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EPF Taxability
Hi All, would like to confirm if employee leave job and want to withdraw EPF then will that be taxable. Assume age is 40 yrs while leaving job. There is no plan to join new employment. Also is it advisable to put extra money under voluntary provident fund.. Please advise
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If PF Amount is withdrawal without completiong 5 continuous years of service then employer contribution along with interest thereon will be taxed in the year of withdrawal. Also the amount of deduction claimed in one's own contribution will be added to one's income in the year of withdrawal and the interest earned on one's own contribution will also be subject to tax.
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