Provident Fund withdraw- what is tax liability
This query is : Resolved
26 December 2007
our employee withdraw Epf from company, on that how much amount will be taxable as per Income tax.
what is the exemption limit?
In what section it was available in IT recknor?
plz sir
what is the exemption limit?
In what section it was available in IT recknor?
plz sir
26 December 2007
There are three type of EPF
1 Pf Deposited with RPFC
2. Own Recognised PF
3. Unrecognised PF
In case of recognised PF employee can withdraw only after completion of 5 years. if he withdraw before that period than employees contribution as well as interest thereon will be taxable in the year of withdrawl. You can check in detail from salary chapter of any IT recknor or from Taxman Direct tax law.
Regards,
Sandeep Aggarwal
1 Pf Deposited with RPFC
2. Own Recognised PF
3. Unrecognised PF
In case of recognised PF employee can withdraw only after completion of 5 years. if he withdraw before that period than employees contribution as well as interest thereon will be taxable in the year of withdrawl. You can check in detail from salary chapter of any IT recknor or from Taxman Direct tax law.
Regards,
Sandeep Aggarwal
27 December 2007
thanks sir.
our employee service was not completed 5years, so his EPF amount interest will be taxable
yes, sir - this is correct?
our employee service was not completed 5years, so his EPF amount interest will be taxable
yes, sir - this is correct?
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
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
