PROVIDENT FUND TRUST SETTLEMENT

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2010 DEAR EXPERT,

We have an employer & Our P.F.Trust maintain seperetly.Pl confirm the following rules of Income Tax..

1)If any employees (Age under 55 MEN & WOMEN)their Full & Final Provident Fund(Trust)settle.At the time of payment,can we deduct Income Tax if the payment made above Rs.1.60 Lacs for men & 1.90 Lacs for women.If yes,which I.T.Section under deduct.Employees leaving of the period consider or not.

Pl reply ASAP.

THANKS IN ADVANCE

Gayathri Devi

Gayathri Devi (Expert)

29 December 2010 No an employer should not deduct the Providend fund amount because it is exempt.
At the sasme time the Providend fund amount will be directly credited to his account from Provident fund department.

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2010
Thanks Expert for immediate action but one more query is This is a provident fund Trust account.There is no rules of Income Tax under P.F.Trust for full & final settlement (MEN & WOMEN-under 5 year service) payment made of Rs.1.60 OR 1.90 lacs & above..

Pl clarify..

Thanks in advance.

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