01 September 2020
As per I.T Act 1961, Employee's contribution to URPF is not taxable at the time of receipt of Accumulated balance in URPF account on retirement because deduction u/s 80C is not available for such contribution. Would Employee's contribution to RPF for which deduction u/s 80C has been claimed, be taxed, if Accumulated balance in RPF account becomes taxable on retirement? Note :- I am assuming that Balance in RPF account becomes taxable due to conditions of exemption under Section 10(12) not being satisfied.
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