Payment of pf balance before completion of 5 years
This query is : Resolved
14 July 2012
Dear Sir,
One person has worked in a company for less than 5 years and he retired and received the balance in his PF account. He retired because he crossed super annuation i.e, 60 years in that year and it is companies Policy to retire the employees crossing 60. This reason is beyond the control of employee. Can he claim exemption u/s 10(12)? Is there any caselaw in support of this?
One person has worked in a company for less than 5 years and he retired and received the balance in his PF account. He retired because he crossed super annuation i.e, 60 years in that year and it is companies Policy to retire the employees crossing 60. This reason is beyond the control of employee. Can he claim exemption u/s 10(12)? Is there any caselaw in support of this?
14 July 2012
Logically the employment can be continued only when the employer's service rules are allowing to do so. The Service Rules are not under the control of employee. The exception covers it well and as such the amount is not taxable.
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