Is PF withdrawal at the age of 59 taxable

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  I have withdrawn my PF and pension amount totalling about Rs. 9 lakhs.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  Please advise if this amount (Rs. 9 lakhs) attract income tax since I have withdrawn the amount after attaining the age of 58 years.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
Asked 17 days ago in Income Tax from Mumbai, Maharashtra
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It is compulsion on their part to deduct TDS if you have withdrawn the amount before completion of 5 financial year which in your case end on 31st March,2017.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.
Vishrut Rajesh Shah
CA, Ahmedabad
194 Answers
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Sir you need to file ITR 1 and show this income exempt under Section 10. There is separate section of exempt income.
Vishrut Rajesh Shah
CA, Ahmedabad
194 Answers
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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. 
Shiv Kumar Agarwal
CA, Delhi
197 Answers
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Dear Sir,

You should file ITR-1.

For any further clarification feel free to contact us.
Shiv Kumar Agarwal
CA, Delhi
197 Answers
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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
Abhishek Dugar
CA, Mumbai
766 Answers
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We assume that your query is answered by our profession colleague. For more mail at modani005@gmail.com
Shyam Sunder Modani
CA, Hyderabad
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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
Rohit R Sharma
CA, Mumbai
719 Answers
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