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Provident fund

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 July 2013 Hi all,

My client was working with icici bank ltd for 2 years.At the time of releaving he received his PF amount Rs.102000/- but bank has deducted TDS on that amount.It is a private trust.

Now my question is can PF amount to be taxed or not??????
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
13 July 2013 Amount received is taxable since 5 years of service not completed. PF withdrawal after completing 5 years of service is exempt. So employer can deduct TDS as PF withdrawn before completion of 5 years of continuous service.
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harleen batra

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harleen batra (Expert)
13 July 2013 Provident account balance should not be withdrawan before 5 years of continous service. Period of five years of continous service need not be with one employer. There is no limit on change of employer provided previous balance of PF(maintained with previous employer) is also tranferred to current PF account without withdrawal.
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