Tax on withdrawal of PF

not taxable. budget is applicable for 2020-21.

Hi

It won't be taxable.

The proposed amendment is applicable for FY 20-21 onwards.

Hello,

Yes, this amount would be exempt u/s. 10(11)/(12) since the withdrawal is after 5 years of continuous service. The budget amendments would be applicable form 1st April 2020.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

No, the exemption under Sec. 10(11)/(12) is unchanged, still available subject to fulfillment of other conditions.

The amendment is not in respect of withdrawals to be made. The new cap is on annual employer's contribution to PF, NPS, superannuation at 7.5 lacs. Contributions above 7.5 lacs shall be taxable in hands of the employee.

Your withdrawal shall anyways be tax exempt.

Dear Sir,

Hope you are doing well !!

There would be no tax liability on the same.

The Union Budget is applicable for FY 2020-21 onwards.

The Finance Bill has proposed a cap of Rs 7.5 lakh in a financial year on employer's contribution to NPS, superannuation fund and recognised provident fund and any excess contribution above that limit will be taxable in the hands of the taxpayer.

There would be no impact on your withdrawal.

No nothing has been changed as of now by budget 2020.

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Thank you.