Hi,
I have been working almost since 3 years now. I’ll be going for my higher studies this july. So either I’ve to close my account or keep it idle. So I wanted to get clarity on few things:
1) If I close my EPF account now, how much tax will I be taxed? Is it 30% flat? Or is the EPF corpus added to my annual income and taxed accordingly?
2) If its flat 30% doesn’t it mean that I am actually losing a big part of my money?
3) Can I keep my account idle till I complete my studies(2 years later) and then activate it when I get a job?
4) Is there any provision where in I can keep depositing a nominal amount (VPF style) every year just to keep my account active?