DelhiDesk The article discusses the rules for withdrawing funds from a provident fund (PF) account within five years of opening it, specifically if the individual has already claimed an 80C deduction in previous years. The article states that if an employee has not rendered continuous service with their employer for a period of five years or more, the withdrawal of EPF accumulated balance shall be considered taxable. The tax liability would be determined based on the applicable tax rates for the prior years of respective contributions, and any tax deducted at source (TDS) at the time of withdrawal can be offset against this liability. The article concludes that there is no need to revise prior year tax returns for reporting this income.
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Here is the news bullets sorted by DelhiBreakings.com team.
– Rules for withdrawing PF account within 5 years
– Exclusions from computation of total income under Income-tax Act
– Conditions for exclusion of accumulated balance due and payable to employee
– Tax liability for withdrawal of EPF accumulated balance
– Calculation of tax liability under Rule 9 of Schedule IV of the Act
– Need to report and offer tax liability in return of income for year of withdrawal
– No need to revise prior year tax returns for reporting income
– Offset of TDS at time of withdrawal against tax liability
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