Pay Income Tax on EPF Interest after You Quite Employment

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EPF interest Is taxed after you leave the employment

Tax laws say that interest credited to an employee provident fund (EPF) account after an individual ceases to be in employment is taxable in his hands in the year of credit.

 In its recent order, the Bengaluru bench of the Income-Tax Appellate Tribunal (ITAT) also upheld this I-T provision while adjudicating the matter of a retired employee. This recent ITAT ruling is pertinent not only for retired employees, but also those who have quit employment for various reasons and have continued to retain a balance in their EPF accounts.

"Post-employment, whether on account of termination, resignation or retirement, several employees continue to maintain their EPF accounts and earn interest on the same. Unfortunately, they are usually not aware of the tax implications on the interest accretion in the fund after termination of employment

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