provident fund
This query is : Resolved
21 December 2007
Due to termination of services after completing three years of working, the provident fund amount after deduction of tax is paid to the employee. what will be the treatment of the amount so received? can it be carried over directly to capital or will it be credited in p/l and be liable to tax at the normal rates? please advise
21 December 2007
There is no clarity in the question. In this case, the receipient is employee. There is no question of maintaining P & L Account and Balance Sheet in case of assessess receiving salary income.
When it comes to employer, he doesn't receive any amount. So how does the question of crediting Capital or P & L arise
If you could express clearly, we shall be able to use this Forum effectively to fulfill the objective of "Let us grow stronger by mutual exchange of knowledge"
When it comes to employer, he doesn't receive any amount. So how does the question of crediting Capital or P & L arise
If you could express clearly, we shall be able to use this Forum effectively to fulfill the objective of "Let us grow stronger by mutual exchange of knowledge"
21 December 2007
Your point is well taken. I was just trying to be brief.
This is for the recepient's individual file.
This is for the recepient's individual file.
21 December 2007
Your point is well taken. I was just trying to be brief.
This is for the recepient's individual file.
This is for the recepient's individual file.
22 December 2007
Refer Note-3 in Page A-46 of 30th edition of Singhania's Direct Taxes Ready Reckoner
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Gst input for FY 23-24
- Tax on capital gains revoked us 54f
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
