Is My Client's EPF Amount Taxable After 15 Years of Service and Company Closure?

abhishek673

Dear Sir/Madam,

One of my clients has received EPF amount of Rs 4,10,000 for the financial year 2015-16. I would like to know if this amount is taxable or classified as "Exempted Income." He has completed 15 years of service, and the company has been closed. If the amount is taxable, could you please advise on the applicable tax amount?

Kindly advise me.

Regards,
Abhishek Bag

Glidor

Under Section 10(11), all the sums received from the provident fund are exempt from income tax.

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