Un recognised provident fund
This query is : Resolved
21 October 2020
Is the interest earned annualy on employee's contribution under unrecognised provident fund exempted from income tax while in service?
please clarify?
please clarify?
21 October 2020
Such interest not exempt from income tax.
21 October 2020
sir,i have read in ICAI notes that employee's contribution under such fund is not eligible for deduction but interest credited is not taxable yearly. In our case it is CPF(contributory provident fund-unrecognised PF managed in a bank by the organisation)
kindly clarify.
kindly clarify.
21 October 2020
Yes, agree with you interest on employees contribution is not taxable.
23 October 2020
Thanks a lot Sir.Can you please clarify what is the tax liability when a person gets his contribution and interest earned at the time of retirement from such an unrecognised provident fund.
23 October 2020
No tax payable.......
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