tax deducted on PF withdrawal

Dear Paresh,

I need one clarification, I have worked for one organisation for around 4 years & 1 month. My PF was deducted regularly during the period. Recently I have joined another organisation where PF is not applicable. I want to know if I withdraw the PF at this stage will it be taxable and if I withdraw it after 5 years from the start of PF account what are the rules of withdrawal & how much will be the tax if any.

Further the deduction were getting divided into two parts EPF & EPS(Rs.541/- per month) what are these exactly & will I get both of them or not.

Thanks & Regards,

Mahesh

The five year period is considered from the perspective of five years of continuous employment. If you left the employment before completion of five years but joined a new employer and got your existing PF amount transferred to the new employer, then the tenure with the new employer is also counted for the five years of continuous employment.

If you are not satisfying any of the above conditions, then the amount lying to your credit in the PF account is taxable.