Tax liability on pf withdrawal?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2013
I have shifted my job in December 2012. i worked in the previous organization for 7 years and 2 months.
when i left i withdrew my PF amount from that organization and have opened a new PF account at the new organization. I have 2 queries
1) What would be my tax liability on withdrawing my own PF contribution. My employer's contribution was not withdrawn as it went in for Pension Fund and I could not withdraw it, thus I have to forego it.
2) What about the PF contribution I made during the 9 months of my service at the previous organization. Does it still count under my deductions under section 80 c.
when i left i withdrew my PF amount from that organization and have opened a new PF account at the new organization. I have 2 queries
1) What would be my tax liability on withdrawing my own PF contribution. My employer's contribution was not withdrawn as it went in for Pension Fund and I could not withdraw it, thus I have to forego it.
2) What about the PF contribution I made during the 9 months of my service at the previous organization. Does it still count under my deductions under section 80 c.
Rupesh Jain
(Expert)
19 July 2013
PF amount will taxable if you are not continue for at least for 5 years.
in new organization you can claim u/s 80 C deduction
in new organization you can claim u/s 80 C deduction
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