Withdrawal from PF
This query is : Resolved
bharathy77
(Querist)
29 December 2008
I have worked for 18 years continuously with a PSU and have withdrawn my entire PF accumalation on switching to a new job. Is this amount taxable and should I include this in my annual return?
bharathy77
(Querist)
29 December 2008
tax on pf withdrawal
C A GROUP COACHING
(Expert)
30 December 2008
NO
30 December 2008
PF withdrawal is not taxable only if a person has been in continuos service for 5 years. In your case, you have completed 18 months of continuous service only as such the amount withdrawn is taxable.
K V Subba Rao
(Expert)
31 December 2008
Not taxable
Ref: Note-3 to Para-17 in Page A-47 of 31st edition of Singhania's Direct Taxes Ready Reckoner
Ref: Note-3 to Para-17 in Page A-47 of 31st edition of Singhania's Direct Taxes Ready Reckoner
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