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TAX TREATMENT OF EPF WITHDRAWAL

Tax queries 284 views 4 replies

Sir,

I worked in an company years ago and now I am unemployed. I recently applied for withdrawal of EPF and Pension money (Form 19 and 10C) from EPFO. Since I submitted Form 15G, EPFO did not deduct any TDS on the withdrawal amount.

Kindly note that I had left the company before the completion of five years of continuous service.

Please advice me:

1. Since I am unemployed, my Tax liabilities are nil for current financial year. Do I still need to file ITR, since I have submitted Form 15G at EPFO?

Please advise, whether I need to File ITR or not, because no TDS was deducted and my tax liabilities are nil?

regards.

Replies (4)
No, as your taxable income is below Rs.2.5L, it is not compulsory to file IT Return.
But its better you could file with whatever PF income you have, so that atleast it can act as an income proof for your future reference.

Thanks Sir,

Even if I do not file, will it be ok? Will IT Department asks for the reasons of non-filing on some later date?

Yes it's ok even if you not file.

IT Dept may ask or may not ask, even if they ask, you could say the same thing that you do not have any taxable income for such FY.

Thanks a lot Sir. It helped me in a great way.

regards.


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