Dear All,
I have withrow my PF & EPS amount from my last employer.
My privious employer having their PF trust so, they have deducted TDS on my PF withrowal during my service period FY.
Reveiced Amount after TDS : 74375/-
TDS deducted : 15899/-
All this amount i received in May-2009. I got Form 16 for the PF withrowal amount from previous employer. In this they have add Employer contribution + intrest on Employee & employer contribution. (i.e. 41455/-)
EPS amount i received from goverment. (i.e. 19720/-)
All this amount i received in May-2009. I have to add this amount in my tax returne.
Which amount I have to consider for IT returne preparation?
for PF : 74375/- or 41455/-
for EPS : is this amount taxable?
Kindly reply ASAP.
Regards,
Jay
From Germany, Munich
I have withrow my PF & EPS amount from my last employer.
My privious employer having their PF trust so, they have deducted TDS on my PF withrowal during my service period FY.
Reveiced Amount after TDS : 74375/-
TDS deducted : 15899/-
All this amount i received in May-2009. I got Form 16 for the PF withrowal amount from previous employer. In this they have add Employer contribution + intrest on Employee & employer contribution. (i.e. 41455/-)
EPS amount i received from goverment. (i.e. 19720/-)
All this amount i received in May-2009. I have to add this amount in my tax returne.
Which amount I have to consider for IT returne preparation?
for PF : 74375/- or 41455/-
for EPS : is this amount taxable?
Kindly reply ASAP.
Regards,
Jay
From Germany, Munich
You should only use 41455/- in the Tax returns as the Tax has already been paid on your contribution when you were employed with that organisation. No, the Tax paid is only on empoyer's contribution + interest earned on your & employer contribution.
If you have recieved EPS from govt, just get the TDS certificate from the EPF office. It will show, if they have already deducted Tax before paying you the withdrawl amount.
Please note: If the TDS deducted is say 10% & as per your income level, you fall in 20% tax bracket, then you need to pay balance tax on your own & furnish those details too (Self Assessment Tax paid in excess of the TDS) in the Tax Return.
From India, Delhi
If you have recieved EPS from govt, just get the TDS certificate from the EPF office. It will show, if they have already deducted Tax before paying you the withdrawl amount.
Please note: If the TDS deducted is say 10% & as per your income level, you fall in 20% tax bracket, then you need to pay balance tax on your own & furnish those details too (Self Assessment Tax paid in excess of the TDS) in the Tax Return.
From India, Delhi
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