Hello,
I left my job in Aug 2017. I am still holding EPF account and it is more than 5 years old. I came to know that since there is no contribution towards EPF since Sep 2017 i need to pay the taxes for the interest accured from Sep 2017 to March 2018. Can you please clarify the following :
1. Do i need to pay the tax for the interest accured from Sep 2017 to March 2018 ?
2. under which sub category (in ITR2 - Schedule OS) i need to show this income for tax purpose.
Regards,
Divakar
Not necessary you have to show it in ITR2 Schedule OS. You can show it in ITR1 also provided you remain eligible to use ITR1.
Sometimes, there are rules that may govern which ITR form to use. Total amount of exempt income can be one and the source of that exempt income could matter.
There is no clarity as to which form to go when what type of income has arised.
However, simply because someone for more than Rs 5000 PPF or EPF interest, asking them to fill the bulky ITR2 makes no sense.
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