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TMI Blogincome tax on PPF closure before 5 yrsX X X X Extracts X X X X X X X X Extracts X X X X ..... PF/VPF qamount is normally 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 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o pay tax, right ? - Reply 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 interest there on: Taxable as Salary Income. Employee s own Contribution : Taxable under the head income from other sources as special income u/s 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 @ 10%. Interest on employee s contribution: Taxable as 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 basic exemption limit would be available. - Reply By CA GOPALJI AGRAWAL - The Reply = Please read , after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no. I mean basic exemption limit is available. - income tax on PPF closure before 5 yrs - Query Started By: - janes joseph Dated:- 1-8-2014 Income Tax - Got 4 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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