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TDS ON PF WITHDRAWAL

ITR 288 views 3 replies

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)
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
Exemption you show in EI schedule.
I think taxable withdrawal amount to be under IFOS.
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5 years of continuous service (membership of the account) then the entire amount including the principal and interest withdrawn by you shall be tax-free.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.


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