I have completed 4 1/2 years in my current organization and am considering changing jobs. So, let me know...
1. Will the amount be taxable if I withdraw it?
2. Can I transfer it to a new employer and then withdraw after completing a total of 5 years of employment?
3. If the withdrawal is tax-free, how many times and how much amount can I withdraw without incurring taxes on it?
From United States, Hauppauge
Acknowledge(0)
Amend(0)
1. Will the amount be taxable if I withdraw it?
2. Can I transfer it to a new employer and then withdraw after completing a total of 5 years of employment?
3. If the withdrawal is tax-free, how many times and how much amount can I withdraw without incurring taxes on it?
From United States, Hauppauge
Acknowledge(0)Amend(0)
If your organization is exempted, the withdrawal amount will be taxed if you do not complete 5 years. If your organization is not exempted, then income tax will not be deducted, regardless of the years of service. However, you can transfer the amount to your new organization by filling out the 13 R form and depositing it to your new employer, mentioning the PF account number, date of leaving, name of the previous employer, etc.
Thanks,
Amaresh Kumar Lenka
09575653092
From India, Calcutta
Acknowledge(0)Amend(0)
Thanks,
Amaresh Kumar Lenka
09575653092
From India, Calcutta
Acknowledge(0)Amend(0)
651CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Tax on premature PF withdrawal.pdf
Steps to transfer PF amount.jpg