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I worked for a company from 22 Feb 2012 to sept 2016 for 4 years and 7 months. I withdraw my PF in Oct 2018 after more than 6 years still 10% tax was deducted from my withdrawal amount. Is this correct?
I am in 5% tax bracket so under which category should show this income in ITR form?
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There are couple of things you need to clarify in order to understand your tax deductions on PF.
Definitely Provident fund withdrawals before five years of completion of service will attract tax deducted at source (TDS) at 10 per cent but in your case the following must have been considered:
1. The accumulated provident fund balance withdrawn must be greater than is less than Rs 30,000.
2. Form No. 15G (other than senior citizens) or 15H (for senior citizens) are self-declaration forms that can be furnished by individuals to state that their income is below the taxable limit. Have you submitted any of them?
3. What is the total year of experience you carry? if the said PF was transferred from previous company please specify.
I urge other seniors to opine if my understanding is right.
income from other sources (IOS) is applicable in such receipts
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