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Q. > Please Help: PF ISSUE
Dear all,
If assessee has join other company and he got refund of PF from his previous company. On REFUND of PF, TDS has also been deducted by previous concern. Note that assessee has worked for just 1yrs in his previous concern. What will be tax tratment in assessee file?
Please reply.
Thanks
answered Jul 12, 2013 by SUBHASH KUMAR JHA , Darbhanga
Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of subscription. Tax officials have cited a rule in the 1961 Income-Tax Act that taxes PF withdrawals by employees before completing five years of contributions into the EPF is taxable.
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