Income Tax on EPF Withdrawal

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22 Points Posted on 04 April 2020

I want to withdraw EPF which will be more than INR 50K and I havent completed 5 years of continous service but will withdraw the same under new provisionf for COVID-19.Will the amount withdrawn will be taxed?

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On 04 April 2020 at 13:50 Report
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If you withdraw more than INR 50,000 from your EPF under the special COVID-19 provision before completing 5 years of service, it will be subject to Tax Deducted at Source (TDS). There are no specific exemptions for COVID-19 related withdrawals, meaning TDS at 10% under Section 192A will apply.

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Chartered Accountant
12739 Points Posted on 05 April 2020

Amount >= rs. 50,000 

then TDS @ 10 % deducted u/s 192A

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On 05 April 2020 at 11:29
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186 Points Posted on 07 April 2020
Yes. There is no specific exemption given from application of TDS provision in cases of PF withdrawal during COVID 19. So, tax shall be deducted at source @ 10%
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On 07 April 2020 at 13:00

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