EPF withdrawal before 5 years will be taxable.So will it be come under section 17(1) of IT act?
Can we club the amount with salary while filing the income tax return?
Please Guide.
1 Replies
Pritam Tiwari
(Owner)
(162 Points)
Replied 27 July 2019
In case the period of continuous service is less than five years, the sum total of the employer’s contribution to EPF and interest earned on it is taxable under the head “salary" in the subscriber’s income tax return.
The subscriber’s own contribution portion of the withdrawal is not taxable. But if the subscriber had claimed deduction under Section 80C on his contribution in earlier years, it becomes taxable under salary.
The interest earned on the subscriber’s own contribution portion is taxed under ‘income from other sources’.
Recent Topics
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
Related Threads
CAclubindia
