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If any amount is withdrawn from Recognised Provident Fund, then what are the tax consequences of it?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 Whether the whole amount withdrawn is taxable or not?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 Whether the whole amount withdrawn is taxable or not?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?
23 March 2010
Such amount is chargeable at MMR (Maximum Marginal Rate)..Whole of the amount principle as well as interest will be taxed.
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