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?
CA R SEETHARAMAN
(Expert)
19 August 2019
It is taxable. To avoid tax he can transfer it to new pf account.
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