rs 2Lakhs. Also in part time I do business and incurred a loss of Rs3 Lakhs. For the salary income Tax is deducted at source. Is it possible to set off loss against the PF withdrawal fund . Pls suggest whether it is applicable
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Pf withdrawal set off against business loss
Replies (2)
Loss of business cannot be set off against Salary Income. The loss can be carried forward though for a period of 8 Assessment Years.
if the PF account has been completed 5 years before withdrawal, then whole the amount is tax free. otherwise it would get taxable
taxable PF amount can not be adjusted in any other head.
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