ABC was employed in mnc for 3 nd half yrs; then switched to another one. After switching he withdraws his entire amount of pf from earlier employer, but the amount is neither mentioned in form 16 nor reflected in 26 AS of respective year.
so the question is, is the amount of pf taxable as it is not reflected in 26 AS or exempt? nd in which section it will be mentioned?
- If the employee has rendered service for <5 yrs, then withdrawal from PF account is taxable whether or not it appears in 26AS. Since tax is not deducted at source, it is not appearing in 26AS.
- Employer's contribution and interest thereon is taxable under the head salary
- Interest on employee's contribution is taxable under IFOS
- Employee's contribution is not taxable.
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