Taxable treatment for recognized provident fund, if employee cease the job before completion of 5 years but trustee retains the funds for more than 5 years i.e. even after employee left the job .
1 Replies
anil jain
(Partner)
(1072 Points)
Replied 17 December 2021
Below is the related extract from Income Tax Rules
8. The accumulated balance due and becoming payable to an employee participating in a recognised provident fund shall be excluded from the computation of his total income—
(i) if he has rendered continuous service with his employer for a period of five years or more, or
(ii) if, though he has not rendered such continuous service,
the service has been terminated by reason of the employee's ill-health, or by the contraction or discontinuance of the employer's business or other cause beyond the control of the employee.
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