Provident fund
This query is : Resolved
20 January 2014
HI, I HAVE ONE QUERY TO ALL RESPECTED MEMBERS AND MY FELLOW STUDENTS.....
-ONE OF MY CLIENT WAS WORKING IN A "X" PVT. LTD. COMPANY AND AFTER WORKING FOR 3.5 YRS, HE LEFT THE JOB AND JOINED "Y" PVT. LTD. COMPANY.
-NOW HE GOT SOME LUMPSUM AMOUNT SAY RS.200000 FROM HIS RECOGNIZED PROVIDENT FUND ACCOUNT HELD IN "X" PVT. LTD., COMPRISING OF HIS OWN AS WELL AS EMPLYERS CONTRIBUTION.(TDS HAS HAS BEEN DEDUCTED ON ABOVE 200000)
-NOW AFTER JOINING THE 'Y" PVT. LTD. COMPANY, HE DID NOT TRANSFERED THE ABOVE LUMPSUM AMOUNT IN HIS PROVIDENT FUND ACCOUNT IN "Y" LTD.
- NOW MY QUERY IS THAT HOW MUCH AMOUNT FROM ABOVE RS.200000 WILL BE TAXABLE...
(a) whole 200000 (b) only emplyers contribution rs.100000
(c) only employees contribution of rs100000 (d) full amount of rs.200000 exempt.
-ONE OF MY CLIENT WAS WORKING IN A "X" PVT. LTD. COMPANY AND AFTER WORKING FOR 3.5 YRS, HE LEFT THE JOB AND JOINED "Y" PVT. LTD. COMPANY.
-NOW HE GOT SOME LUMPSUM AMOUNT SAY RS.200000 FROM HIS RECOGNIZED PROVIDENT FUND ACCOUNT HELD IN "X" PVT. LTD., COMPRISING OF HIS OWN AS WELL AS EMPLYERS CONTRIBUTION.(TDS HAS HAS BEEN DEDUCTED ON ABOVE 200000)
-NOW AFTER JOINING THE 'Y" PVT. LTD. COMPANY, HE DID NOT TRANSFERED THE ABOVE LUMPSUM AMOUNT IN HIS PROVIDENT FUND ACCOUNT IN "Y" LTD.
- NOW MY QUERY IS THAT HOW MUCH AMOUNT FROM ABOVE RS.200000 WILL BE TAXABLE...
(a) whole 200000 (b) only emplyers contribution rs.100000
(c) only employees contribution of rs100000 (d) full amount of rs.200000 exempt.
20 January 2014
Hi
Only employer contribution since paid before completion of 5 years.
Thx
Only employer contribution since paid before completion of 5 years.
Thx
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