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Querist : Anonymous (Querist)
18 July 2013 if a person withdraw 11 lakhs form provident fund so what is the tax liability beared by the employee ?
please tell in both cases where employee worked less than 5 yrs n more than 5 yrs .
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
26 July 2013 If more than 5 year, the entire proceeds will be exempted

If less than 5 years, other than termination or relieving due to illness, the employee contribution is exempted, interest on employee contribution is taxable under " Other sources" and Employer contribution and interest will be taxable under salary

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