I worked for a company from 22 Feb 2012 to Sept 2016 for 4 years and 7 months. I withdrew 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 the 5% tax bracket, so under which category should I show this income in the ITR form?
From India, Mumbai
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4I am in the 5% tax bracket, so under which category should I show this income in the ITR form?
From India, Mumbai
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There are a couple of things you need to clarify 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 percent, but in your case, the following must have been considered:
1. The accumulated Provident Fund balance withdrawn must be greater than or less than Rs 30,000.
2. Form No. 15G (for individuals 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 years of experience you carry? If the said PF was transferred from a previous company, please specify.
I urge other seniors to opine if my understanding is right.
From India, Bangalore
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1. The accumulated Provident Fund balance withdrawn must be greater than or less than Rs 30,000.
2. Form No. 15G (for individuals 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 years of experience you carry? If the said PF was transferred from a previous company, please specify.
I urge other seniors to opine if my understanding is right.
From India, Bangalore
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PF Form 19 - PF Withdrawal.pdf
AADHAR BASED PF WITHDRAWAL FORM.xls