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Tax payable on epf arrears

Tax queries 399 views 2 replies

Dear Sir,

I retired from government service in 2007. 

On 17th December 2014, I have received an amount of Rs. 3,40,923 towards final settlement of EPF though I have retired in the year 2007 because the amount was up for settlement of pension case in Delhi HC. I like to know if this amount attracts any income tax? 

Thanks and Regards

S K Talukdar

Replies (2)

Sir,

Greetings of the day!

As you have been retired from a Government job ,  The  EPF and its arrear is fully Tax Free. Needless to say that fund is an SPF.

If you file the return of your income, you can consult your CA / consultatnt to show it in Returns of Income  as an Exempted Income and in the Capital Account (if you file a Capital Account ,otherwise not)  in the year , the arrear was received i.e. FY 14-15 .

Thanks

 

 

Dear Sir, 

Thank you very much.

Regards

S K Talukdar


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