hi all i resigned from a private company on 20 march 2015 i want to withdraw my epf money, i recently read about that pf amount is taxable. I served there for 2.9 years.
and my epf amount is about 50000 total employee plus employer. is it taxable? also if i submit form 15G to them, can this amount become taxfree?
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If you submit form 15G,it will be given without TDS deduction.
But whether it is tax free depends on your total income for the year adding this amount of Rs50000.
One must remember that submission of Form 15 G should be carefully done with correct PAN number.
Your income should be below taxable limit.
Submission of incorrect form 15 G can lead to penal consequences.
One must remember that copy of form 15G is sent to local IT office.
Some links
EPFO to deduct TDS on PF withdrawals in some cases from June - Business Today
You can withdraw from the PF account if you have remained unemployed for two months(say more than) .. from the date of relief from the organisation you have served to the organisation you are going to join...better, get the PF transfer and accumulated for future purpose...yet, the tax deductions could not be avoided...
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