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PF withdrawal
Is this taxable if yes then which head?
Replies (3)
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Salary head itself
Taxability of withdrawal of Employees Provident Fund :
1)... If Withdrawal After 5 years of continuous service, than totally exempt (Employee’s Contribution + Employer’s Contribution interest earned)
2)...If Withdrawal before 5 years of continuous service, than
(i)Employee’s Contribution: Deduction u/s 80C availed at the time of investment- Taxable as Income from Salary.
Deduction u/s 80C not availed at the time of investment- Not Taxable
(ii)Employer’s Contribution : Taxable as ‘Income from Salary
(iii)Entire Interest Amount : Taxable as ‘Income from other sources
1)... If Withdrawal After 5 years of continuous service, than totally exempt (Employee’s Contribution + Employer’s Contribution interest earned)
2)...If Withdrawal before 5 years of continuous service, than
(i)Employee’s Contribution: Deduction u/s 80C availed at the time of investment- Taxable as Income from Salary.
Deduction u/s 80C not availed at the time of investment- Not Taxable
(ii)Employer’s Contribution : Taxable as ‘Income from Salary
(iii)Entire Interest Amount : Taxable as ‘Income from other sources
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