I have income from salary and short term capital gain.
during the py I had withdrawn entire EPF accumulated while changing job. since my pf was less than 5 years old, EPFO have deducted 10 percent TDs. where do I disclose this EPF contribution received in my itr2. it is not reflecting in my form 16 from previous employer. also form 26 as shows name of deductor as EPFO for TDs. please advise where to show the income on ITR for EPF received. also should I show TDs form 16 or 16a ?
EPF withdrawal will be taxed as income and you need to include it in your ITR under the head 'Income from Salary'.
In case, individual withdraw before 5 years, the amount becomes taxable in the same financial year. Thus, the amount has to be shown on your tax return for the next assessment year.
| Amount withdrawn is < Rs 50,000 before completion of 5 continuous years of service | No TDS.
However, If the individual falls under the taxable bracket, he has to offer such EPF withdrawal in his return of income |
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| Amount withdrawn is > Rs 50,000 before completion of 5 years of continuous service |
TDS @ 10% if PAN is furnished; No TDS in case Form 15G/15H is furnished |
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