Withdrawal of Providend

Querist : Anonymous (Querist) 02 August 2010 This query is : Resolved

Respected Sir,

I have received your replay regarding query of Interest on Security Deposit,thanks for the same.

If any Employee withdraw the Providend Fund contribution whether it is Taxable or not? If it is Taxable under which head it is to be shown and also under which section under the Income Tax Act.

Kindly advice for the same.

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Raj Kumar Makkad (Expert) 02 August 2010
It is not taxable and it should be shown as an income from other sources.

Arul Kumar (Expert) 02 August 2010
PF withdrawal is not taxable only if a person has been in continuos service for 5 years.

Parthasarathi Loganathan (Expert) 02 August 2010
PF of any employee is already assessed to Income Tax and any withdrawal is not taxable.

soumitra basu (Expert) 05 August 2010
It is totally non taxable under section 10. Threre is no condition for serving 5 years.

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