EPF Transfer VS Withdrawal

gatraj
Dear Actually i left previous company few days before & also join in new company. What would be better for me Withdrawal or Transfer PF
My job period was 3 year
Basic + da 9000
Let me know total pf calculation
abbasiti
Dear friend,
Better transfer your PF. Otherwise you have to pay Income Tax, provided your total accumulation is Rs. 30,000 or above.
Abbas.P.S
fc.vadodara@nidrahotels.com
If the PF contribution is Rs. 1000/- per month then the total accumulation will go beyond Rs. 30,000/- for 3 years service, hence TDS should not apply. But it is always advisable to Transfer PF than withdrawal
mail8013
Gatraj,
It's advisable to transfer your pf emoluments than withdrawing it. Your PF accumulation earns a healthy interest annually and is tax free subjected to certain conditions. Over a period of time, you also become entitled for regular pension, if your contribution period is/exceeds 9 yrs & 6 months. If you retire, or wait till you attain the age of 58 yrs (after you become entitled to pension), you stand to get full pension for the rest of your life. Not to mention the benefits that your dependents will get in terms of pension, if something happens to you. So, it's always advisable to transfer your PF account.
However, if you desperately require this money, then you can withdraw it.
Regards, A.B.
fc.vadodara@nidrahotels.com
TDS is not applicable in the following cases;
•On Transfer of PF from one account to another PF account (EPF A/c) .
•On Termination of service due to ill-health of EPF member and withdraws his/her accumulation.
•On discontinuation of Business by the Employer or any cause beyond the control of EPF Scheme’s member (Employee).
•If PF withdrawal amount is less than Rs 30,000.
•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 his / her PAN.
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