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Taxation of PF


Prabhakar H N (Student)     07 January 2010

Prabhakar H N
Student 
 1 likes  51 points

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dear friends

one of my client received PF from MICO PF Tr6ust. breakup of the sum received is:

PF own  Rs.522766

PF Com Rs.217412

is there any taxable amount involved in this

 

thanks

prabhakar h n

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machender (student)     07 January 2010

machender
student 
 5 likes  190 points

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Amir (Learner)     07 January 2010

Amir
Learner 
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Amir (Learner)     07 January 2010

Amir
Learner 
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Dear Prakash,

You have to first find out what kind of PF was it??? - Statutory PF, Recognised PF, Unreognised PF.

. Case1 Statutory PF

NOTHING WILL BE TAXABLE

 Case 2 Recognised PF

Nothing will be taxable if

a) Employee has left the job after minimum 5 years of service..or

b) Balance in PF is tranfer to another PF or

c) Employee has left the job For reasons beyond his control like handicapped

Otherwise EMPLOYER SHARE UPTO 12% Salary will be taxable...

 Case 3 Unreognised PF

Employer's share will be taxable...

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MITU.... (ARTICLE Assistant)     07 January 2010

MITU....
ARTICLE Assistant 
 6 likes  210 points

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yes amir is correct

 

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sivaram (Asst Mgr-Taxation)     08 January 2010

sivaram
Asst Mgr-Taxation 
 514 likes  6913 points

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Beautiful Answer Mr Amir Hats off to You

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Y. S. Ghodvaidya (Sr. Accounts Executive)     08 January 2010

Y. S. Ghodvaidya
Sr. Accounts Executive 
 67 points

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Amir Sir,

 

Your Answer Is Good , by that we also get the knowledge

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NARENDER PAWAR (CA final Student)     08 January 2010

NARENDER PAWAR
CA final Student 
 10 likes  337 points

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mr. aamir is correct.

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Vipul (Manager finance)     08 January 2010

Vipul
Manager finance 
 3 likes  288 points

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Nice one !!! Mr. Aamir.....

Thanks

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Mohana Harish (AUDIT TEAM LEAD - CA FINAL)     08 January 2010

Mohana Harish
AUDIT TEAM LEAD - CA FINAL 
 16 likes  465 points

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good nice to hear from u


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