02 January 2020
I resigned from the service in May 2017 and not working since then. I turned 58 on 2nd December 2019 and will complete 60 years on 2nd Dec 2021. Since I am not working now, I can withdraw PF fully or partially (for valid reasons of children education, marriage etc). I have 2 queries 1. I want to know if any such amount that I withdraw before I turn 60, will get added to my income and if I am liable to pay tax on the same or as per EEE, its tax free? 2. Should I withdraw the amount entirely 3 years after my last contribution (which was in May 2017) so that I don't get taxed or will the account remain active and I can withdraw after turning 60 years to avoid paying tax?
CAclubindia
