Hello Everyone
I worked at a private university from April 2009 till July 2017. I would be withdrawing the amassed PF amount for the duration of my service soon. I want to know what kind of tax liability I will have. The amount in question is more than 50000.
Thanks in advance.
If you have completed 5 years of continuous service, your withdrawal is tax-free. If you have completed less than 5 years, your withdrawal is taxable and may be subject to TDS if the amount exceeds ₹50,000. Always check if you are eligible for an exemption or if you can transfer your balance to avoid tax.
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