Dear All, I had a query with regard to my accumulated EPF balance withdrawal as detailed below:
A) Worked at IBM India from December 2007 to May 2011.
B) Worked at Tata Sky Ltd. from July 2011 to April 2012. Thereafter I have been working in companies where my Basic salary is more than the stipulated threshold of EPF contribution (i.e. beyond Rs 15 k p.m.) and hence not been a member of EPF since I left Tata Sky in April 2012.
I have yet not processed withdrawal of my EPF balances accumulated in the aforementioned two organizations, IBM and Tata Sky.
My question is,
I) if I process withdrawal of my accumulated EPF Balances now, will I be subjected to income tax on such withdrawals.
II) If yes, than at what rate. Here accumulated balances in both the companies are more than 5 years old. Request the experts / members to please provide a reply so that I will take a decision accordingly.
A) Worked at IBM India from December 2007 to May 2011.
B) Worked at Tata Sky Ltd. from July 2011 to April 2012. Thereafter I have been working in companies where my Basic salary is more than the stipulated threshold of EPF contribution (i.e. beyond Rs 15 k p.m.) and hence not been a member of EPF since I left Tata Sky in April 2012.
I have yet not processed withdrawal of my EPF balances accumulated in the aforementioned two organizations, IBM and Tata Sky.
My question is,
I) if I process withdrawal of my accumulated EPF Balances now, will I be subjected to income tax on such withdrawals.
II) If yes, than at what rate. Here accumulated balances in both the companies are more than 5 years old. Request the experts / members to please provide a reply so that I will take a decision accordingly.