Provident fund withdrawal
This query is : Resolved
18 May 2011
HI Friends,
I have one query related to Provident fund withdrawal. I am working in MNC Bank and have completed 4 years, now I wanted to start practice. As per PF rules if I withdraw my PF within 5 years, the same will be taxable in my hands. But if I withdraw after 5 years and rendered services only for 4 years (did not completed 5 years of services), then also PF withdrawal will be taxable?
Also if it is so then it will be taxable on employer's contribution or both employee & employer contribution.
Please share if there is any circular/rules/notification for this.
I have one query related to Provident fund withdrawal. I am working in MNC Bank and have completed 4 years, now I wanted to start practice. As per PF rules if I withdraw my PF within 5 years, the same will be taxable in my hands. But if I withdraw after 5 years and rendered services only for 4 years (did not completed 5 years of services), then also PF withdrawal will be taxable?
Also if it is so then it will be taxable on employer's contribution or both employee & employer contribution.
Please share if there is any circular/rules/notification for this.
18 May 2011
PF withdrawal would get taxable if the service does not complete for 5 years in a stretch (to be precise 4 years 240 days), its the rule of PF , specified in their acts itself.
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