EPFO TDS certificate

[Copycat]

My VPF contribution pushed me over the taxable limit for EPF contributions
Consequently, EPFO has deducted TDS and I see the same in my passbook
But this TDS is not reflected in Form 26AS, nor has EPFO provided me with Form 16

Has anyone else faced a similar situation? Any pointers about what can be done?

Thanks.

 

[tachniki]

This is kind of crazy (stupid may be more appropriate but then I will need to apologise to minister). EPFO pay interest and possibly TDS after tax filing date. How is anybody suppose to pay tax on EPFO interest? Re-file ITR?

Sorry, I have no answer.

 

[tachniki]

I stopped any extra contribution to EPF about three years back when government started meddling and bringing tax on EPFO.

 

[panchabhut]

Is your PAN updated in EPFO? File a complaint in PGPortal for non-receipt of TDS if your PAN is updated.
To save on tax, immediately stop VPF and switch that amt to NPS.

 

[Zacobite]

My VPF contribution pushed me over the taxable limit for EPF contributions
Consequently, EPFO has deducted TDS and I see the same in my passbook
But this TDS is not reflected in Form 26AS, nor has EPFO provided me with Form 16

Has anyone else faced a similar situation? Any pointers about what can be done?

Thanks.

firstly pay the tax due.. then refile later in the yr once the credit shows.. complain and follow up after.. vpf not great anymore

 

[Copycat]

Is your PAN updated in EPFO? File a complaint in PGPortal for non-receipt of TDS if your PAN is updated.
To save on tax, immediately stop VPF and switch that amt to NPS.

Yes, my PAN is updated. Will do as you suggested. Thanks

 

[Copycat]

firstly pay the tax due.. then refile later in the yr once the credit shows.. complain and follow up after.. vpf not great anymore

Thanks.
For me, they credited interest for the last 6-7 years only in the current FY. I will declare it in the current FY and pay the required tax
But yes, next year onwards (if I decide to still do VPF, which I may not) I will probably calculate the interest on the VPF part in advance (assuming they declare the percentage for that year before I file my taxes) and pay it
I want to see how my AIS will look this year. As this year is the first time I have got interest after AIS started, I have to see whether EPF interest (the taxable portion) is reported in AIS

 

[Zacobite]

Thanks.
For me, they credited interest for the last 6-7 years only in the current FY. I will declare it in the current FY and pay the required tax
But yes, next year onwards (if I decide to still do VPF, which I may not) I will probably calculate the interest on the VPF part in advance (assuming they declare the percentage for that year before I file my taxes) and pay it
I want to see how my AIS will look this year. As this year is the first time I have got interest after AIS started, I have to see whether EPF interest (the taxable portion) is reported in AIS

past 6-7 yrs interest may not all be taxable.. this chg came after '22.. chk with a CA.. good luck..

 

[panchabhut]

Thanks.
For me, they credited interest for the last 6-7 years only in the current FY. I will declare it in the current FY and pay the required tax
But yes, next year onwards (if I decide to still do VPF, which I may not) I will probably calculate the interest on the VPF part in advance (assuming they declare the percentage for that year before I file my taxes) and pay it
I want to see how my AIS will look this year. As this year is the first time I have got interest after AIS started, I have to see whether EPF interest (the taxable portion) is reported in AIS

Interest on entire contribution before the amendment is tax free. Only for own contribution over and above 2.50 L (mandatory+VPF) from the year of change, the annual interest earned on the amt exceeding 2.50 L of respective year is taxable. e.g if your congribution was 2.60 L in Yr 1, 2.75 L in yr 2, 2.95 L in Yr 3, for 1st yr, int on 0.10 L, for 2nd yr int on 0.35 L and for 3rd yr int on 0.80 L is taxable.

 

[Zacobite]

Interest on entire contribution before the amendment is tax free. Only for own contribution over and above 2.50 L (mandatory+VPF) from the year of change, the annual interest earned on the amt exceeding 2.50 L of respective year is taxable. e.g if your congribution was 2.60 L in Yr 1, 2.75 L in yr 2, 2.95 L in Yr 3, for 1st yr, int on 0.10 L, for 2nd yr int on 0.35 L and for 3rd yr int on 0.80 L is taxable.

absolutely.. not sure how much is above 2.5 L.. assuming another 5L extra @8% is 40k @30% tax is 12k tax.. Not a huge amount to worry about..