How Premature Withdrawal from EPF account is taxed?

June 28, 2022 /

Premature withdrawal means taking money out from the EPF account before 5 years of continuous service. Please note that continuous service means continuous contribution for 5 years. If you left the job after 3 years but made withdrawals after 5 years than also it would construed as premature withdrawal and full withdrawn amount would be taxed.
Budget 2015 has levied 10% TDS on premature withdrawal if exceeds Rs.30,000.

Related Blogs

Everything You Need to Know About Company Registration Process in Delhi

Everything You Need to Know About Company Registration Process in Delhi

In this era of growth and development, Delhi is the intellectual hub for entrepreneurship in various fields like Information Technology, Textiles, Logistics, Call centers, Publishing Houses, etc. Among all the states and Union Territories of India, Delhi ranks much higher than all the other areas. Delhi always ranks at a higher spot in the Sustainable… Continue reading Everything You Need to Know About Company Registration Process in Delhi

December 30, 2021

Presumptive Scheme of Income Tax

Presumptive Scheme of Income Tax

The government’s ease of doing business policy helped many small firms and seed-funded start-ups to grow at pace. Several policies were also announced for new ventures to access easy credit facilities with minimal reporting. The Presumptive Taxation scheme introduced in late 1995-1996, was also one of the key policies of the government which benefited several… Continue reading Presumptive Scheme of Income Tax

October 4, 2020

Share Trading Audit Service in Delhi

Share Trading Audit Service in Delhi

Audit Rules for Share Trading and Derivatives Stock market trading is a vast subject to understand. Traders in the stock market business undertake to buy or sell securities of different companies to either achieve their long term financial goals or book some good profit on a day to day basis. Investing for long term, the… Continue reading Share Trading Audit Service in Delhi

August 28, 2020

Companies Audit Services in Delhi

Companies Audit Services in Delhi

Companies Audit (Applicability, Procedure, Provisions, etc ) The audit is a refined way of finding irregularities. Audit for commercial entities was proposed to make it simpler for the officials and government agencies to affirm their way of doing business. It is not feasible for the government to assure for each entity that its presented tax… Continue reading Companies Audit Services in Delhi

August 18, 2020

Income Tax Audit Under Section 44AB – Applicability, Due Date, Forms

Income Tax Audit Under Section 44AB – Applicability, Due Date, Forms

Income tax Audit is a standard practice of ensuring complied due diligence from taxpayers and bring fairness in the tax system through the involvement of tax professionals. In general terms, audit means to check, inspect, and conclude. Income tax audit has been prescribed under the Income-tax law for entities and taxpayers, to ensure that the… Continue reading Income Tax Audit Under Section 44AB – Applicability, Due Date, Forms

August 14, 2020

Company Registration in Delhi at low-cost to a high-profitable business?

Company Registration in Delhi at low-cost to a high-profitable business?

Company Registration in Delhi Worried about Business Incorporation?? -Which form of Business to Start, benefits, disadvantages, Government compliances required?? –TaxGoal Company Registration in Delhi, Company Registration To start a new business in India, it requires a great deal of planning for The requisite finance required; The workflow in the organization; The number… Continue reading Company Registration in Delhi at low-cost to a high-profitable business?

November 15, 2019

Check Pradhan Mantri Mudra Loan Eligibility

Check Pradhan Mantri Mudra Loan Eligibility

MUDRA stands for Micro Units Development and Refinance Agency Ltd. MUDRA was setup by the Union Government in FY2016 to provide funding to non-corporate, non-farm small business enterprises and entrepreneurs. The biggest problem that small businesses and entrepreneurs face is that of funding. It is a known fact that banks and financial institutions are not… Continue reading Check Pradhan Mantri Mudra Loan Eligibility

