Hi, Thanks for putting useful information on this forum. I have a query and need help to understand it - I worked for a company for 6 years and contributed to EPF every month. While leaving the job, I applied for withdrawal of PF. After 3 months, I saw 2 amounts credited to my account - one was small amount and one big amount. My company's accountant told me that these are from Family Pension Fund and Provident Fund. He told me that since I have contributed more than 5 years in EPF, I need not pay any tax on EPF withdrawal, but I will have to pay tax on family pension fund amount (the small amount). Now, my problem is that the PF department didn't send any letter or any information on the basis on which it calculated the balance in my account, whether it has deducted tax on it or not. So, I need help to know - 1) If the family pension fund amount that I have received from EPF org, is liable for taxation? 2) Whether the EPF org would have already deducted tax on it? Thanks in advance for your assistance. --satish :-D
From India, Bangalore
From India, Bangalore
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
+1 Other
Dear Satish, 8.33% for PF amount & 3.67% for pension fund,then you have to calculate the total amount and small amounts needs to be liable for tax deduction. No organisatin deducts tax at the time of deposition. Best Regards Sajid
From India, Delhi
46From India, Delhi
dear PF dept does not deduct any tax on source.in my view your complete amount drawn in PF as well as in pension should be taxable and it should be counted in your income,the PF withdrawl at the time of supernuation is not taxable otherwise it is taxable. you pls consult any chartered accountant for this purpose. tks j s malik
From India, Delhi
From India, Delhi
hi I have overall work experience of 5.5yrs, (worked in two organisations), currently going abroad so i want to withdraw my PF, my employee share is 112,080 and employer share is53,851, my pension is 22570 (pension is showing only for the current oorganisation which is only two yrs)
1. how much tax will be taken if I withdraw now?
2.what will happen to my previous employment Pension?
3.will I get any pension amount or not?
4.for going abroad reason is there any tax exemption?
5.if i will lose my pension (for withdrawal of before 10yrs) can i continuie my pension? or is there any way to save my pension alone?
Regards
Dhakshmna
From India, Udupi
1. how much tax will be taken if I withdraw now?
2.what will happen to my previous employment Pension?
3.will I get any pension amount or not?
4.for going abroad reason is there any tax exemption?
5.if i will lose my pension (for withdrawal of before 10yrs) can i continuie my pension? or is there any way to save my pension alone?
Regards
Dhakshmna
From India, Udupi
If You Are Knowledgeable About Any Fact, Resource or Experience Related to This Topic and Want to Be Part of our support system - Please Register and Log In to CiteHR.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv