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What is the procedure to cancel the Provident Fund account
11-May-2023 (In Labour & Service Law)
What is the procedure to cancel the Provident Fund account? If the establishment does not have any single employee, Is it necessary to file returns?
You can do the following:
1. I am presuming you are the employer in this scenario?
2. The PPF account can be closed by approaching your bank wherein you have made the investment;
3. The PPF account can be closed after 5 years though although the new amendment may allow so;
4. Already as per section 80C of the IT Act, there is concession/fully exempted from any liability still you have to mention the same in your IT returns yearly (which is the responsibility of your CA).
1. I am presuming you are the employer in this scenario?
2. The PPF account can be closed by approaching your bank wherein you have made the investment;
3. The PPF account can be closed after 5 years though although the new amendment may allow so;
4. Already as per section 80C of the IT Act, there is concession/fully exempted from any liability still you have to mention the same in your IT returns yearly (which is the responsibility of your CA).
Helpful?
Adv. Gowaal Padavi
Mumbai | 500+ Answers
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