.I worked in a company from June 2008 to June 2012 and then resigned due to higher studies.my 12-13 yr salary is 80000 (from April 2012-June 2012).My Company has its own recognised PF trust .I withdrew my PF contributions after resigning and the mailed me the cheque in Oct 2012. as per my company form 16 they have deducted tax on PF of Rs 10000 on PF withdrawal amount of rs 80000.The80000 consists of both my contribution,employer contribution as well as interest on both ..I had utilized my deposits under PF to claim tax deductions under 80 C on FY08- 09 to FY 11-12.I withdrew this pf in 12-13.As per the company receipt this tax is account of the tax on employer contribution and interest paid out on PF and the earlier tax benefits i claimed under 80 C from PF.will i get the refund of rs 10000 as overall income in this FY is below Rs 200000? I have the break up of employer and employee contribution and their respective interests of the 80000 amount.
I have gathered from this community that
1. Employer contribution and interest on it has to be shown under head salaries.
2. Interest on employee contribution will come under head income from other sources.
3. Amount received for employee contribution is exempt from tax.
Payment received from employer’s contribution plus its interest would be taxable as "income from salaries". Interest on the employee’s contribution is taxable as "income from other sources"
Do i have to show the employee contribution again in the tax return?if yes under which head salaries or income from other sources?
Can i get the refund on this TDS of Rs 10000 as my this years income is below 200000.?
From India, Kolkata
I have gathered from this community that
1. Employer contribution and interest on it has to be shown under head salaries.
2. Interest on employee contribution will come under head income from other sources.
3. Amount received for employee contribution is exempt from tax.
Payment received from employer’s contribution plus its interest would be taxable as "income from salaries". Interest on the employee’s contribution is taxable as "income from other sources"
Do i have to show the employee contribution again in the tax return?if yes under which head salaries or income from other sources?
Can i get the refund on this TDS of Rs 10000 as my this years income is below 200000.?
From India, Kolkata
How to pay incometax on the PF amount received? How do I know how much needs to be paid as Incometax on the PF amount received? In my case, I worked in an organization for the period Nov-2006 to Aug-2011 (not completed 5 years). I applied for the withdrawal in the month of AUG-2012. Received the PF amount in Jan-2013. Since I claimed the PF amount after 5 years and 9 months, do I still need to pay income tax on the PF amount received?
From Brunei Darussalam, Bandar Seri Begawan
From Brunei Darussalam, Bandar Seri Begawan
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Tax on premature PF withdrawal.pdf
Guide Lines for PF Withdrawal.doc