Provident Fund Withdrawal

Tax queries 1099 views 1 replies

Can someone please help me clarify the following?

- Is the amount received from the provident fund after 2 years of service taxable or not?
- If the amount is taxable, is the whole amount taxable or only part thereof is taxable (please see example below)?

Example
Total amount received – INR 215,000 comprising of:
Employee’s contribution INR 110,000
Interest on Employees’ Contribution INR 9,000
Employer’s contribution INR 90,000
Interest on Employer’s Contribution INR 6,000

Please let me know the taxable amount in the below 2 scenarios:
Scenario 1: If no separate provident fund is established and dues are deposited in EPF India
Scenario 2: If a separate provident fund is established and recognized by IT Commissioner and dues are deposited in that PF

Replies (1)

as per my knowledge EPF  amount received is not taxable coz this amount is considered under section 80C for deduction from taxable income.

 

 


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