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Mihir Tanna  |1018 Answers  |Ask -

Tax Expert - Answered on Nov 22, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
PADMAKUMAR Question by PADMAKUMAR on Aug 10, 2023Hindi
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Sir, kindly opine as to whether interest earned through deposit of amount received from General Provident Fund, Pension commutation and gratuity are taxable or otherwise. I plan to invest in Monthly Income Scheme in Post Office

Ans: Unless contribution to GPF per year is more than 5 lacs, interest is not taxable. Further, with reference to amount received commutation of pension (EPF) is also not taxable unless it is withdrawn before 5 years of service and on the receipt of gratuity, tax exemption is required to be calculated with proper formula with number of years of employment (upto 20 lacs)
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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