• PF under Section 80C

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 I had issued form 16 with TDS by employer with 80c exemption provision of PR Rs 52000/=.While I had withdrawn the PF in the same financial year, thereafter another Form 16 with TDS issued by PF office.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

In the present case you can claim the PF amount in 80C. The amount you have withdrawn will again be taxed.

If you dont take in 80C and declare the PF withdrawl amount as income then there will be double tax of the same income.

In the Form16 issued by PF office it includes amount contributed by Employer also.

Shyam Sunder Modani
CA, Hyderabad
1409 Answers
164 Consultations

It should be in 80C only.

Shyam Sunder Modani
CA, Hyderabad
1409 Answers
164 Consultations

Thanx

Shyam Sunder Modani
CA, Hyderabad
1409 Answers
164 Consultations

You can send your form 16 and other details to modani005@gmail.com so that we can calculate and give you. It means the same only , we will send u computation and you will understand better

Shyam Sunder Modani
CA, Hyderabad
1409 Answers
164 Consultations

thanx

Shyam Sunder Modani
CA, Hyderabad
1409 Answers
164 Consultations

Since you have withdrawn P F in the same financial year, you may not claim deduction u/s 80C in respect PF amount deposited and withdrawn that is advisable It is presumed that you have withdrawn within 5 years.

Vijay N. Kale
CA, Hyderabad
248 Answers
13 Consultations

This query seems to be addressed to other CAs.

B Vijaya Kumar
CA, Hyderabad
1018 Answers
124 Consultations

Send ur details again

Shyam Sunder Modani
CA, Hyderabad
1409 Answers
164 Consultations

The company contribution will be taxable in the year of receipt and there will be no relief u/s 89 for such amount.

Vijay N. Kale
CA, Hyderabad
248 Answers
13 Consultations

This query seems to be addressed to other CAs?

B Vijaya Kumar
CA, Hyderabad
1018 Answers
124 Consultations

computed again and answered the query

Shyam Sunder Modani
CA, Hyderabad
1409 Answers
164 Consultations

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