Sunday, 19 November 2017

If This Work Is Done Then Now EPF Will Have To Pay Interest On The Tax

If This Work Is Done Then Now EPF Will Have To Pay Interest On The Tax

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Bengaluru: If you have left the job and your EPF account is active then you have to pay tax on the interest you get on it. The Bengaluru Branch of Income Tax Tribunal has given this decision. Income Tax Appellate Tribunal, making a major decision on EPF, said that after the retirement, the EPF account will also be Let us tell you that there is no interest on EPF after three years of retirement.

The Income Tax Appellate Tribunal (TAT) Bengaluru Bench held this IT provision in the hearing of a retired employee. Amarnath Chadha, partner and India Mobility Leader in EY India, said, "After the job, whether you have retired, left the job or you have been fired, the employee continues his EPF and earns interest on it. Unfortunately, they do not know that there is a tax on the interest earned on EPF in case of non-employment.

According to the ITAT rule, this rule applies not only to retired people, but also for people leaving jobs for any reason. According to the declaration made in November last year, when an employee resigns from his job or is fired from the job, then his EPF account enters the 'operative' category and he gets interest on it till the account is active.

On the other hand, the rule for a retired employee is a little different. If a person expires after 55 years of age and does not scrutinize his EPF account or transfers balance, then his EPF account is placed in the 'Inoperative' category three years from the date of his retirement. There is no interest in this category of accounts. Annual interest rates are announced every year. This rate was 8.56 percent for 2016-17, while the rates for this fiscal year are yet to be announced.