HI All
I am in a big Mess. I had to trnsfer my PF account from the previous organization to the new. However due to hectic schedule ..I forgot filling up the PF Transfer form ...and submitted the same after 6 months of my service in the new organization. I was amazed to find that my previous organization had already transferred my PF amount to my savings acount quoting that they received my application after 2 months of my leavin the organization ..and in that case the transfer the amount to savings account by default and without any intimation to me . Now As a result , since I had not completed 5 years of service , have to bear a huge tax liability of additional Rs 80000 (as the whole PF amount , credited to my savings account has been treated as my income).
I would like to have your sugggestions in this case . Is there really any 2 months limit within which you need to get your PF account get transferred. Can I sue them for this ??? Please Help me out .....
I am in a big Mess. I had to trnsfer my PF account from the previous organization to the new. However due to hectic schedule ..I forgot filling up the PF Transfer form ...and submitted the same after 6 months of my service in the new organization. I was amazed to find that my previous organization had already transferred my PF amount to my savings acount quoting that they received my application after 2 months of my leavin the organization ..and in that case the transfer the amount to savings account by default and without any intimation to me . Now As a result , since I had not completed 5 years of service , have to bear a huge tax liability of additional Rs 80000 (as the whole PF amount , credited to my savings account has been treated as my income).
I would like to have your sugggestions in this case . Is there really any 2 months limit within which you need to get your PF account get transferred. Can I sue them for this ??? Please Help me out .....