If you have left the job and after 2 months, PF is leaving, then it may prove beneficial for you to know some rules related to PF before that. The most important thing is that if you have left the job even before you have completed 5 years, then the TDS is deducted according to your tax slab from that amount while leaving the final PF amount. But if you are withdrawing the amount of PF after 5 years, you do not have to pay any tax on it.
How is TDS deducted on PF?
After leaving the job, you have to fill 2 forms at the time of final PF.
In this, you fill Form 19 to get the amount of contribution from you and the company.
And Form 10C which is filled for withdrawal of PF pension amount.
Let me tell you that the amount of Form 10C pension is completely tax free.
But at the same time you have to pay TDS on the amount received from Form 19. (5 years ago on leaving the job)
The TDS amount is deducted according to the tax slab you have.
How to avail TDS tax rebate on PF withdrawal?
To take advantage of tax exemption on PF final withdrawal, you are given the option to submit Form 15G and H while filling the form.
Form 15 G and Form 15 H is a self declaration form in which you write to certify that your income is less than the taxable income limit, the validity of this form is one year.
You can upload this form while filling the online PF withdrawal form.
This form 15G and H can be obtained from your bank, you can download it through net banking.
How to get refund for TDS cut on final PF withdrawal? How to Claim TDS on PF Withdrawal)
If you have filled the PF withdrawal form without Form 15G and H before knowing this rule.
At this time TDS is deducted from your final PF amount and after deducting TDS, the amount is transferred to the bank account.
Let me tell you that you can refund your TDS amount by filing ITR online at this time.
After cutting your TDS, its record is recorded in your FORM A 26, through this you can get this amount by filing ITR return.
ITR filing process to get TDS refund
To file ITR return, first of all you have to go to the website of Income Tax India e-filing.
After this, if you are already a user, then you have to log in. If you are filling ITR for the first time, then you have to log in through your PAN card.
After logging in, you have to click on the View Form A 26 option under the My Account option.
After this, a new website TRACES will open, you have to kick on the confirmation.
Here is the assessment year (the year in which your TDS is deducted)
After that select the option of PDF format and click on download. A PDF file will open /
This PDF file is your FORM A 26, on which you will see the information about the deducted amount of your TDS.
After this, you have to come back to the ITR website and click on the option of income tax return under the option of e-file.
A new page will open in which you have to select the assessment year (the year for which you want to file ITR).
After this, you have to choose ITR Form 1 and choose the option of Original Revised Return for the filing type.
After that your ITR form will open, in which you have to fill your complete information in the first part option.
In the second part, your salary has to be filled with tax deduction information along with its deduction.
In the next 2 parts, information has to be given about tax details and paid verification.
In the next 2 parts, information has to be given about tax details and paid verification.
After this, you have to submit all the information by checking the option of Preview and Submit properly.
After this, your ITR form will be submitted successfully and its reference number will be obtained from which you can view the status of the ITR return.
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