Provident fund
This query is : Resolved
21 January 2013
a)Is there any difference between EPF and RPF? or both are same?
b) If an employee withdraws 90% of amount accumulated in PF who is in last year of service (i.e. will retire after 1 year), then,is that withdrawal exempt or taxable?
b) If an employee withdraws 90% of amount accumulated in PF who is in last year of service (i.e. will retire after 1 year), then,is that withdrawal exempt or taxable?
SANJAY TALATI
(Expert)
29 January 2013
Recognized profidend Fund (RPF) is a scheme to which the Employee's Providend fund and Misaclleneous Provisions Act, 1956 applies. As Such RPF and EPF is same.
The withdrawal of accumulated balance of PF after an employee has rendered a continuous service with the employer for five years is exempt from tax.
Agan the balance includes amt. trfd. from the individual's PF account maintained by previous employer then the years of continuous service rendered to the former employer would be included for the purpose of computing five years period.
Presuming the concern employee has rendered the continuous service for 5 years, the withdrawal will be exempt.
The withdrawal of accumulated balance of PF after an employee has rendered a continuous service with the employer for five years is exempt from tax.
Agan the balance includes amt. trfd. from the individual's PF account maintained by previous employer then the years of continuous service rendered to the former employer would be included for the purpose of computing five years period.
Presuming the concern employee has rendered the continuous service for 5 years, the withdrawal will be exempt.
Message likes :
1 times
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
