Please find attached the findings of case law, for the subject cited above. Thanks, Vidyadhar Bhat
From India, Pune
79From India, Pune
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Dear All,
As per the case law, if a member has not withdrawn the PF amount upon cessation or retirement, the interest earned on the balance of the PF account will be taxable. Until the relationship between the employer and employee exists, the contributions and interest are exempt on PF for income tax purposes. Members will be required to declare this income in their return every year and pay the tax.
Thanks, Vidyadhar Bhat
From India, Pune
As per the case law, if a member has not withdrawn the PF amount upon cessation or retirement, the interest earned on the balance of the PF account will be taxable. Until the relationship between the employer and employee exists, the contributions and interest are exempt on PF for income tax purposes. Members will be required to declare this income in their return every year and pay the tax.
Thanks, Vidyadhar Bhat
From India, Pune
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EPF Interest 2008-2009.pdf
EPF Interest Calculator.xls