Receipt of pf amount.
This query is : Resolved
14 September 2011
I've discotinued my service brfore completion of 5 years and get the PF amount from my previous employer. Please let me know whether the total amount so received is taxable in current FY? Is there any sort of deduction which I can avail?
20 September 2011
1. Employee's contribution is exempt from tax.
2. Interest on Employee's contribution is taxable under the head Other Sources.
3. Employer's contribution and interest thereon is taxable under the head salaries.
4. Relief u/s 89 is available.
2. Interest on Employee's contribution is taxable under the head Other Sources.
3. Employer's contribution and interest thereon is taxable under the head salaries.
4. Relief u/s 89 is available.
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