October 7, 2019

GST Annual Retrun | Filing of GSTR-9 | Delhi

GST Annual Retrun | Filing of GSTR-9 | Delhi

GST Annual Return in Delhi File GST Return -9 before the due date 30th November 2019 Filling of GST Return is mandatory for each and every registered entity under GST. Filling of GST returns requires taxpayers to report their taxes well on time to the government and claim ITC on their inputs. Different… Continue reading GST Annual Retrun | Filing of GSTR-9 | Delhi

July 19, 2019

Tax on Income from House Property – TaxGoal

Tax on Income from House Property – TaxGoal

For most of us, the term House property is understated. As per the Income-tax Act, 1961 a house property can be a self accommodated house, office space, shop or building or parking lot attached. Any income received on account of any property whether residential or commercial is charged to Income tax under the head ‘… Continue reading Tax on Income from House Property – TaxGoal

May 27, 2019

Taxation of Retirement Benefits – TaxGoal

Taxation of Retirement Benefits – TaxGoal

Taxation of Retirement Benefits – TaxGoal Offering retirement benefits to employees is one of the greatest ways to enhance work interest of employees. These benefits impact their present and future state of living. Business owners often allow various retirement plans and additional life benefits to employees which help both the employer and employee in tax… Continue reading Taxation of Retirement Benefits – TaxGoal

April 27, 2019

Private limited Company – Eligibility, Registration and Related Provisions.

Private limited Company – Eligibility, Registration and Related Provisions.

Private limited Company – Eligibility, Registration and Related Provisions. A private limited company is the most prevalent form of company organization in India. To register a private limited company in India, one has to comply with provisions of the Companies Act, 2013. The basic structure of this company form comprises of a minimum of… Continue reading Private limited Company – Eligibility, Registration and Related Provisions.

March 14, 2019

Section 80: Reducing your tax levy with available deductions

Section 80: Reducing your tax levy with available deductions

As the tax filing season slips in, every taxpayer shell out to look for all possible ways to reduce his tax levy. Out of the minimum tax slab exemption, the short deviations provided by the government in the form of deductions under multiple tax sections also work in reducing the taxable income to a great… Continue reading Section 80: Reducing your tax levy with available deductions

March 5, 2019

Highlights of the Budget 2019 – TaxGoal

Highlights of the Budget 2019 – TaxGoal

Striving to make a last push to its targeted vote bank, the NDA government presented its Final Union budget for 2019-20 in the Lok Sabha Session held on 1st February 2019. Led by the Interim Finance Minister Piyush Goyal, Budget 2019 considered all in round expectations of all sectors from Agriculture to tax to defense… Continue reading Highlights of the Budget 2019 – TaxGoal

February 16, 2019

Reverse Charge Mechanism (RCM) under GST

Reverse Charge Mechanism (RCM) under GST

What is Reverse Charge Mechanism? Mr. A is a small trader of goods in Delhi having turnover below 20 Lakhs and purchases goods from a supplier who is not registered under GST, does he require to take GST registration under Reverse Charge Mechanism (RCM) in Delhi? Normally, the supplier of goods or services pays the… Continue reading Reverse Charge Mechanism (RCM) under GST

August 9, 2018

Due Date for Filing of income Tax return for A.Y. 2018-19 (F.Y. 2017-18) extended to 31st August 2018 by the Government.

Due Date for Filing of income Tax return for A.Y. 2018-19 (F.Y. 2017-18) extended to 31st August 2018 by the Government.

31st July 2018 is the due date for filing of Income Tax Return for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI) and Non Audit Assessees. The Central Board of Direct Taxes (CBDT) has extended the due date for filing of income tax return to 31st August 2018 for the… Continue reading Due Date for Filing of income Tax return for A.Y. 2018-19 (F.Y. 2017-18) extended to 31st August 2018 by the Government.

July 27, 2018

Need HELP?

Taxgoal CA Service Provider

Call now WhatsApp

Need HELP?

Taxgoal CA Service Provider

Need HELP?

Taxgoal CA Service Provider