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Interest earned from CPF fund in Singapore

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Sivaraman A R

746 Points Posted on 02 March 2023

A person is having Central Provident fund (CPF) in Singapore when he was in employment there.

Now For FY 23-24 his status will become Resident and Ordinarily resident.

CPF fund lies in Singapore only.

Whether interest earned during FY 23-24 for CPF in Singapore will become taxable in India?

Is there any exemption available?

Replies (2)

Quick Summary

This discussion addresses whether interest earned on your Central Provident Fund (CPF) in Singapore is taxable in India for the financial year 2023-24, especially if you are considered a resident and ordinarily resident in India. While specific provisions for CPF may not be explicitly detailed, the advice suggests that the interest income could be taxed in India under 'other sources'. However, you may be able to claim an exemption or tax credit based on the Double Taxation Avoidance Agreement (DTAA) between India and Singapore.

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 03 March 2023

Interest from PF , PPF is exempt.

Specific provision is not there for CPF but you can proceed based on the above.

CA Sorav Gupta

Chartered Accountant

328 Points Posted on 03 March 2023

The interest income will be taxed in India under the head of other sources. Refer to DTAA for exemption. If no relief is provided in DTAA, then you can claim Tax Credit in India.

In case of any further queries, kindly mail me at casoravgupta @ gmail.com

Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)