“In case of recognised provident fund (RPF), the withdrawal is exempt if the employee has completed five years of continuous service. In case of less than five years, the withdrawal is tax exempt if the employment is discontinued by reason of sickness or causes beyond the control of the employee or if the amount withdrawn has been transferred to a new account in case of re-employment,” said Divakar Vijayasarathy, founder and managing partner, DVS Advisors LLP.