Regarding pf withdrawal settalement

others 1087 views 4 replies

Pratipalsinh Jadeja

Senior executive

23 Points Joined August 2018

Dear All,

I am applying for EPF withdrawal through online process, while applying for that I am getting message like: "As your service is less than five years and your verified PAN details are not available under Unified Portal, Income Tax at the highest slab of 34.6% is liable to be deducted if your settlement amount crosses Rs.50,000/-. You are advised to update your PAN details before filing for Online claim and also check your balance before proceeding to submit PF settlement Claim."

My service is over & i have already withdrawn my Pension amount which is aprox 20,000.

My PF balance is almost Rs. 40000/-. I am confused on much tax will be liaved and what will be the approximate amount I will be getting.

I want to know how to calculate PF settlement amount? is it 40000(pf)+20000(pension) = 60000 or only 40000(pf).

Kindly help.

Replies (4)

Ruchika Somani

Coaching and Practice in Tax Audit Law

4429 Points Joined June 2018

PF is only 40k however it will be taxable in your hand as per slab.

Guest

PF and interest both are exceed of Rs. 50000 and your service is less than 5 year than you are liable for TDS. Submit PAN no along with claim form

Pratipalsinh Jadeja

Senior executive

23 Points Joined August 2018

Hello RatAnu & Ruchika Somani,

Thanks for quick reply, As I have mentioned my pf balance is 40000 , so if I withdraw this amount tds will be deducted by EPFO or I have to pay at the of tax return filing? say I am in 10% slab. so in my bank account 40000 - 4000 = 36000 will be credited or 40000 credited ?

Thanks in advance guys.