How long will the employee provident fund (EPF) account continue to accrue interest after contribution to the account has stopped? is it taxed at the slab rate for the financial year of withdrawal or is there any mechanism to optimize the income tax to be paid?
—Name withheld on request
As per the EPF Scheme, an EPF account becomes an inoperative and does not earn further interest where an employee retires from service after attaining of 55 years of age or migrates abroad permanently or dies and does not apply for withdrawal of his accumulated balance, within 36 months from the date it becomes payable. Until such time, interest will continue to accrue on the PF balances. Thus, in case the cessation of employment is before attaining 55 years of age, then an account shall become inoperative only after the age of 58 years .
Diese Geschichte stammt aus der June 19, 2023-Ausgabe von Mint Mumbai.
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