Taxability on premature withdrawal from epf
This query is : Resolved
19 August 2019
Mr. X was an employee in an organization for 3 years. He had an account with the EPF. After 3rd year X resigned and joined a new firm. X forgot to transfer his existing EPF account and he opened a new EPF account with the new employer. now X is working under the new employer for 2 year. so overall he is worked for a period of 5 years. (old+new employer). since its been 5 years of service, can x withdraw the accumulated balance in EPF account under his old employment. Is it taxable?
19 August 2019
It is taxable. To avoid tax he can transfer it to new pf account.
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