Dear Experts,
Pf withdrawal before 5 years is taxable under head salary, but Tds details are showing in TDS2(i) Income other than salary.
is it under same or should be change to schedule TDS1?
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TDS on Provident fund
Replies (3)
PF Withdrawal before 5 years includes Employer & Employee contribution amount and Interest earned during period of service.
Interest earned on both employee’s contribution and employer’s contribution shall become taxable as ‘Income from other sources’.
Employers’ contribution by employer will become taxable "Income as Salary" at the time of withdrawal.
Employee’s Contribution shall become taxable as ‘Income from Salary’, if while making the investment you had claimed it as an investment deduction under section 80C. If not, then it won’t be taxable, since you would have had paid tax on it while making the investment.
My question is different, plz read it again
It is correct under TDS2(i) as it's other than salary. sho under IFOS
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