Resigned from job on 30 April 2022.
Age 45 years
Accumulated EPF corpus is Rs.38 lac after 20 years of service.
Post resignation not joining alternate job.
Not planning to withdraw corpus till another 3 years The interest earned by epf corpus post job quitting is fully taxable sec 10(12).
Now my questions are
1)Should he pay advance tax instalments every qrtr for ass year 23-24, as the epf inerest is accrued only on 31 March 2023?
2)Will there be TDS by epf organisation?
3)Tax to be paid on accrued interest or on total interest at the time of withdrawal
4)or only self assessment tax at the filing of returns( will interest for defferement of payment of advance tax be levied?)
Thanks
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Tax on EPF interest accrued post resignation
Replies (5)
Quick Summary
1. Yes, for each quarter.
2. Yes, 10% u/s. 194A of the act.
3. Only on taxable interest part.
4. Yes, interest u/s. 234 of IT act can be levied.
Thank you very much Sir for your specific replies.
You are welcome...
Tds not yet done
when will be done
on march 31st ?
when will be done
on march 31st ?
Even though the interest is calculated monthly, it is only deposited to the Employees' Provident Fund account once a year on March 31st of the applicable fiscal year. So, TDS will be deducted at the time of interest credit.
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