Receipts from EPFO on retirement

A person withdrew hia balance in EPF account after retirement.  As he did not have 5 years continuous service the EPFO has deducted 10 % TDS.  The amount received was Rs.379,249 after dedciton of Rs.42139 (Gross amount Rs.421388).

He is currently not employed nor receiving any pension income, but interest and dividend income. 

Can we show this amount under the head 'Income from Other Sources' with the narraiton withdrawal from EPF?  The relative line item in  AIS is shown as 'Receipt of accumulated balance of PF drom employer'.  The section for TDS is cited as Sec 192A.

If we show as other income, will the credit of TDS under Sec 192 be permitted?

It is difficult to show as salary for 2 reasons: 1) Details of employers not avaialble - there were 2 employers and we do not have details as they ar every old and cannot be contacted.  Seconndaly, the break up of the amount receeved between principle and interest amount is not avaialble.

 

Replies (3)
Quick Summary
This discussion addresses how to declare EPF withdrawal received after retirement when 10% TDS was deducted due to less than 5 years of service. The individual has no employment or pension income, only interest and dividend income. The query explores classifying the withdrawal under 'Income from Other Sources' versus 'Salary', considering the AIS report and the difficulty in obtaining a principal vs. interest breakdown. The consensus is that the withdrawal must be declared under 'Salary', with only the interest component potentially taxable under 'Other Sources', though a precise breakdown is often unavailable.

You need to declare the income under Salary only. 

Only interest received can be declared under Other Sources.

We do not have the break up between interest and principle.  This is very old amount only the person did not withdraw till after his retirement.  He left the job long ago and the EPFO do not have records of the break up between interest and principle.  

Take the details from AIS report. There is no other option.

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