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EFP TAXABILITY
what is the tax implications of EPF withdrawal within 5 years of service? and how to calculate the tax? please help.
Replies (3)
Hi,
As per Section 192A, premature withdrawal of EPF within 5 years of service is liable to TDS @ 10% if it is in excess of Rs. 50,000/-.
However, If the individual falls under the taxable bracket, he has to offer such EPF withdrawal in his return of income as income from Salary and Slab rate taxability shall apply accordingly under normal provisions.
Refer the link below for better understanding:
https://www.caclubindia.com/forum/192a-330375.asp
Refer this link, your query will be solved-
https://www.planmoneytax.com/tax-on-epf-withdrawal-new-tds-rule-flowchart/
Taxable under the head salary
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