Is income from EPF settlement is taxable ?

See below:

Sec 10(11)--> Any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies or from any other provident fund set up by the Central Government and notified 211 by it in this behalf in the Official Gazette.

Sch. IV Part A Rule 8
EXCLUSION FROM TOTAL INCOME OF ACCUMULATED BALANCE.

The accumulated balance due and becoming payable to an employee participating in a recognised provident fund shall be excluded from the computation of his total income - (i) If he has rendered continuous service with his employer for a period of five years or more, or

(ii) If, though he has not rendered such continuous service, the service has been terminated by reason of the employee's ill health or by the contraction,
or discontinuance of the employer's business or other cause beyond the control of the employee, or

(iii) If, on the cessation of his employment, the employee obtains employment with any other employer, to the extent the accumulated balance due and becoming payable to him is transferred to his individual account in any recognised provident fund maintained by such other employer.

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In my opinion, the balance received from Employer for PF to be bifurcated into 4 parts:

1.Employee contribution

2.Employer's contr.

3. Interest on 1

4. Interest on 2

I think 2 & 4 should be taxable as above conditions are not met.