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Query regarding tax treatment of epf amount received.

Tax queries 206 views 3 replies

abhishek bag

Payroll & Tax Analyst

188 Points Joined November 2013

Dear Sir/ Madam,

One of my client has received EPF amount Rs 4,10,000/- for F.Y- 2015-16. I would like to know that is this amount taxable or is this income under the category of "Exempted Income". He has done 15 years service & company has been closed. If the amount is taxable, then how much would be the Tax... Kindly advise me...

Regards

Abhishek Bag..

Replies (3)

Mukesh Kumar

Accounts Manager

1466 Points Joined August 2013

DEAR SIR ,,,,,,,,,,,,,,, 1. EPF DEPARMANET MEST BE DEDUCTE TDS AUTOMATICLY.,,,,,,,,,,,,,,,,, 2. EPF AMOUNT IS EXEMPT INCOME U/S 10 ,,,,,,,,,,,,,,,,,,,,,, GOOD LCUK!

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

I agree with Tanush. Since 15 years of service has been rendered, such income would be exempt from tax liability. You may claim refund of tax (if any) deducted at source.