My wife has withdrawn her PF from her company after six years of working. Do we need to include this PF withdrawal in IT return?
The EPF withdrawal will be taxed as income & you need to include it in your ITR under the head 'Income from Salary'
My wife has withdrawn her PF from her company after six years of working. Do we need to include this PF withdrawal in IT return?
Parakram Mehta, Ghaziabad
There is no TDS deduction on your wife's PF withdrawal as she has completed 5 years. The EPFO will deduct tax on source (TDS) only if an employee fits the following two criteria: the EPF withdrawal amount is less than Rs 50,000 or the employee has not completed total 5 years of continuous service and the EPF withdrawal amount is more than Rs 50,000. Yes, the EPF withdrawal will be taxed as income and you need to include it in your ITR under the head 'Income from Salary'.