Hi Everyone,
One of my friend changed his job. He worked for 3 and 1/2 years in his previous company.
He left his job in Nov 2015. His earlier employer deducted PF from his Salary on monthly basis.
My query is, Does the PF Amount for the period Apr to Nov 2015 is exempted from Income tax?
Or do i need to consider this as Taxable income?
Thanks
Claim Deduction U/s 80C of Income Tax Act 1961. First It Will Be Included In Your Total Salary
EPF contribution is available for deduction under 80C, but if the employee opt to withdraw the amount before completion of five years then the whole amount would be liable for taxation ( at present EPF deducts TDS at the time of payment)
| Originally posted by : shibsankar | ||
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Hi Everyone, One of my friend changed his job. He worked for 3 and 1/2 years in his previous company. He left his job in Nov 2015. His earlier employer deducted PF from his Salary on monthly basis. My query is, Does the PF Amount for the period Apr to Nov 2015 is exempted from Income tax? Or do i need to consider this as Taxable income? Thanks |
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NOR IT IS EXEMPT NEITHER IT IS TAXABLE.
YOU JUST NEED TO CLUB IT WITH YOUR SAVING FOR WHOLE F.Y. 2015-16
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