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TDS ON PF WITHDRAWAL

ITR 231 views 3 replies

PARAMESWARA NARAYANAN

consultant

79 Points Joined September 2012

Dear Experts

One of my friend Received 8 lakhs from PF Trust( working with IT co.) during 19-20 and TDS deducted while disbursement.

1. Whether entire amount should be shown as income under the head " salary"

2. He has worked 6 Years in that Company, so he can claim exemption . where to show the exemption in ITR.

Please clarify.

regards

P Narayanan

Replies (3)

CA. Sourav Sarkar

Chartered Accountant

24588 Points Joined November 2019

Tds u/s 192A on premature pf withdrawal
any person have to maintain 5 years of working
Pf amount after deduction will be shown in salary

Kapadia Pravin

17264 Points Joined December 2018

Exemption you show in EI schedule.
I think taxable withdrawal amount to be under IFOS.

Krishna Chaudhary

Accountant

4531 Points Joined February 2017

If you wish to withdraw the amount in your PF account after 5 years of continuous service (membership of the account) then the entire amount including the principal and interest withdrawn by you shall be tax-free. The interest earned with respect to your contribution and your employers' contribution is exempt from tax.