sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Expert Exchange Home: Direct Tax Ask a Question
AuthorQuestion Title
Raghu
Mumbai
EPF Withdrawal Tax consideration and Entry in ITR 2

I am an NRI for the last few years and recently quit my Indian Company last Financial year after 16
years of continuous Service. My company and me have been contributing the requisite amounts as per
law to the EPF account till resignation.I have not made any voluntary additional contributions to
the EPF. I applied for withdrawal of EPF lumpsum with the reason of "Permanent Migration From
India". My company has not charged any TDS on the withdrawn TDS amounting to 18 lakh except on
interest for the 3 month period after I left the organisation. I am aware that the interest for the
period after leaving the organisation is taxable under "Income from other sources" and
hence have no problem with that. I have the following queries: 1) Is tax applicable on the
Employee contribution and its interest for the 16 years of EPF accrual during employment. If yes,
how and where do I declare that in the current Assessment Year in ITR 2? 2) Under the Exempted
allowance of Section 10 (12) should I declare the entire withdrawn amount of 18 lakh, OR only the
employer contribution, employee interest and employer interest accrued over the last 16 years OR
some other combination? 3) How should I compute the above considering in the settlement letter my
company has only given 2 values: One for Employee contribution and interest and the second for
Employer contribution and interest. 4) Should I be declaring any other amount in ITR 2 with respect
to my EPF withdrawal?


Your response on above question
Message:
Name:
Place:
E-mail:
Maths Captcha
What is 2 + 9:
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions