Please let me know if any person leave his/her company and received a sum of 75000/- in form of Provident fund than this amount will be taxable or tax free?
2 Replies
Pradip
(Accountant/Management)
(106 Points)
Replied 28 July 2010
Dear Gaurav
Withdrawal of PF amount is not taxable at the time of retirement but if you withdraw the amount before 5 years duration then it is taxable.
Regards.
Pradip Pandey
venkatraman shrinivas
(Tax consultant/Tax Advocate In Practice.)
(313 Points)
Replied 28 July 2010
Any withdrawal from Provident Fund is not taxable and is exempt under section 10(11) and 10(12) of the Income-tax Act, as the case may be, depending upon the facts of each case. In the given case it is exempt under section 10(11).
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