Understanding PF: Is It Taxable and How Do I Calculate My Contributions?

Hi, I had a small doubt.

1. Is PF amount taxable?
2. How do I calculate the PF amount? I have been working for the last 3 years, and my monthly deduction against PF is 720/-

Thanks & regards,
Anjani

Dear Anjani,

PF withdrawal is not taxable only if a person has been in continuous service for 5 years. In your case, if you have a PF balance from your previous employer, then such balance should have been transferred from your previous employer to your current employer, and the period of service of both employers would need to be aggregated to check if you have completed 5 years of continuous service.

Whose PF do you have to calculate?

Regards,
Mahesh

Hi,

I have a PF amount of Rs 46,000 and a pension amount of Rs 20,000, making the total Rs 66,000. I am currently attempting to update my PAN card, but it is not being accepted, stating that the name on the PAN card does not match that on the income tax department records.

If I proceed with withdrawing the amount without a PAN card, will I receive the total amount of Rs 66,000, or will there be a deduction of 34.66%?

Could you please provide clarification on this matter?

Thank you.