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Anand Kulkarni
My PF account is more than 5 years old & my annual contribution is less than 2.5 lacs. I was unemployed for 2 years. Now, I want to file Income Tax for unemployed year. Just wanted to know whether PF interest I received during unemployed period is taxable or not.
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Section 10(11) and 10(12) of the Income Tax Act provides an exemption for the statutory provident fund and recognized provident fund respectively. Till 31st March 2021, the interest credited every year in the Employee provident fund account (EPF) was exempt from tax. The deposits in EPF were under the Exempt, Exempt, Exempt (EEE) tax category. Thus, an employee was not liable to pay tax at all three levels – investment, earning, and withdrawal. For more details visit our website www.tarunguptaca.com or call at 9216216819
CA Rahul Dwivedi 3 Dec 2021Dear Anand,
PF Interest in not taxable on accrual basis. PF amount both principal & Interest is taxable only when you withdraw it before 5 years of service. Withdrawal after 5 years of service is exempt irrespective of amount .
For Further you can consult at ca.rahuldwivedi@gmail.com or 9004485377
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Anil
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Irfan
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Konda
Hello sir i am konda i have a question...suppose if i have a perfect money account and i live in india and i am into some crypto as well. i have like 5000$ in crypto and i changed it to perfect money and i used live exchanger service and converted into inr into my bank account will income tax raid and ask how you got this 3lakhs a day and if i repeat it daily like 10days it will be 30laks will income tax raid.............
Hi Konda ji ! As of now there is no specific Indian law governing the crypto transactions. However, the Government is proposing the Bill in the parliament in this winter session to regulate the cryptocurrencies. Till then, if you have earned out of trading in cryptos, you just need to pay the applicable Income tax on it and relax! To know more about the taxation applicability, kindly connect with us at +91-9911744028 or deepakkucheria@gmail.com.
Thanks !
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Shubham Singh
I'm looking to save taxes from my salary income. PFA tax forecast
https://drive.google.com/file/d/1G-JMAmhYIBb26BVsShHHzYfx_V470nB7/view?usp=sharing
Hi Sir ! There are multiple options to save taxes. Kindly connect with us +91-9911744028 or deepakkucheria@gmail.com to discuss the best option which suits you.
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