Tax on pf and gratuity
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2014
I have withdrawn my PF and gratuity amounts recently from a Government of India company though I resigned in 1996 after working for more than 10 years.
Do I need to pay any tax in India? Someone told me I may have to pay tax in USA where I live now.
Thanks,
Do I need to pay any tax in India? Someone told me I may have to pay tax in USA where I live now.
Thanks,
24 July 2014
If you have been subscribing provident for more than 5 years the accumulations are tax free.
However if the closure/settlement has taken place after 3 years of ceasing to be a subscriber the interest is likely to be taxed/not paid.
Gratuity is tax free if the payment is made by an establishment covered under the ACt and the payment is in accordance with the provision of the Act
However if the closure/settlement has taken place after 3 years of ceasing to be a subscriber the interest is likely to be taxed/not paid.
Gratuity is tax free if the payment is made by an establishment covered under the ACt and the payment is in accordance with the provision of the Act
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