PF withdrwal to be taxed in year of reciept or accrual basis ?

Hi Pankaj, First of all, accept my appreciations for the wonderful work you are doing. I applied for PF withdrwal from my past Co. in October 2010 but finally recived the same in April 2011 after TDS deduction. Now should I consider this in my return for FY 2010-11 and claim TDS or should ignore this and include this in next FY 2011-12 ?

asked Jul 20 '11 at 12:23 by aswalanurag 1111

How do you know that TDS has already been deducted from that amount?
(Jul 20 '11 at 23:31) A9S6
@A9S6 One way to know is checking form 26AS. Other case might be that his employer has PF accounts with PF trust and not a Govt one, which may inform in case of TDS deduction.
(Jul 21 '11 at 12:16) Pankaj Batra
HI Pankaj, I will go with your advice and claim the amount deducted as refund next year then.The amount is still not visible in 26AS, so I feel they haven't yet deposited the TDS. And you are right that my ex-employer held a pvt trust. Thanks a lot for your support.
(Jul 21 '11 at 12:27) aswalanurag

If you received amount in early April 2011, then TDS may been deposited to income tax department in march, in that case it should be shown in FY 2010-11 earnings. You may check TDS deposit statement in your Form 26AS.

But if it came at end of April 2011, TDS may have not deposited in FY 2010-11, so you may consider it in next year filing.

answered Jul 20 '11 at 18:06 by Pankaj Batra 5.2k320

Thanks Pankaj. But i felt that since the income accrued to me in FY 2010-11, it should be considered in the return. If the TDS is deposited late, I need to pay intt u/s 234 too. In my case, the paymnet arrived late in April and I still cannot see the TDS deposit in my name, which means they have still not deposited it. So, what I am trying is chasing them to issue me TDS certificate and fill that in return for 2010-11. What do you say ?
(Jul 20 '11 at 18:31) aswalanurag
If you receive amount in FY 2011-12 and also TDS is deposited in same year, you can consider it in FY 2011-12. Now issue will only be solved when TDS certificate is issued. TDS certificates have Financial and Assessment years mentioned on them, so that should be used for filing purpose.
(Jul 20 '11 at 18:36) Pankaj Batra

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Asked: Jul 20 '11 at 12:23

Seen: 4,237 times

Last updated: Jul 21 '11 at 12:27