Premature provident fund withdrawal

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2011 I have madea PF withdrawal in 2 yrs of service as. I have left the job in 2 yrs. the accumulated balance are as follows.
Employee contribution - 10000
Employee cont int. - 1450
Employers cont. - 3270 ( les thn 12% of salry
Employers cont int - 478
please let me knw tht the employee contribution for whch deduction under 80 C was taken in provious yrs will be taken under the head salry in this yr whn the PF withdrawal is received or it will be exempt

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 August 2011 Employees contribution is not taxable.
However interest on it will be taxable under the head IFOS.

Further Employer's contribution and interest thereon is also taxable under Salary Income.

Provisions say about the reopening of earlier years assessments but if you show the income in the year of withdrawal, department will deal with the same as per its wishes.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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16 August 2011 I agree with the exoert

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