Is withdrawing pf amount before 5years service taxable ?
kundan kumar
(Article Assistant)
(30 Points)
Replied 04 July 2014
PREM kasi
(Internal audit)
(69 Points)
Replied 04 July 2014
it will not be taxed if it is used by the assese for the purposes mentioned i.e for his children marriage education and for medical treatment etc...
Sandeep Shirke
(Accounts Executive)
(118 Points)
Replied 04 July 2014
sivasampath
(Student CMA)
(37 Points)
Replied 05 July 2014
Kindly clarify me, in Mr. X PF Account having total Rs. 4,50,000/- , if he took advance for his son's marriage 2,00,000/- in 2012-13. balance 2,50,000/- he widraw his VRS which is before completion of 5 years of working. but he alredy avail tax benefit for the year which EPF is deducted.
kindly let me know he is liable for tax for the sum of Rs.4,50,000/- or 2,50,000/-
Thanking you Sir
CA Vipul
(Senior Auditor)
(94 Points)
Replied 05 July 2014
Yes, withdrawl of PF before 5 years is taxable. but there are some conditions mentiond that if pf is used for specifed purpose than it is not taxable.
CAclubindia
