provident fund
This query is : Resolved
21 December 2007
Due to termination of services after completing three years of working, the provident fund amount after deduction of tax is paid to the employee. what will be the treatment of the amount so received? can it be carried over directly to capital or will it be credited in p/l and be liable to tax at the normal rates? please advise
21 December 2007
There is no clarity in the question. In this case, the receipient is employee. There is no question of maintaining P & L Account and Balance Sheet in case of assessess receiving salary income.
When it comes to employer, he doesn't receive any amount. So how does the question of crediting Capital or P & L arise
If you could express clearly, we shall be able to use this Forum effectively to fulfill the objective of "Let us grow stronger by mutual exchange of knowledge"
When it comes to employer, he doesn't receive any amount. So how does the question of crediting Capital or P & L arise
If you could express clearly, we shall be able to use this Forum effectively to fulfill the objective of "Let us grow stronger by mutual exchange of knowledge"
21 December 2007
Your point is well taken. I was just trying to be brief.
This is for the recepient's individual file.
This is for the recepient's individual file.
21 December 2007
Your point is well taken. I was just trying to be brief.
This is for the recepient's individual file.
This is for the recepient's individual file.
22 December 2007
Refer Note-3 in Page A-46 of 30th edition of Singhania's Direct Taxes Ready Reckoner
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- FORM 26A APPLICABILITY
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
