Hi,
I am an employee in a private company. I have total of 8.5 yrs of experience - 1 yr in 1st company, 3 yrs 10 months in 2nd company and remaining 3 yrs 8 months experience in my current company.
I want to withdraw my EPF deposits from 1st and 2nd company. Would it attract taxation ? If yes, holw much ?
Regards,
Sali
Dear Mr. Sal
If we Withdraw PF Amount After 7 yrs then it will not attract any Tax.. before 7yrs we will have to Pay Tax
Thanks Mr Sonu Kumar for the reply. Is 7 years from the time when I opened the account OR is it from the time when I deposited my monthly contribution.
For eg:-
If I opened my EPF account in August, 2003. I made monthly contributions since then till date.
I want to withdraw all the money till date. Would the whole money be exempted OR would the depost amount till April, 2005 (today - 7 yrs) will be exempted ?
Regards,
Salil
Withdrawl of EPF amount including Interest will be taxable in hand of the employee, if he not continue service more than 5 years, from the date of his/her joining on that establishment.
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