Switching frm job to business - how to withdraw pf?
Querist : Anonymous
Now i wish to set up my own business and want to give up my present job.
In that case when will i be eleigible for withdrawal fo MY PF balance.
can i withdraw the same in full and secondly is there any tax liablity on the same.
A quick reply will be appreciated.
Within 3-45 days, you can get your PF/EPS withdrawl amount.
Querist : Anonymous
but what about the tax liablity on the withdrawal.
and secondly what if widraw the amoutn after 3-4 years is that possible and will i keep getting interest .
payment received by the individual in respect of the employer’s contribution along with the interest accrual thereon is taxed as “salary”. Interest on the employee’s contribution is taxable as “other income”. Payment received in respect of the employee’s own contribution is exempt from tax (to the extent not claimed as a deduction earlier).
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