Taxability on withdrawal from Recognised Provident Fund
This query is : Resolved
23 March 2010
If any amount is withdrawn from Recognised Provident Fund, then what are the tax consequences of it?
1. Whether the whole amount withdrawn is taxable or not?
2. Under which section of Income tax Act the same is taxed or exempted?
2. If it is partially taxed then which portion is taxed i.e. interest amt or principal amt?
1. Whether the whole amount withdrawn is taxable or not?
2. Under which section of Income tax Act the same is taxed or exempted?
2. If it is partially taxed then which portion is taxed i.e. interest amt or principal amt?
Anurag Agarwal
(Expert)
23 March 2010
Such amount is chargeable at MMR (Maximum Marginal Rate)..Whole of the amount principle as well as interest will be taxed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
