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        Case ID :
        Income Tax

        What is the treatment of payment at the time of termination from un-recognised provident fund u/s 10(12)?

        18 May, 2018

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        Manual - Exempted Income u/s 10 - Salary Specific

         The tax treatment of such payment is as follows:

        1.  Employee's contribution is not chargeable to tax; interest on employee contribution is taxed under the head “Income from other sources”
        2. Employer's contribution and interest thereon are taxed as salary income, however, an employee can claim relief in section 89 in respect of such payment.

         

        Tax treatment of termination payments from unrecognised provident funds: employer contributions treated as salary; employee contributions exempt. Employee contributions on termination from an un-recognised provident fund are exempt from tax, while interest on those employee contributions is taxable as Income from Other Sources. Employer contributions and interest thereon are treated as salary income; recipients may claim available relief for the salary-characterised portion under the statutory relief mechanism for salary receipts.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Tax treatment of termination payments from unrecognised provident funds: employer contributions treated as salary; employee contributions exempt.

                              Employee contributions on termination from an un-recognised provident fund are exempt from tax, while interest on those employee contributions is taxable as Income from Other Sources. Employer contributions and interest thereon are treated as salary income; recipients may claim available relief for the salary-characterised portion under the statutory relief mechanism for salary receipts.


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