Sir, My date of birth is 7/11/1957. I have been working with a company since January 2011 and resigned from the services on 31/5/2016. I have withdrawn my PF and pension amount totalling about Rs. 9 lakhs. While making payment, EPF authorities deducted 10% TDS. Please advise if this amount (Rs. 9 lakhs) attract income tax since I have withdrawn the amount after attaining the age of 58 years. If not, how can I claim back the above 10% TDS while filing return, which form should I file. Thanks, Haridas
Dear Sir,
It is compulsion on their part to deduct TDS if you have withdrawn the amount before completion of 5 financial year which in your case end on 31st March,2017.
In the given case you file your return. show it as exempt income and can claim back refund of TDS deducted. so no need to worry about it.
Thanks. Please let me know which ITR form should I use and in which column should I show exempt income.
Sir you need to file ITR 1 and show this income exempt under Section 10. There is separate section of exempt income.
Dear Sir,
You should file ITR so that you can take TDS refund , it is necessary to deduct TDS on PF withdrawal. It is exempt under section 10.
For any further clarification feel free to contact us.
Dear Sir,
You should file ITR-1.
For any further clarification feel free to contact us.
Could you please tell me where to fill exemption under section 10 in ITR1. As per my knowledge, Allowance exempted under section 10 cannot be declared in Income tax return (ITR) forms and only income chargeable under head salaries needs to be filled from Form-16, which is already calculated after deducting allowances u/s 10. Since EPF authority have deducted TDS while making payment, this deduction will show in form 26S wherein total amount credited to me also would have shown. Hence, kindly advise how to fill ITR1. Thanks,
Dear Sir,
You can you can claim the tds back while filing your ITR. Please file ITR 1 and mention of withdrawal amount in exempt income section.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hello Sir,
You may file ITR - 1 and show only your basic salary income. You will get your TDS deducted as refund.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
