Premature epf withdrawal

Any exit earlier than 5 yr is taxable execpting certain conditions. Employer contri+interest gos in slary head and Your contri in salary head to the extent it was claimed, and interest portion in head others. You can use 60K this was but you will havw to work out a complete calculation detail of this. get a PF statement this will help. Normally 50% each side works out well. Just taking out 60K regards yr contri out of 1L may not work out well. 

Tax on PF can be broken into three parts:

1. Total contribution by the employer plus interest (not taxed earlier) will be taxed under the head 'profits in lieu of salary'.

2. You will be taxed on the amount of tax benefit claimed for your contribution of EPF.

3. Interest received on your own contribution to EPF will be taxed as 'income from other sources'.

In case you are able to prove that you have not claimed any deduction towards employee's contribution to p.f. in previous year, you can save tax on employee's contribution for previous years.

You can download P.F. passbook from EPFO website for the said purpose.