Provident fund
This query is : Resolved
21 January 2013
a)Is there any difference between EPF and RPF? or both are same?
b) If an employee withdraws 90% of amount accumulated in PF who is in last year of service (i.e. will retire after 1 year), then,is that withdrawal exempt or taxable?
b) If an employee withdraws 90% of amount accumulated in PF who is in last year of service (i.e. will retire after 1 year), then,is that withdrawal exempt or taxable?
29 January 2013
Recognized profidend Fund (RPF) is a scheme to which the Employee's Providend fund and Misaclleneous Provisions Act, 1956 applies. As Such RPF and EPF is same.
The withdrawal of accumulated balance of PF after an employee has rendered a continuous service with the employer for five years is exempt from tax.
Agan the balance includes amt. trfd. from the individual's PF account maintained by previous employer then the years of continuous service rendered to the former employer would be included for the purpose of computing five years period.
Presuming the concern employee has rendered the continuous service for 5 years, the withdrawal will be exempt.
The withdrawal of accumulated balance of PF after an employee has rendered a continuous service with the employer for five years is exempt from tax.
Agan the balance includes amt. trfd. from the individual's PF account maintained by previous employer then the years of continuous service rendered to the former employer would be included for the purpose of computing five years period.
Presuming the concern employee has rendered the continuous service for 5 years, the withdrawal will be exempt.
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