06 July 2017
Hi, I closed my pf account 4.5yrs old in September 16.Got the money credited in Feb after deducting tds of 10%. I have it reflected in my 26as. My question is how should I show it in my ITR? IOS? If under salary should I pay more tax based on my slab in addition to 10% already deducted? And if bifurcation needed for employer employee important for tax purpose. Pls help. TIA.
08 July 2017
show all Income received from closure of account as Exempt Income . Claim all 10% TDS back through ITR filings.PPF all income is non-taxable. But no tax benefit on amount deposited in 2016 will be applicable.
08 July 2017
Please note that in case of PF , the amount you deposited is your tax paid money ( show it as exempt income in ITR for AY 17-18 ) , so all invested money is tax free . The amount of interest RECEIVED IN upto FY- 2015-16 is Tax free. But Interest earned from April -Set. 2016 is taxable and TDS can be claimed / refunded accordingly.
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