Tag: PF

How NRIs can switch steadiness quantity from provident fund

What are the restrictions on transferring the steadiness accrued in an Worker Provident Fund (EPF) to an non-resident abnormal (NRO) account? My try to deposit my PF quantity into my non-resident exterior (NRE) account was rejected by the financial institution. Additionally, one of many financial institution staff stated it can’t be deposited in my NRO…

June 14, 2023
Has EPFO put any bar on personal PF trusts?

I’ve been a member of the worker provident fund (EPF) for the previous 16 years. My present group, which I’m now quitting after greater than three years, has a non-public PF Belief. I will likely be becoming a member of a brand new firm which is a part of the EPFO. My present employer claims…

May 14, 2023
How is withdrawal of funds from PF taxed?

What are the foundations for withdrawing the proceeds from a provident fund (PF) account inside 5 years of opening it, particulary if I’ve already claimed 80C deduction in earlier years? —Identify withheld on request It’s presumed that you’re presently not with an employer to whom the provisions of Workers Provident Fund and Miscellaneous Provisions Act,…

May 7, 2023
Is the quantity gifted by your partner taxable?

I’ve an revenue of ₹12 lakh each year, moreover bonuses. My husband offers me ₹90,000 per 30 days. Will this quantity be taxable in my account? If my husband reduces this quantity to ₹50,000, will that cut back my tax legal responsibility? —Identify withheld on request As per the provisions of the Revenue-tax Act, any…

April 30, 2023