PF Withdrawal
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2009
Can someone please help me clarify the following?
- Is the amount received from the provident fund after 2 years of service taxable or not?
- If the amount is taxable, is the whole amount taxable or only part thereof is taxable (please see example below)?
Example
Total amount received – INR 215,000 comprising of:
Employee’s contribution INR 110,000
Interest on Employees’ Contribution INR 9,000
Employer’s contribution INR 90,000
Interest on Employer’s Contribution INR 6,000
Please let me know the taxable amount in the below 2 scenarios:
Scenario 1: If no separate provident fund is established and dues are deposited in EPF India
Scenario 2: If a separate provident fund is established and recognized by IT Commissioner and dues are deposited in that PF
- Is the amount received from the provident fund after 2 years of service taxable or not?
- If the amount is taxable, is the whole amount taxable or only part thereof is taxable (please see example below)?
Example
Total amount received – INR 215,000 comprising of:
Employee’s contribution INR 110,000
Interest on Employees’ Contribution INR 9,000
Employer’s contribution INR 90,000
Interest on Employer’s Contribution INR 6,000
Please let me know the taxable amount in the below 2 scenarios:
Scenario 1: If no separate provident fund is established and dues are deposited in EPF India
Scenario 2: If a separate provident fund is established and recognized by IT Commissioner and dues are deposited in that PF
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