PF WITHDRAWAL ON RETIREMENT WITH LESS THAN 5 YEARS OF CONTINOUS SERVICE
This query is : Resolved
12 October 2022
Facts:
1. Person aged 55 joins a job and enrolls in EPF for the first time April 2017
2. Employer and employee contribution continues for 3 years
3. The employee retires from the services of the company on attaining age of 58 in April 2020, after 3 years, as per company rules.
4. Employee does not withdraw PF till September 2022 (more than 5 years)
QUERY;
5. Will the person liable to pay income tax on PF withdrawal after being member for more than 5 years but he was in continuous service for only 3 years (less than 5 years)?
1. Person aged 55 joins a job and enrolls in EPF for the first time April 2017
2. Employer and employee contribution continues for 3 years
3. The employee retires from the services of the company on attaining age of 58 in April 2020, after 3 years, as per company rules.
4. Employee does not withdraw PF till September 2022 (more than 5 years)
QUERY;
5. Will the person liable to pay income tax on PF withdrawal after being member for more than 5 years but he was in continuous service for only 3 years (less than 5 years)?
13 October 2022
No income tax applicable in case retirement withdrawal for less than 5 years service.
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