I withdraw my epf in Oct 2018 tds was deducted on this amount Under which category should I report this income Income from other sources or Salary?
From India, Mumbai
4From India, Mumbai
Hi,
1) Amount withdrawn is < Rs 50,000 before completion of 5 continuous years of service
No TDS. However, If the individual falls under the taxable bracket, he has to offer such EPF withdrawal in his return of income.
2) Amount withdrawn is > Rs 50,000 before completion of 5 years of continuous service
TDS @ 10% if PAN is furnished; No TDS in case Form 15G/15H is furnished
3)Withdrawal of EPF after 5 years of continuous service
No TDS. Further, the individual need not offer the same in the return of income as such withdrawal is exempt from tax
4) Transfer of PF from one account to another upon a change of job
No TDS. Further, the individual need not offer the same in return of income as it is not taxable.
5) Before completion of 5 continuous years of service\ if employment is terminated due to employee’s ill health The business of the employer is discontinued or the reasons for withdrawal are beyond the employee’s control
No TDS. Further, the individual need not offer the same in the return of income as such withdrawal is exempt from tax
From India, Madras
1) Amount withdrawn is < Rs 50,000 before completion of 5 continuous years of service
No TDS. However, If the individual falls under the taxable bracket, he has to offer such EPF withdrawal in his return of income.
2) Amount withdrawn is > Rs 50,000 before completion of 5 years of continuous service
TDS @ 10% if PAN is furnished; No TDS in case Form 15G/15H is furnished
3)Withdrawal of EPF after 5 years of continuous service
No TDS. Further, the individual need not offer the same in the return of income as such withdrawal is exempt from tax
4) Transfer of PF from one account to another upon a change of job
No TDS. Further, the individual need not offer the same in return of income as it is not taxable.
5) Before completion of 5 continuous years of service\ if employment is terminated due to employee’s ill health The business of the employer is discontinued or the reasons for withdrawal are beyond the employee’s control
No TDS. Further, the individual need not offer the same in the return of income as such withdrawal is exempt from tax
From India, Madras
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
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