I worked in a company for 5 months till Jan 2016 and then left it and joined another company in the same month. While leaving my previous company I applied for PF withdrawal which I got in April 2016 in my bank account. While filing return for the last financial year 2015-16 I claimed deduction under section 80c for my contribution towards pf for my previous job. Kindly tell me is there going to be any problem for me in the future?? If yes what should I do now
Dear Sir,
You have to show this amount while filing your return of income for FY 2016-17. Out of the total amount received, your contribution to PF will not be taxable. All other amount will be taxable.
Please feel free to call/revert in case of any issues.
Thanks and Regards,
Abhishek Dugar
CA, CS, B.com
The form 16 given to me by my previous employer shows Rs. 9314 under section 80c as deduction and the amount which I got for pf withdrawal in April was 12584 so the balance of the two has to be included in my income for FY 2016-17 right?? Also while filing itr 1 in which column I have to include this income??
Yes, correct.
But can you send me PF settlement statement. Because if you have deposited 9314 then your employer should also have deposited the same amount
My basic was 14583 so only 3.67% of this was deposited as pf rest was in EPS, so the calculation is clear to me. My only query is that while filing next year IT return I should show the difference of the amount as said before or the whole amount which I received as PF withdrawal and against which column :income from salary or income from others because I don't have any tds certificate for this as no tds was deducted by my previous employer
You must have received three components :
1. Employer share + interest thereon = income from salary
2. Employee share = exempt
3. Interest on employee share = income from other sources.
I hope the above is clear.
Please feel free to call/revert in case of any issues.
Thanks and Regards,
Abhishek Dugar
CA, CS, B.com
Sorry i think your question is being answered by my professional colleague
Dear Sir,
Either you show the difference in Income from Other Sources or claim the PPF amount under 80C and the amount received under Income from Other Sources.
Trust this clarifies your query.
Feel free to call back/ get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
