Salary & Section 80C
This query is : Resolved
06 September 2008
Assessee worked as an employee for three year then he quit and started his own business. He closed his EPF a/c and got the refund.
For these three years he claimed exemption for the employers contribution towards EPF (within 12% of salary). So, will the total of employers contribution become taxable now
For three years he also claimed deductions u/s 80C for his own contribution towards EPF. Will the total of his own contribution also become taxable now?
What would have been the treatment, if, he had resigned after five year?
For these three years he claimed exemption for the employers contribution towards EPF (within 12% of salary). So, will the total of employers contribution become taxable now
For three years he also claimed deductions u/s 80C for his own contribution towards EPF. Will the total of his own contribution also become taxable now?
What would have been the treatment, if, he had resigned after five year?
06 September 2008
PLEASE SEE SECTION 10(12) AND RULE 8 OF THE FOURT SCHEDULE OF THE INCOME TAX ACT 1961. ACCORDINGLY THE ACCUMULATED BALANCE IS TAXABLE IN THE HANDS OF THE SAID ASSESSEE.
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