P.F withdrawal

This query is : Resolved

sumit bhartia (Querist)
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12 January 2010 I have received Rs. 50000.00 approx after leaving my service from the employer where i have worked for 2 years

They were not having their own P.F trust but were depositing in Government a/c

will P.F be taxable
under what head should i show in P&L a/c
or is it not taxable

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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12 January 2010 if PF is withdwan before 3 year than taxable

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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12 January 2010 It is taxable . Pf withdrwal is exempt after continuous service of 5 years or more.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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12 January 2010 Pf withdrwal exempted after continous service for 5 years

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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13 January 2010 Agreed...
This will be taxable under the head of Income from Salary because you received this amount because of your working period with your employer, it does not matter whether you are working or not.

Regards!!!

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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25 January 2010 DEAR SIR,

PROVIDENT FUND will be taxable under the head of Income from Salary because you received this amount and you working period between you and your employer not effect.
FORM OF PF IS BELOW:-

Form-19 : To claim final settlement of Provident Fund by a member.

Form-20 : To claim Provident Fund by nominee/legal heir on death of the member.

Form-10-D : To claim pension. (In duplicate : If within state, In triplicate : If outside state.)

Form-10-C : To claim withdrawal benefit/scheme certificate under Employees' Pension Scheme '95.

Form-5IF : To claim assurance benefit under Employees' Deposit Linked Insurance '76 by nominee/legal heir of a member.

Form-31 : To claim temporary withdrawal/advance under Employees' Provident Fund scheme
'52.

Form-13 : To effect transfer of Provident Fund/Pension from one A/C to another.

expect will you agree?
Ramesh kumar verma

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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25 January 2010 DEAR SIR,

PROVIDENT FUND will be taxable under the head of Income from Salary because you received this amount and you working period between you and your employer not effect.

time limit:-

The claims received complete in all respects are disposed off within a maximum period of 30 days from the date of receipt of claims in the office. In case the member is not hearing anything about his application within 30 days, he can approach the Public Relation Officer.

Ramesh kumar verma

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