Hi,
If I quit job and move abroad, what needs to be done to my EPF account. Withdrawing amount within 3 years is mandatory? Will there be additional taxes ?
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According to EPFO rules an EPF account becomes inoperative in four situations:
-if an employee retires from service after 55 years
-if the subscriber migrates abroad permanently
-if the subscriber passes away
-if no claim is received for settlement of the account within 36 months from the date when the amount became payable on cessation of employment. In other words, if the subscriber does not apply for EPF withdrawal within 36 months of quitting his job then the account will become inoperative.
EPF account will continue to earn interest even after your employment till the age of 58 years even if there is no fresh contribution. However, while the accumulated balance up to the date of retirement (58 years) or end of employment is not taxed, any interest earned on the PF account post resigning, retirement, or end of employment is taxable as per law.
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