PF Withdrawl (Taxable or Taxfree)


Aarush (Delhi)     28 July 2010

Aarush
Delhi 
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Please let me know if any person leave his/her company and received a sum of 75000/- in form of Provident fund than this amount will be taxable or tax free?

avater

Pradip (Accountant/Management)     28 July 2010

Pradip
Accountant/Management 
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Dear Gaurav

Withdrawal of PF amount is not taxable at the time of retirement but if you withdraw the amount before 5 years duration then it is taxable. 

Regards.

Pradip Pandey

venkatraman shrinivas (Tax consultant/Tax Advocate In Practice.)     28 July 2010

venkatraman shrinivas
Tax consultant/Tax Advocate In Practice. 
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Any withdrawal from Provident Fund is not taxable and is exempt under section 10(11) and 10(12) of the Income-tax Act, as the case may be,  depending upon the facts of each case. In the given case it is exempt under section 10(11).


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