Receipt of PF withdrawal TAXABLE OR NOT
This query is : Resolved
04 October 2020
At the time of PF withdrawal of our client. EPF department deducted tax of rs. 80000 on 800000 Receipt and given Rs/- 720000 to our client. 1)query is that this 8 lac receipt taxable or not? 2)if taxable then which head of income become?
04 October 2020
This is taxable in view of withdrawal before completing 5 years of service.
The amount is taxable under salary head with 89(1) relief.
Interest in it taxable under income from other sources.
The amount is taxable under salary head with 89(1) relief.
Interest in it taxable under income from other sources.
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