regarding withdrawal from RPF account....
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2011
I did service with cognizant technologies solution for 2.5 yrs and after that i left the job and withdrawn the pf acccount balance....
I want to know the tax implication of the withdrawn amount???
Whether i would get benefit of income tax exemption limit of Rs 1.6lacs?? as i dont have any other income apart from it.....
And how to know to which part is txable and which part of pf money not taxable???am i supposed to get any form or schedule from the company showing the seggregration of the same as i myself dont have any details of mine or employers contribution and interest thereon ....
I want to know the tax implication of the withdrawn amount???
Whether i would get benefit of income tax exemption limit of Rs 1.6lacs?? as i dont have any other income apart from it.....
And how to know to which part is txable and which part of pf money not taxable???am i supposed to get any form or schedule from the company showing the seggregration of the same as i myself dont have any details of mine or employers contribution and interest thereon ....
CA PARAS BAFNA
(Expert)
07 March 2011
You will get 1.60lac threshold limit.
You will also get deductions Under Chapter VIA as usual.
But your income of earlier assessment years will be recomputed by treating the contributions as if made to an Unrecognised Provident Fund.
In case you are not having such bifurcation, practically I suggest to take the entire amount as taxable and pay tax accordingly in the year of receipt.
You will get 1.60lac threshold limit.
You will also get deductions Under Chapter VIA as usual.
But your income of earlier assessment years will be recomputed by treating the contributions as if made to an Unrecognised Provident Fund.
In case you are not having such bifurcation, practically I suggest to take the entire amount as taxable and pay tax accordingly in the year of receipt.
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