income tax on PPF closure before 5 yrs

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..... income tax on PPF closure before 5 yrs
Query (Issue) Started By: - janes joseph Dated:- 1-8-2014 Last Reply Date:- 6-8-2014 Income Tax
Got 4 Replies
Income Tax
PF/VPF qamount is normally .....

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..... free from tax, including interest gained on it. But if its closed before 5yr continuous service, then its taxable. So, if i close my account before 5 yr but the final amount i receive will not cross .....

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..... my tax limit for that FY, then should i pay any tax on PF/VPF ? Say, if i have a total income including pf closure amount within 2 lakhs/2.5lakhs(new limit), I dont have to pay tax, right ? Reply .....

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..... By CA GOPALJI AGRAWAL: The Reply: If total income is below taxable then no tax is payable. Reply By janes joseph: The Reply: Hi CA GOPALJI AGRAWAL, Is it like: Employer's Contribution and intere .....

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..... st there on: Taxable as Salary Income. Employee's own Contribution : Taxable under the head income from other sources as special income u/s 111 @ 10%. Interest on employee's contribution: Taxable a .....

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..... s income from other sources as special income u/s 111 @ 10%. So is there a rule that the basic exemption limit is not applicable on special income ? Reply By CA GOPALJI AGRAWAL: The Reply: No the .....

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..... basic exemption limit would be available. Reply By CA GOPALJI AGRAWAL: The Reply: Please read , after no. I mean basic exemption limit is available.
Discussion Forum - Knowledge Sharing .....

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