Dear Friends & Seniors, Is any deduction made towards Income Tax in case of withdrawing the PF from the Regional P.F. office? If yes, what criteria are used for the same? Kindly revert.
No deduction would be made towards income tax in the case of withdrawal of the Provident Fund amount from the Employees' Provident Fund Organization because it is a social security.
Presently, it is tax-free, but the Income Tax department has noted that PF withdrawal before a certain time period (say, 5 years) should be made taxable.
Regards,
Madhu.T.K
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