Dear all,
I have a doubt relating to EPF Exemption. At the time of termination of job PF is treated as unrecognised provident fund and whole amount will be taxable unless it is not continued for five year. Fact is, person is working in a company for last 2 & half years but now he has been transfered to another company in a same group. The new company is not deducting & contributing PF since PF act is not applicable on it. The person is confused if he withdraws his older PF account, his whole withdrawal amount will be taxable since five years is not completed and in new company PF provisions are not applicable.
what's your opinion in this case.
CAclubindia
