A WORKING PARTNER OF A FIRM DRAWING SALARY FROM IT HAS BEEN VOLUNTARILY CONTRIBUTING TOWARDS PROVIDENT FUND UNDER EPF PROVISIONS FOR THE PAST 10 YEARS. HE NOW WANTS TO CLOSE THE ACCOUNT AND WITHDRAW THE ENTIRE PF BALANCE. WILL SUCH WITHDRAWAL AMOUNT BE TAXABLE TO INCOME TAX. THANKS.
2 Replies
SANJAY MERCHANT
(PROPRIETOR)
(82 Points)
Replied 18 March 2024
IT IS EMPLOYEE PROVIDENT FUND. IT CONSIDERS A WORKING PARTNER AS AN EMPLOYEE UNDER THE EPF ACT.
THANKS
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