Assistant Engineer, Indian Telephone Industries,
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Hello, I recently left one company after 4 years and 11 months service. Now Iam going to relocate to another country for a better position.
Can anybody tell me how can I withdraw my PF amount. What are the documents needed and time it will take for processing my request.
thank you
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Hi Roop
Please contact your HR deptt, they will ask you to fill a form inorder to withdraw your PF. It takes normally 30-45 days in order for PF to be processed and credited to your account.Though please note that if you wthdraw your PF before 5 years, then Tax is applicable on it.
Dear Mr. Roopeshtek,
I didn't see the provision on income tax for before completing 5 years in PF. But I shall quote TaxGuru, the leading tax consultant site vide <link fixed> as under.
"Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of subscription. Tax officials have cited a rule in the 1961 Income-Tax Act that taxes PF withdrawals by employees before completing five years of contributions into the EPF is taxable."
From their posting it may be learnt that for tax exemption, 5 years contribution is required. However you may try to withdraw the amount after 5 years.
Submit PF withdrawal forms when ever you decide under proper acknowledgment. The designated authorised HR personnel has to attest and submit attested form to concerned OF office within 5 days
The acknowledgment issued by PF office is to be supplied to you by effective mode of communication e.g. Redhead.Post.
You may demand acknowledgment to be supplied to you by redg.Post only.. Usually within 10 days or so amount is credited in a/c
You can withdraw your PF by simply fill up form 19 & 10C, take employer signature and submit to PF office. You will get your PF amount into your bank account within 45 days after submission of PF forms.
Documents - Nationalised Bank Account, Cancelled Cheque, PAN Card, Adhar card alongwith form 19 & form10C.
If you have any query, let me know.
WeGiveSolutions Business services and Consultancy LLP.
Thanks for those valuable inputs.
I have one more query about my gratuity. Only 15 days will be remaining to complete 5 years of employment with my current employer. Can anybody tell me that iam eligible for gratuity amount or not..?
The EPF deductions are exempt from Income tax, Is it mandatory that deduction shall be for 5 years. I HAVE CONFUSION on this point that whether the contribution shall be for 5 years or only T D S exemption will be allowed if the withdrawal will be after retaining the PF amount in your Pf A/C FOR 5 YEARS. If
withdrawl will be after 5 years, than from which date 5 years can be taken. from the date of eligibility or from the date of last deduction. Shall be greatful if matter may be clarified,
With Regards,
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