Income from withdrawal from recognised provident fund
This query is : Resolved
25 July 2020
Hello Experts,
I withdrawn Rs.1,12,000/- from recognised provident fund after completing five years of service.
This 1,12,000/- includes employee's share, employer's share and interest.
My query is that while filling ITR-1 which amount i have to mention in exempted income (i.e. employee's share or employer's share or interest)
I withdrawn Rs.1,12,000/- from recognised provident fund after completing five years of service.
This 1,12,000/- includes employee's share, employer's share and interest.
My query is that while filling ITR-1 which amount i have to mention in exempted income (i.e. employee's share or employer's share or interest)
26 July 2020
Dear Husen A. Dela
If you have withdrawn funds from Recognised Provident Fund after completing 5 years of service. Then the full amount is exempt. (i.e, Your Contribution, employer's contribution and interest earned over it.)
If you have withdrawn funds from Recognised Provident Fund after completing 5 years of service. Then the full amount is exempt. (i.e, Your Contribution, employer's contribution and interest earned over it.)
26 July 2020
Thank you Karan Sir for reply,
i want to know whether employee's contribution will be my income or not.
i want to know whether employee's contribution will be my income or not.
26 July 2020
No Husen A. Dela, neither your contribution nor employer's contribution will be part of your income. All exempt.
27 July 2020
I understand all is exempted income, but while filling ITR-1 i have to report exempted income, so in the column of exempted income i need to mention full amount or amount excluding employee's share.
27 July 2020
The full amount you need to show.
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