Hi all, I resigned from a private company on 20 March 2015. I want to withdraw my EPF money. I recently read that the PF amount is taxable. I served there for 2.9 years, and my EPF amount is about 50,000 in total (employee plus employer contributions). Is it taxable? Also, if I submit Form 15G to them, can this amount become tax-free?
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If you submit Form 15G, it will be given without TDS deduction. However, whether it is tax-free depends on your total income for the year, including this amount of Rs. 50,000. It is important to remember that the submission of Form 15G should be done carefully with the correct PAN number, and your income should be below the taxable limit. Submission of an incorrect Form 15G can lead to penal consequences. Additionally, a copy of Form 15G is sent to the local IT office.
Some links:
http://businesstoday.intoday.in/stor.../1/219671.html
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3180Some links:
http://businesstoday.intoday.in/stor.../1/219671.html
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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 organization you have served to the organization you are going to join. It's better to get the PF transfer and accumulated for future purposes. Yet, the tax deductions could not be avoided.
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