If PF is withdrawan before 5 years entire amount is taxable, where to show it in ITR2, like can I show it in OS 1d4 from drop down select 111 Tax on recoganized PF, or I should select Others and in box provided write PF withdrawl.
If PF is withdrawan before 5 years entire amount is taxable, where to show it in ITR2, like can I show it in OS 1d4 from drop down select 111 Tax on recoganized PF, or I should select Others and in box provided write PF withdrawl.
Where the PF amount is withdrawn before five years of continuous service, it is taxable in the hands of the individual as if the fund was not recognised from the start of the contributions.
In such a case, payment received by the individual in respect of the employer’s contribution along with the interest accrual thereon is taxed as “salary”. (under profits in lieu of salary).
Interest on the employee’s contribution is taxable as “other income”.
Payment received in respect of the employee’s own contribution is exempt from tax (to the extent not claimed as a deduction earlier).
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