PF balance is tax-exempt upon continuous service for five years
As per Section 10(12) read with rule 8 of part A of fourth schedule of the Income Tax Act, 1961, the accumulated PF balance due and payable to the employee, i.e. balance to his credit on the date of cessation of his employment, is exempt from tax if he has rendered continuous service for a period of five years or more.
I have two different passbooks under one universal account number and both passbooks have not been merged yet. Currently, I am not employed anywhere and my combined service in the previous two companies is 4 years and 9 months. Can I withdraw my full provident fund (PF) and pension contribution amount in total from these two previous companies and that too tax-free?