Hi,
Background:
I have recently resigned from my current organization and am starting my own venture. I have worked in close to around four different companies in the span of 10 years in my career. I have not withdrawn my PF from any of the PF Commissionerate/trust.
When I joined my current employer, I had filled out a form for the transfer of PF funds from my previous employer. That amount has not been transferred yet.
Now, as I am leaving this organization and setting up my own venture, I will be opening a PPF account.
Queries:
1. Since the money from my last PF account has not been transferred to my current PF account and if I apply for a withdrawal/transfer of the amount from the current PF account after leaving this organization, will that be a problem?
2. Can we transfer money from PF accounts to my PPF account? If yes, will the maximum annual deposit limit be applicable to that in one financial year?
3. Are there any superannuation funds available in the private sector that can manage all of this?
Please advise
From India, Delhi
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Background:
I have recently resigned from my current organization and am starting my own venture. I have worked in close to around four different companies in the span of 10 years in my career. I have not withdrawn my PF from any of the PF Commissionerate/trust.
When I joined my current employer, I had filled out a form for the transfer of PF funds from my previous employer. That amount has not been transferred yet.
Now, as I am leaving this organization and setting up my own venture, I will be opening a PPF account.
Queries:
1. Since the money from my last PF account has not been transferred to my current PF account and if I apply for a withdrawal/transfer of the amount from the current PF account after leaving this organization, will that be a problem?
2. Can we transfer money from PF accounts to my PPF account? If yes, will the maximum annual deposit limit be applicable to that in one financial year?
3. Are there any superannuation funds available in the private sector that can manage all of this?
Please advise
From India, Delhi
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Vaibhav,
Either you get the funds from the last PF account to the new account through personal liaison. There is a certain timeframe within which this should have been done. Alternatively, apply for withdrawal from both the PF accounts separately.
There is no superannuation in the PPF, which has no employee contribution, nor does the Government contribute any percentage as it does for the Pension in the Pension Fund (EPF and MP Act).
Will that be alright.
Pradeep Bajaj
From India, Delhi
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1Either you get the funds from the last PF account to the new account through personal liaison. There is a certain timeframe within which this should have been done. Alternatively, apply for withdrawal from both the PF accounts separately.
There is no superannuation in the PPF, which has no employee contribution, nor does the Government contribute any percentage as it does for the Pension in the Pension Fund (EPF and MP Act).
Will that be alright.
Pradeep Bajaj
From India, Delhi
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Pradeep, Can I transfer money from a PF A/c to PPF a/c. I know its possible. But there is a limitation of deposit to a PPF account, will that be applicable here as well.
From India, Delhi
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From India, Delhi
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EPF Withdrawal and Tax Implications
I have a query on EPF withdrawal. I worked in an organization (let's say A) for 4 years and 6 months, where my final EPF balance accumulated to Rs 1,30,000. Immediately after that, I joined another organization (let's say B). In organization 'B,' there is no EPF deduction in the salary as it has less than 20 members. I worked at 'B' for 8 months and then left the job.
So, now I have a total of 5 years and 2 months of service, but EPF deductions were made only at organization A. I want to know if my EPF withdrawal is taxable after 5 years and 2 months.
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I have a query on EPF withdrawal. I worked in an organization (let's say A) for 4 years and 6 months, where my final EPF balance accumulated to Rs 1,30,000. Immediately after that, I joined another organization (let's say B). In organization 'B,' there is no EPF deduction in the salary as it has less than 20 members. I worked at 'B' for 8 months and then left the job.
So, now I have a total of 5 years and 2 months of service, but EPF deductions were made only at organization A. I want to know if my EPF withdrawal is taxable after 5 years and 2 months.
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The PF withdrawal will be taxed as income from other sources. 10% tax is leviable as per provisions in the current budget. If you had joined another organization where you have transferred your PF and continued for more than 5 years, it would not have been taxable. Members may seek the opinion of other learned members before acting upon this advice.
From India, Pune
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From India, Pune
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Early PF withdrawal won’t be easy.pdf
Steps to transfer PF amount.jpg