I have left my job in July 2015, my new organization doesnt has EPF, so If I withdraw PF accumulated from my previous job is it taxable?
I had worked for 3 years with my previous employeer.
please let me know.

From India, Pune
Ok, but if I dont withdraw for next 2 years so total it would be 5 years and then withdraw, would it be taxable then?
would I get interest for 2 years on accumulated amount.
Also again sorry to ask same thing, but as my current employer doesnt has EPF, I cant transfer it then why would it be taxable if I withdraw it?

From India, Pune
Dear Hrishikesh,

As per the directions of EPFO, w.e.f. 1st June 2015, PF members having more than Rs. 30,000/- in his PF account and not completed service of 5 years in PF (5 years service in the sense of number of years for which contribution deposited by employer).

Since, your service period is 3yrs, it means your contribution deposited in PF for 3 yrs only, but you haven't mentioned about your PF contribution deposited by your employer , If your PF amount is more than Rs. 30,000/- then you will be liable for TDS deduction as per the directions of EPFO. If it is less than Rs. 30,000/- then it would not be taxable.

TDS shall not be deducted in respect of the following cases:-

• Transfer of PF from one account to another PF account.

• Termination of service due to ill health of member, discontinuation/contraction of business by employer, completion of project or other cause beyond the control of the member.

• If employee withdraws PF after a period of five years of continuous service, including service with former employer.

• If PF payment is less than Rs. 30,000/- but the member has rendered service of less than 5 years.

• If employee withdraws amount more than or equal to Rs. 30,000/-, with service less than 5 years but submits Form 15G/15H along with their PAN

Hope the above detail will clear your all queries about TDS deduction on PF.

Thanks & Regards,

From India, Pune

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.

Please Login To Add Reply

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2021 Cite.Co™

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server