WITHDRAWAL FROM PF BY PARTNER

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PROPRIETOR
90 Points Posted on 18 March 2024

A WORKING PARTNER OF A FIRM DRAWING SALARY FROM IT HAS BEEN VOLUNTARILY CONTRIBUTING TOWARDS PROVIDENT FUND UNDER EPF PROVISIONS FOR THE PAST 10 YEARS. HE NOW WANTS TO CLOSE THE ACCOUNT AND WITHDRAW THE ENTIRE PF BALANCE. WILL SUCH WITHDRAWAL AMOUNT BE TAXABLE TO INCOME TAX. THANKS.

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On 18 March 2024 at 14:24 Report
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Quick Summary
A working partner who has been contributing to their Employee Provident Fund (EPF) for 10 years wishes to withdraw their entire balance. The core question is whether this withdrawal amount will be subject to income tax. The EPF Act considers a working partner as an employee for its provisions.

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Profession
28271 Points Posted on 18 March 2024
Is it public provident fund???
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On 18 March 2024 at 17:19
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PROPRIETOR
90 Points Posted on 18 March 2024

IT IS EMPLOYEE PROVIDENT FUND. IT CONSIDERS A WORKING PARTNER AS AN EMPLOYEE UNDER THE EPF ACT.

THANKS

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On 18 March 2024 at 18:23

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