Dear Seniors, Kindly guide me .My company is saying that my PF withdrawal will attract 25-30% deduction. I heard from my Separation Officer that it should be 10% maximum. Please help me out. Thanks,
From India, Calcutta
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From India, Calcutta
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Hi, What deduction are u talking abt. Pl specify. Since there is no deduction takes place from withdrawal amount. Or dose your company have there own PF Fund? Regards, Harshad
From India, Mumbai
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26From India, Mumbai
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Mr. Harshad,
My company says that there may be a deduction of 25-30% on the withdrawal from my EPF Account. The account number reads MH/BAN/.../.... I am not sure if they have a PF Fund. Could the laws of EPF be altered if an organization has its own PF Fund? I am concerned about whether the deduction is legal or not.
From India, Calcutta
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My company says that there may be a deduction of 25-30% on the withdrawal from my EPF Account. The account number reads MH/BAN/.../.... I am not sure if they have a PF Fund. Could the laws of EPF be altered if an organization has its own PF Fund? I am concerned about whether the deduction is legal or not.
From India, Calcutta
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Hi, What deduction is that? Have they specified on what account the deduction will be? There is no tax applicable on withdrawal as of now? so whats the ded? Regards, harshad
From India, Mumbai
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From India, Mumbai
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The mail reads as follows:
Dear XYZ,
Please note that tax of around 25-30% will be deducted on your PF withdrawal. Therefore, I kindly request you to transfer your PF to your current organization.
If you have any further clarifications, please feel free to email us or call us at the number provided below.
Thanks & Regards,
PS:
I do not have any current employment, so the question of transferring the PF is not applicable.
From India, Calcutta
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Dear XYZ,
Please note that tax of around 25-30% will be deducted on your PF withdrawal. Therefore, I kindly request you to transfer your PF to your current organization.
If you have any further clarifications, please feel free to email us or call us at the number provided below.
Thanks & Regards,
PS:
I do not have any current employment, so the question of transferring the PF is not applicable.
From India, Calcutta
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If you obtained any advance from PF, then only it will be deducted from your settlement; otherwise, nothing can be deducted from anybody. Normally, the PF deducted amount is also exempt from income tax. How is it possible to deduct tax amount?
Regards,
Thiru :-P
From India, Madras
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Regards,
Thiru :-P
From India, Madras
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PF funds, if managed by the Regional PF Commissioner, do not attract any tax. But if you have a separate PF Trust, then TDS is applicable as per your TDS slab. If PF is withdrawn within 6 months from the PF office, then the Pension Fund will not be paid.
Regards,
Anish
From India, Pune
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Regards,
Anish
From India, Pune
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Tax on premature PF withdrawal.pdf
Guide Lines for PF Withdrawal.doc