Hello Mr Reddy,
I have resigned from the services of my Company on 9th feb 2018, and I have left the country for another opportunity abroad and want to claim Full Settlement(Less Than 5 years PF) of my PF. My Online UAN is KYC verified for AADHAR and Account Number, however the PAN number is reflecting an Error for verification.
Question is : If I withdraw my PF after April 2018, will I be Taxed if I apply without PAN Updated? IF Taxed, then since my Income in India for FY 2018 will be 0 (as I am working Abroad), what Bracket will I be taxed ? FYI -- My Income in FY 2017 was above 10 Lakhs.
1 Answers
Hi,
Are the names given in PAN Vs EPF UAN match?
Kindly read :
https://www.relakhs.com/verify-pan-online-epf-uan-portal/
If you withdraw your PF balance before the expiry of five years of continuous service, then it is taxable in the year in which withdrawal has happened. So, if your EPF withdrawal is less than Rs 2.5 Lakh next FY then your tax liability can be Nil. In case, EPFO deducts TDS, you can claim it as REFUND by filing ITR.
But do note that,
- In addition to this, your employer’s contributions along with the accumulated interest amount will be taxed as ‘profits in lieu of salary’.
- Interest accumulated on your (employee) contributions will be taxed under the head ‘Income from other sources‘. The tax deductions claimed on your contributions will be revoked or rolled back, and shall be liable to tax.
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