My son left his job on 19th Feb 2024 to take up higher studies. His employer paid him their Trust PF amount of Rs 1.12 lakhs on May 5th. The total work period is just 3 years. There is a break in employment of about 14 months from Feb 19th. But his employer deducted TDS of 85000 on the 1.12 lakhs. Can it be claimed back showing exemption under sec(10) while filing ITR ?
If serice was less than 5 years and withdrawal was not due to death, retirement, or specified illness , the amount is taxable.
Your son can claim exemption while filing ITR if he meets tax rules for EPF withdrawal exemption.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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