Taxability on PF withdrawal

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2010 Dear Sir / Madam,

I have withdraw the PF amount from my EPF a/c recently.

Kindly let me whether i have to pay the tax on the withdrawl amount of PF.

Regards,
Shrikant

CA Sanat Pyne

CA Sanat Pyne (Expert)

23 July 2010 If you close the a/c and withdraw within 5 yr then it is taxable.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2010 Thanks for your prompt reply..
I have worked in 3 companies --

1st company for 3.5 years
2nd company for 4 years &
3rd company for 6 months...
but the PF a/c numbers for all the companies are different...
from the above i was withdraw the PF for 3rd company ..
so am i liable to pay tax on the same?

Thanks
shrikant

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

03 August 2010 period of service of previous employer also need to consider for counting 5 years, but the account is trasnfered to each account contiuosly no problem, otherwise you may have to pay tax

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now