Ppf
This query is : Resolved
22 February 2012
I have been put in a strange situation. I was working with a company from Feb 2006 till Nov 2010 (4yrs 9 mths). That company had a private trust managing PF. I shifted to a new company in Nov 2010 itself and working with it presently. Current company has PF accounts with govt. I had requested for my PF to be transferred to new account in Jan 2011 itself (Its more than an year now). But the govt office hasn't yet submitted the form 13 to my previous company's trust. The trust has suddenly closed my account and given me my money back. They say that they don't wait for more than 60 days for transfer request, but they waited one year for me.
Now for no fault of mine I have got my money back which I intended to transfer. Do I still need to pay tax?
Now for no fault of mine I have got my money back which I intended to transfer. Do I still need to pay tax?
22 February 2012
As you recd the PF amount and added in your income. So you have to pay tax
22 February 2012
There must be some way out. Even after following the process duly, just because of lethargic attitude of govt pf office, i end up paying huge tax?
22 February 2012
Hey Amit
Law is Clear. PF amount withdrawn before 5 years is taxable in the hands of receiver. So you have to show this in your IT return & pay tax on it.
Law is Clear. PF amount withdrawn before 5 years is taxable in the hands of receiver. So you have to show this in your IT return & pay tax on it.
Guest
Guest
(Expert)
22 February 2012
Yes, you will have to pay tax on the amount.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- LTCG for Assmt year 26-27
- Tax liability on income of freelancer
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
