abhishek bag (Payroll & Tax Analyst) (188 Points)
21 December 2016One of my client (salaried person) has received EPFO amount Rs. 3,60,000/- & EPFO department has deducted TDS Rs. 36,000/- for FY 2015-16. My question is that can I show this EPFO amount Rs. 3,60,000/- as exempted income? If yes, what ITR form can be submitted , as the exempted income is more than Rs. 5,000/-?
Regards
Abhishek Bag
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170108 Points)
Replied 21 December 2016
EPF withdrawal amount: Taxation. If a salaried employee opts for withdrawal after continuous service of five years or above, there will be no TDS deduction on the amount. It is important to note that if withdrawal is made before the completion of five years of continuous service, the amount withdrawn will be taxable.
Refer: https://www.bankbazaar.com/saving-schemes/pf-withdrawal-rules.H T M L
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