Dear All, I have a query regarding the withdrawal of my accumulated EPF balance. The details are as follows:
Employment History
A) I worked at IBM India from December 2007 to May 2011.
B) I worked at Tata Sky Ltd. from July 2011 to April 2012. Since then, I have been employed in companies where my basic salary exceeds the EPF contribution threshold (i.e., beyond Rs 15,000 p.m.) and have not been a member of EPF since leaving Tata Sky in April 2012.
I have not yet processed the withdrawal of my EPF balances accumulated in the aforementioned two organizations, IBM and Tata Sky.
Questions Regarding EPF Withdrawal
I) If I withdraw my accumulated EPF balances now, will I be subjected to income tax on such withdrawals?
II) If yes, at what rate? The accumulated balances in both companies are more than 5 years old. I request the experts/members to please provide a reply so that I can make an informed decision accordingly.
Employment History
A) I worked at IBM India from December 2007 to May 2011.
B) I worked at Tata Sky Ltd. from July 2011 to April 2012. Since then, I have been employed in companies where my basic salary exceeds the EPF contribution threshold (i.e., beyond Rs 15,000 p.m.) and have not been a member of EPF since leaving Tata Sky in April 2012.
I have not yet processed the withdrawal of my EPF balances accumulated in the aforementioned two organizations, IBM and Tata Sky.
Questions Regarding EPF Withdrawal
I) If I withdraw my accumulated EPF balances now, will I be subjected to income tax on such withdrawals?
II) If yes, at what rate? The accumulated balances in both companies are more than 5 years old. I request the experts/members to please provide a reply so that I can make an informed decision accordingly.