May 18, 2023
Money from the EPF account cannot be withdrawn during employment, unlike a bank account or fixed deposit.
Although EPF corpus can be withdrawn only after retirement, early retirement is considered after reaching age of 55.
Partial withdrawal from EPF accounts is permitted in the case of an emergency such as medical emergency and higher education.
The EPF corpus can be withdrawn if a person faces unemployment before retirement due to lockdown or retrenchment.
Tax exemption on EPF corpus is permitted only if an employee contributes to the EPF account for 5 continuous years.
Tax is deducted at source on premature withdrawal of EPS corpus. If amount is less than Rs.50000, TDS is not applicable.
An employee does not have to await approval from the employer for withdrawal of EPF.
If you have applied for EPF withdrawal, you can visit the official website of the EPFO to view your EPF status.
Thanks for reading!
Read more stories from