PPF Withdrawal

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.

asked Feb 15 '12 at 15:17 by Sachingupta 1111


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.

answered Feb 16 '12 at 18:30 by Pankaj Batra 5.2k320

link

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×778
×45
×43
×10

Asked: Feb 15 '12 at 15:17

Seen: 2,488 times

Last updated: Feb 16 '12 at 18:30