PF
1) Is there any ceiling on the PF amount for tax exemption while withdrawing the entire amount after retirement?
2) Is it allowed to keep money in the PF account itself after retirement without withdrawing? Will this PF money accrue a compounded interest rate until withdrawal?
3) Is there any time limit to withdraw the PF amount after retirement?
4) Is it allowed to continue contributing funds to an employee's PF account after retirement? If so, how long?
From India, Chennai
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1) Is there any ceiling on the PF amount for tax exemption while withdrawing the entire amount after retirement?
2) Is it allowed to keep money in the PF account itself after retirement without withdrawing? Will this PF money accrue a compounded interest rate until withdrawal?
3) Is there any time limit to withdraw the PF amount after retirement?
4) Is it allowed to continue contributing funds to an employee's PF account after retirement? If so, how long?
From India, Chennai
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Hi,
Employee Provident Fund (EPF) Tax Exemption
1. The Employee Provident Fund (EPF) amount is exempt from tax when withdrawn after retirement. Tax is applicable only when the employee has not completed a total of 5 years of continuous service, and the EPF withdrawal amount is more than 50,000.
Interest on EPF After Retirement
2. Yes, interest will be paid until withdrawal, but after 58 years, only 3 years of interest will be paid, after which interest will not be paid.
Withdrawal of EPF After Age 58
3. After the age of 58, the full EPF amount can be withdrawn. Pension contributions can be withdrawn if there are less than 10 years of continuous service, or one can apply for a pension if the total service period is more than 10 years.
Contributing to PF After Retirement
4. After retirement, if the employee continues in service, PF can be contributed. Without being in service, PF alone cannot be contributed.
From India, Madras
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1015Employee Provident Fund (EPF) Tax Exemption
1. The Employee Provident Fund (EPF) amount is exempt from tax when withdrawn after retirement. Tax is applicable only when the employee has not completed a total of 5 years of continuous service, and the EPF withdrawal amount is more than 50,000.
Interest on EPF After Retirement
2. Yes, interest will be paid until withdrawal, but after 58 years, only 3 years of interest will be paid, after which interest will not be paid.
Withdrawal of EPF After Age 58
3. After the age of 58, the full EPF amount can be withdrawn. Pension contributions can be withdrawn if there are less than 10 years of continuous service, or one can apply for a pension if the total service period is more than 10 years.
Contributing to PF After Retirement
4. After retirement, if the employee continues in service, PF can be contributed. Without being in service, PF alone cannot be contributed.
From India, Madras
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Tax on premature PF withdrawal.pdf
How to reduce tax on your Retirement Benefits.docx