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
Prabhakar H N (Student) (51 Points)
07 January 2010dear 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
Amir
(Learner)
(4016 Points)
Replied 07 January 2010
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...
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 08 January 2010
Beautiful Answer Mr Amir Hats off to You
Y. S. Ghodvaidya
(Sr. Accounts Executive)
(67 Points)
Replied 08 January 2010
Amir Sir,
Your Answer Is Good , by that we also get the knowledge
Mohana Harish
(AUDIT TEAM LEAD - CA FINAL)
(468 Points)
Replied 08 January 2010
good nice to hear from u
Dayavanti Khilolani
(Chartered Accountant)
(79 Points)
Replied 08 January 2010
yes Amir has given a correct answer
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
