Gopal Mirchandani (Retired) (110 Points)
13 July 2009Hello All
I was an employee with a Public Limited Company. I worked with them for about 23 years. I resigned in Aug 2005. My employers maintain a Provident Fund Trust.
In August 2008 I withdrew my provident fund and deposited in My bank account.
Can you tell me the taxability of the amount received (employee contribution+ employer contribution + interest)
Regards
Gopal
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 13 July 2009
Mr. Gopal Mirchandani
As per the provisions of section 10(11) of Income-tax act, any payment from a provident fund to which the Provident Fund Act, 1925 applies or from any other provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette is exempted from tax.
Best Wishes
Sathikonda
CAclubindia
