i have changed job in sep11 at that time i have selected option of PF withdrwal option unintentionally although i wanted to select PF transfer. Previous employer has credited my bank account by Rs 167000 deducting Rs13000 as tax. Kindly advice whether Rs 13000 tax deducted can be adjusted from current yr tax payable amount. Also wht shall be affects of such withdrawl on my tax liability.
1 Answers
Income tax is payable on EPF withdrawal if its done before total five years of service. It can't be adjusted with other tax payable on your salary this year.
You would get form-16/16A for this deduction from your employer and you would need to show this deduction at the time of income tax return filing.
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