Taxability of withdrawal from PF
This query is : Resolved
29 January 2011
An Individual had worked for 2 years in a company. Now he changes his job. He does not trf the PF bal but withdraws the whole amount. The break up of the amount received by withdrawing from PF is as under:
1. Employee's Contribution - Rs. 20000/-
2. Int. on Employee's Cont - Rs. 1500/-
3. Employer's Contribution - Rs. 20000/-
4. Int. on Employer's Contr.- Rs 1500/-
Total amount Recd - Rs. 43000/-
What shall be the tax effect on the above withdrawal?
1. Employee's Contribution - Rs. 20000/-
2. Int. on Employee's Cont - Rs. 1500/-
3. Employer's Contribution - Rs. 20000/-
4. Int. on Employer's Contr.- Rs 1500/-
Total amount Recd - Rs. 43000/-
What shall be the tax effect on the above withdrawal?
Ram Avtar Singh
(Expert)
29 January 2011
2. Int. on Employee's Cont - Rs. 1500/-
3. Employer's Contribution - Rs. 20000/-
4. Int. on Employer's Contr.- Rs. 1500/-
To be taxed.
3. Employer's Contribution - Rs. 20000/-
4. Int. on Employer's Contr.- Rs. 1500/-
To be taxed.
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