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PF withdrawal

Roshni (Studwnt) (1141 Points)

07 August 2020

Is this taxable if yes then which head?

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Replied 07 August 2020

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Akhil (Student CA ) (980 Points)
Replied 07 August 2020

Salary head itself

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 07 August 2020

Taxability of withdrawal of Employees Provident Fund :

1)... If Withdrawal After 5 years of continuous service, than totally exempt (Employee’s Contribution + Employer’s Contribution interest earned)

2)...If Withdrawal before 5 years of continuous service, than

(i)Employee’s Contribution: Deduction u/s 80C availed at the time of investment- Taxable as Income from Salary.
Deduction u/s 80C not availed at the time of investment- Not Taxable

(ii)Employer’s Contribution : Taxable as ‘Income from Salary

(iii)Entire Interest Amount : Taxable as ‘Income from other sources

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