Dears,
I am working with Company A for past 8 years in India.
Next month I will be going abroad for work.
So my question is.
1) Can i withdraw the 100 % EPF balance amount.
2) Will the amount be tax free. If not what are the tax liabilities on that amount.
I have same questions on Superannuation amount withdrawal and tax liability on it being maintained by LIC.
Thanks
Ashish
dear ashish, you can definitely withdraw your EPF balance. as you are withdrawing the amount after 5 eyars so you wont liable to tax.
Hi Sir,
I have one question to ask. After working in a company for 6+ years, I joined a new company. My previous company had transferred my superannuation amount to my account after deducting minimal tax. Is that superannuation amount is taxable for my case? In two of your previous replies at one place you said it is taxable and another place you said it is not taxable as person completed 5 yrs in the same company. Can you please help me with this..as while filling ITR this year when I enter superannuation amount in another income, it calculates tax and shows me the balance tax to be paid.
Thanks much in advance.,
Akriti
CAclubindia
