Epf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2013
what is the process of taxable income under epf?
if epf received an amt of rs 11 lakh what amount should be taxable?
if epf received an amt of rs 11 lakh what amount should be taxable?
CMA Ramesh Krishnan
(Expert)
21 July 2013
PF withdrawal after completion of service of 5 years is exempted from tax. ( this is continuation of provident fund account with one employer or more than one employer also but continuation of 5 years completion is required)
Incase of withdraw because of leaving employment due to termination or illness before 5 years will be exempted from tax.
Where the PF withdrawal before 5 completion of 5 years other than termination or illness,
employee share of contribution is exemption, interest on employee contribution will be taxable under income from other sources.
employer contribution along with interest will be taxable under Income from Salary how ever relief can be claimed u/s.89
Incase of withdraw because of leaving employment due to termination or illness before 5 years will be exempted from tax.
Where the PF withdrawal before 5 completion of 5 years other than termination or illness,
employee share of contribution is exemption, interest on employee contribution will be taxable under income from other sources.
employer contribution along with interest will be taxable under Income from Salary how ever relief can be claimed u/s.89
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