I had been employed with a private organization for the last 11 years. Now I have a central government job offer where I will be having NPS instead of PF.
In such a case, experts, please advise:
1) If I can leave my PF balance as it is without closing my account and keep on earning interest. Also, please tell me what the income tax rules will be in this case.
2) If I should redeem my PF balance. Also, please tell me what the income tax rules will be in this case.
From India, New Delhi
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In such a case, experts, please advise:
1) If I can leave my PF balance as it is without closing my account and keep on earning interest. Also, please tell me what the income tax rules will be in this case.
2) If I should redeem my PF balance. Also, please tell me what the income tax rules will be in this case.
From India, New Delhi
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EPF applicable to industrial employees is maintained mostly by the EPFO created under the EPF Act, 1952. CPF applicable to Government Departmental Employees is maintained by the AGs. Therefore, you cannot club them.
Once you cease to be a member of the Fund, you have to withdraw the entire proceeds. I don't think that the sum in the credit would earn interest forever once you are not a member of the Scheme.
From India, Salem
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6108Once you cease to be a member of the Fund, you have to withdraw the entire proceeds. I don't think that the sum in the credit would earn interest forever once you are not a member of the Scheme.
From India, Salem
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Employees' PF Appellate Tribunal Procedure Rules 1997.pdf
PF WITHDRAWAL RULES.zip