10% Deductions from withdrwl
Hi, I have withdrawn my EPF after a continuation service of more than 4.5 years which I quit because of my employer's decision to close down the business. I received my money last year after deducting precisely 10% from the accumulated funds. I did not receive any settlement document to see on what account 10% amount is withheld? The same is also not reflecting in my TDS statement for the FY 2015-16, request your opinion how to track this amount! more
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The PF authorities has correctly deducted 10%. You can claim the TDS in you rtax filing Further you need to file the withdrawl amount in your return as salary. I can guide you but it is prudent to consult your tax advisor to file the income tax returns . This is quite complicated . more
Sep 19
From you statement it is given to understand that the amount refunded is withoudt TDS but 10% less to your contributions. Your CPF contirbutions are having two components. Employee and employer contributions. EPS contributions to the of 8.33% of basic pay out of employer's contributions is recovered and the balance, if any, is credited to your EPF account. So the amount received by you is after deducting EPS contributions and and not TDS. Hope it is clear to you. You may approach the EPFO for giving you certification for deduction of EPS (Pension contributions). more
Sep 19
YOU HAVE TO FILE FORM 10C IN CASE IT HAD NOT BEEN FILED ALONG WITH FORM 19 AT THE TIME OF WITHDRAWAL OF PENSION CONTRIBUTION more
Sep 19
You will need to get Form 16 to understand the details of amount earned and TDS amount deducted - Form 16 is required to be issued by deductor .Since this Settlement took place 2015-16 , your employer/ PF trust would have deposited the TDS amount with government and you should refer to Form 26AS in income tax site to satisfy yourself . more
Sep 19
