Hello all of you i have a question which is as follows:
whether the withdrawal of money from provident fund by goverment employee is taxable or not according to new direct tax code?do reply this question at the earliest.thankyou in advance.
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WITHDRAWL OF MONEY FROM PROVIDENT FUND IS TAXABLE OR NOT?
Replies (5)
Withdrawal of money from any PF which is contributed by the employee is not taxable in any case
but if the fund include the part of employer contribution then it will taxable if the PF is a URPF.
if it is a RFP then only the interest part of employer contbn on PF is taxable in income from other sources.
This provission has not been changed in the current budget
Hi,
I would like to add something here ,actually the interest on the portion contributed by employer is taxable only if it exceeds 12 %p.a.. And only the excess portion is taxable.
Ya you are right Mam
Dear Piyush,
As per New Direct Tax code, withdrawal of Provident Fund is made taxable but the balance existed as on 31.03.2010 will remain exempt.
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