Tax on epf withdrawal

Its depends on whether your pf is recognised providend pf or unrecognised providend pf

If approved by all appropriate authorities in india than recognised & if not authorised by any of the  appropriate authories in india than URPF.

Taxability                                  RPF                                            URPF

Employer's contribution          upto 12% salary Exempt                   Not Taxable

Employees contribution          Deduction under 80C                80C deduction not available 

Int                                         upto 9.5%  Exempt                              not taxable

Taxabilty depends on whether its recognised or unrecognised so its compulsory to find it out.

Thanks Dhruvi. It's recognized PF. Answer to your question was already there in my point 2.

Anyways, Please tell me now about taxability

Regards,

Anshul

Nothing is taxable subject to following conditions:

1. Employee left the job after five years of service or
2. Where Period of service less than 5 years, the termination is due to ill health, discontinuance of business of employer. or
3. here on re-employment, thebalance in R.P.F is transferred to R.P.F with new employer. [For the purpose of computing 5 years period, Period of services rendered with previous employer shall also be included.]

If none of the above conditions are satisfied then:

1. The amount not taxed earlier shall be taxed in the same manner as URPF, As explained earlier 
2. Any tax concession (e.g. 80C) availed by assesses forcontribution to RPF shall now be withdrawn.

you might create your own providedn fund scheme or adopt any preapproved scheme of goverment.

if you create than its based on the mutual trust between you & your employee if its approved by the income tax commisonar than its become recognised providend fund otherwise it would be a part of unrecognised providend fund...

Thanks..