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Tds deducted on epf withdrawal

434 views 4 replies

isham rajgariah

5 Points Posted on 14 April 2018

Hi. I joined my first comoany and stayed there for 4 years 8 months. There after I immediately joined another company and after 4 months i.e. total 5 years of service, I withdrew my PF from previous company. They deducted 30% TDS on the same. Is this valid? If not, Can I reclaim it ?

Replies (4)

Guest

You must not have transferred your old PF account to your new company. That's why they deduct tax because you were there for less than 5 years.

Now, you need to show that withdrawn amount in your ITR so that you can claim excess tax deducted.

isham rajgariah

5 Points Posted on 14 April 2018

So the tds deduction can be reclaimed in the itr or is the tds deduction need to be left as is? I mean to ask is the withdrawal taxable or i can get back this tds? Is there some other tax I need to pay

Guest

30% has been deducted because of non availability of your PAN. When you show it in your ITR, you can claim some of its refund on account of exemption limit of 2 lac. Yes, it is taxable since you withdrew before 5 year without continuing it with new employer.

isham rajgariah

5 Points Posted on 14 April 2018

So my pf amount was 233500. They deducted a tds of 44000 approx which is where i am confused. Based on what you say how much approximately should i claim for