Starting September, those who are filing income tax return will need to provide a detailed break-up of Employees’ Provident Fund (EPF) withdrawal. This is among the few changes that the Central Board of Direct Taxation has done in the tax filing utility and ITR forms recently.
It has been done to ensure that employees who withdraw EPF pay the requisite tax. “The income-tax (I-T) department is seeking these details to enable proper disclosure of income. If a person’s EPF withdrawal is taxable, it is taxable under various heads as there are various components to it ...
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