I have worked in an MNC company where I have my PF account. Currently, I have joined a startup company and have been working here for six months. My current company doesn't have PF. I have some questions about my PF:
1) Can I withdraw my PF because the current company doesn't have PF?
2) If I withdraw my PF, will the amount be taxable?
3) Assuming that two years later I join a new company, can I use my existing PF or not?
4) Can I withdraw my PF amount at any time?
Please suggest what I have to do. Please help me.
Thanks,
Chandu
From India, Pune
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1) Can I withdraw my PF because the current company doesn't have PF?
2) If I withdraw my PF, will the amount be taxable?
3) Assuming that two years later I join a new company, can I use my existing PF or not?
4) Can I withdraw my PF amount at any time?
Please suggest what I have to do. Please help me.
Thanks,
Chandu
From India, Pune
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Within 3 years of joining any company and starting to pay contributions, the previous UAN number will be validated by the new company. It will continue with your previous balance accumulated with interest.
If you choose to withdraw the EPF, then file Form 19 and Form 10C duly certified by the previous employer. If your contribution period is 5+ years, or the gross receivable amount from EPF is below 50000/-, then no TDS is applicable. Otherwise, they will ask for Form 15G.
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651If you choose to withdraw the EPF, then file Form 19 and Form 10C duly certified by the previous employer. If your contribution period is 5+ years, or the gross receivable amount from EPF is below 50000/-, then no TDS is applicable. Otherwise, they will ask for Form 15G.
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Answer to Your Queries:
1) Can I withdraw my PF because the current company does not have PF? - YES, but ask your employer about PF.
2) If I withdraw my PF, will the amount be taxable if withdrawn before 5 years? - Yes, if the withdrawn amount is below 50,000, then NO as per the new rule; earlier it was 30,000.
3) Suppose, assuming that 2 years later, if I join a new company, can I use my existing PF or not? - YES, with a maximum 3-year relaxation.
4) Can I withdraw my PF amount at any period of time? - Yes, but there will be 2 options: Either you do not have a job, or if two months have elapsed since your last employment (not attached to any organization or unemployed for 2 months).
Regards
From India, Bengaluru
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1) Can I withdraw my PF because the current company does not have PF? - YES, but ask your employer about PF.
2) If I withdraw my PF, will the amount be taxable if withdrawn before 5 years? - Yes, if the withdrawn amount is below 50,000, then NO as per the new rule; earlier it was 30,000.
3) Suppose, assuming that 2 years later, if I join a new company, can I use my existing PF or not? - YES, with a maximum 3-year relaxation.
4) Can I withdraw my PF amount at any period of time? - Yes, but there will be 2 options: Either you do not have a job, or if two months have elapsed since your last employment (not attached to any organization or unemployed for 2 months).
Regards
From India, Bengaluru
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Tax on premature PF withdrawal.pdf