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Tax on PF withdrawl

(Querist) 14 May 2008 This query is : Resolved 
I had worked for Pvt ltd company for 4 yrs 11months and 13 days and I left that company 2 years back. But the amount is not tranferred or withdrawl. Now after 2 years if i apply for withdrawl , will there by ANY TAX on it. aS I HEARD that if PF tenure is less than 5 years , tax will be charged. My tenure is very close to 5 years, just less then 17 days.
Guest (Expert) 29 May 2008
As per section 16 of the Income Tax Act 1961, the condition is very specific that there must continuous service for more than 5 years.

You donot satify the condition, therefore the withdrawn amount will be taxable, such tax will be usually deducted at source.
Gulshan Tanwar (Expert) 25 January 2011


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