I had joined a job in previous financial year and left due to health concern. I had issued form 16 with TDS by employer with 80c exemption provision of PR Rs 52000/=.While I had withdrawn the PF in the same financial year, thereafter another Form 16 with TDS issued by PF office. I have to file income tax return based on both form 16s.
My question is that the Rs 52000 PF exemption under 80c as stated in Form 16 should remain inexemption mode or should be included in income,while filing income return.
Asked 9 years ago in Income Tax
Sir, the PF had withdrawn in the same financial year and been taxed under form 16. My question was the PF amount shown in under 80C as tax exemption in form 16 of salaries, should remain in 80C or need to be included in income as PF withdrawn less than 3 year.
Asked 9 years ago
Sir,
As per dos and donot for e-filing on Internet has different view then your answer.
*Recomputation of Income and Tax Liability if EPF is withdrawn If you have withdrawn any EPF (Partially or Fully) before serving 5 years (single or multiple employers:- then such withdrawal not only will be considered as income earned in the year of withdrawal (hence attracts Income Tax) but also, the tax exemption claimed in the present and previous years for EPF contribution, under section 80 C, will also be considered as salary income and will be taxed. That means, you are liable to pay tax on: • Withdrawn amount plus • Tax exemption claimed on PF contribution *
What is your take on above statement in respect to my question.
Asked 9 years ago
Sir, details send on ur mail id for suggestion
Asked 9 years ago
Sir, details send on ur mail id for suggestion
Asked 9 years ago
As I understood that the said part is company contribution as it is not taxed as per statement provided by comoany to me, only my contirbution is been taxed. This was included in gross income. hence it should remain in 80c What is take on above facts. Either 80c PF contribution should remain in Form 16 or this instrument will not applicable here as PF instrument in withdrawn in the same financial year. pls suggest again.
Asked 9 years ago
Sir,
Alreadt send to you for re-examination
Asked 9 years ago