23 July 2017
Hi, I have withdrawal Provident fund before 5 years & TDS is deducted on the same @ 10%. Where should I Disclose it in current year ITR? AT the time of making PF, I was in tax bracket of 20% bracket but now I am in 30% bracket. If I show it in other income, it increase unnecessary burden of tax... Pls advise..
24 July 2017
I assume that the PF is employee Provident fund investment which have withdrawn before 5 years.
The employer contribution part and the interest therefrom must be shown under Salaries. Your contribution part and the interest therefrom will be shown under Other sources.
Also note that the 80C deduction benefits that you claimed during the previous years by showing this PF investment, must be reversed and taxed accordingly.
CAclubindia
