Taxability on PF withdrawal

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2010 Dear Sir / Madam,

I have withdraw the PF amount from my EPF a/c recently.

Kindly let me whether i have to pay the tax on the withdrawl amount of PF.

Regards,
Shrikant

CA Sanat Pyne

CA Sanat Pyne (Expert)
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23 July 2010 If you close the a/c and withdraw within 5 yr then it is taxable.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2010 Thanks for your prompt reply..
I have worked in 3 companies --

1st company for 3.5 years
2nd company for 4 years &
3rd company for 6 months...
but the PF a/c numbers for all the companies are different...
from the above i was withdraw the PF for 3rd company ..
so am i liable to pay tax on the same?

Thanks
shrikant

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 August 2010 period of service of previous employer also need to consider for counting 5 years, but the account is trasnfered to each account contiuosly no problem, otherwise you may have to pay tax