Hi,

I had changed jobs from one company to another company in May 2012 but didn't get around to transferring the PF balance till now. However, at the time of leaving that company I had given in writing to them that I would be transferring the PF balance to my new company and do not wish to withdraw the account. Few weeks back, while going through the Form 26AS for filling my ITR, I noticed that there was a tax credit done by the PF Trust of my previous company under Section 194A. The tax credit was of some Rs. 2000 on an amount of some Rs. 20000. I had immediately enquired with the company about this TDS deduction but since there's not much time left for filing of the IT return, I filed the return without declaring the Rs. 2000 under TDS nor the Rs.20000 amount under income.

After few days, I got a response from the company saying this: "Tax u/s 194A which is applicable to all those, whose interest earned on Provident Fund from the Date of Leaving (DOL) till Date of Settlement / Transfer, exceeds INR 5,000/- in a Financial Year. In your case the interest earned on your PF after your DOL was greater than INR 5,000 and hence tax @ 10% was deducted on this amount.".

Now my queries are:

1) Is the company's interpretation correct?
2) If the interpretation is correct, I guess I should file a revised ITR. In the revised ITR, should I declare the Rs. 20000 (for which the TDS of Rs.2000 was deducted) under the 'Income from other sources'?
3) If the interpretation is wrong, what should I do to recover the TDS?

Would be grateful for any help.

Regards

17-8-2013



Almost all companies hold their AGM on 30 Sept. each year. The Accounts & Auditor’s Report is signed around 1st September & sufficient notice is given for holding AGM.

Since the last date of filing I.T. Return is also 30 Sept., can we file the return anytime after the Directors approve the accounts or wait for shareholders to pass the accounts?

Practically speaking, it will be difficult for CAs to file all returns on 30 September, if we have to wait for shareholders’ approval.

Please enlighten.

Thanks & regards

R.V. Marathe
Chartered Accountant

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