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Salary

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(Querist)
18 February 2014 if any employee resign from company and receive settlement amount and pf amount any resigning in which head this income is taxable?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
18 February 2014 the settlement amount shall be taxable under salary only by virtue of section 15 wherein former employer is also included.

with regards to PF amount, it shall depend on whether the same is taxable or not. if it is not taxable, then the question of income head becomes redundant...if it is taxable, then it shall also be included under salary only
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CA Parul Saxena

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CA Parul Saxena (Expert)
18 February 2014 under the head salary this amount would be taxable.if taxed earlier on due basis then no need to pay tax again
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
18 February 2014 thanks for the "due basis" point Parul :)
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