Punjab entered the last-four stage by virtue of their first-innings lead of 298 runs in their quarter-final match at Keenan stadium here today.
Jharkhand, who had scored 401 all out in their first innings, were 33 for no loss off 13 overs in their second essay after Punjab declared their first innings for 699 for three at the stroke of tea.
Resuming at 435 for three, overnight batsman Taruwar, who was on 151, along with Kaul who stepped in at the dismissal of Mandeep Singh (96) at stumps on day four, made mockery of Jharkhand bowlers as they scored runs at will.
The duo ensured that Punjab do not lose a single wicket in the entire day.
Taruwar, who made a comeback into the Punjab team after two years, faced 609 deliveries to score an unbeaten 300 studded with 34 boundaries and two sixes, while Kaul's knock came off 216 balls that included nine hits to the fence.
At stumps on day five, Jharkhand openers Ajay Verma (14) and Manish Vardhan (19) were at the crease.
Punjab will be taking on Saurashtra at Rajkot in the semi-finals.