Claim of benefit u/s 80c after declaration

[Rahul Bagaria]

Is it mandatory to declare your contribution to PF under 80C and claim benefit.This is more so when you have insurance premiums and housing loan principal amount to your disposal under 80C. What will be the taxability if the same PF amount is withdrawan in more than 5 years and less than 5 years

[CA UMA KOTHARI]

Several issues are mixed-up, which is not proper for this column. Maximum deduction u/s 80C has a limitation if you have paid more than the same deduction will be restricted to limit applicable in particular year. inestment in PF should be accounted for and declared, otherwise it can be cosnidered as undisclosed investmetn out of undiclsoed income. I do'nt think at present PF withdrawals is taxable- However,please check latest provisions and enrich readers from your reading in this regard to serve the purpsoe of discussion forum. In my personal view this is a column to discuss and share knowledge and information and not simpy to get information or consultation free of cost. The query and related information provided are not suitable for discussion forum. The issue must contain full facts, and basic information gathered by the query raiser and then only a discussion can be initiated.

[Rahul Bagaria]

Uma, I don't forsee any issues being mixed in my views.Its a paid site and before coming to any conclusion on your own you shouild be equipped to judge other person worth and his background. As a matured professional, a matured reply was expected from you rather than some loose language.

[DEV KUMAR KOTHARI]

I am shocked to see your comments posted on 03.02.10. I have seen your profile, considering the same readers expect some sharing of knowledge you must have considering your seniority, maturity etc. However, I found you have raised 27 queries/ issues, under reply I find five items out of which only one is a reply to some other query and rest are all clarifications on your own queries. There is no article posted by you. In such circumstances do you think you are contributring to discussions by merely raising queries? I had made reply to most of your queries under issue id no. 1737 and the answers given by me were correct.What you found loose language? Do you knwo what loose language means? Have you read my reply properly? before making allegations. Better have your own SWOAT analysis angry man.

[CA UMA KOTHARI]

The reply dt.29.07.10 be consdiered by CA Uma Kothari due to some technical error there was no change in logging and logging of CA Dev Kumar Kothari continued. I am shocked to see your comments posted on 03.02.10. I have seen your profile, considering the same readers expect some sharing of knowledge you must have considering your seniority, maturity etc. However, I found you have raised 27 queries/ issues, under reply I find five items out of which only one is a reply to some other query and rest are all clarifications on your own queries. There is no article posted by you. In such circumstances do you think you are contributring to discussions by merely raising queries? I had made reply to most of your queries under issue id no. 1737 and the answers given by me were correct.What you found loose language? Do you knwo what loose language means? Have you read my reply properly? before making allegations. Better have your own SWOAT analysis angry man. CA UMA KOTHARI

AI Summary

Declaration of Provident Fund contributions affects eligibility for deduction under 80C and risks undisclosed investment treatment. Contributions to provident funds must be declared to claim the Section 80C deduction and are subject to the statutory 80C ceiling; undisclosed contributions risk being treated as undisclosed investment. PF withdrawals are generally regarded as non taxable in current practice, but taxpayers should verify the latest provisions and consider qualifying service period and factual disclosure when assessing tax consequences.