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EPF maturity withdrawal
If the assesee is a director in a company for a period more than 9 years and opened one epf account and closed it before 5 years of completion from date of opening epf account , is withdraw amount taxable in salary Head or completely exempt u/s 10(12) ?????
Replies (2)
Quick Summary
It's taxable and not exempt
The amount withdrawn will be bifurcated into 4 parts. 1. Employer's contribution 2. Interest on employers contribution 3. Employee's contribution 4. Interest on employees contribution
Part 1 and 2 will be taxed under salary head but part 3 will be taxed at special rate only to the extent of tax deduction claimed in previous years under Sec 80C. Part 4 will be taxed under the head Income from other sources.
Part 1 and 2 will be taxed under salary head but part 3 will be taxed at special rate only to the extent of tax deduction claimed in previous years under Sec 80C. Part 4 will be taxed under the head Income from other sources.
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