I left my company 2 months ago after working there for 14 years. My questions are:
1) Is the EPF money taxable after 5 years of service?
2) Can I now apply directly for EPF withdrawal on the EPF portal as I have been unemployed for the past 2 months?
3) Will I receive a cheque for the EPF settlement, or will it be credited to my account linked on the EPF Portal?
4) Will I receive the full and final settlement in one installment, or will it be in multiple installments?
5) How much time does it usually take for the withdrawal process and to receive the entire amount in my account?
From India, Mumbai
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11) Is the EPF money taxable after 5 years of service?
2) Can I now apply directly for EPF withdrawal on the EPF portal as I have been unemployed for the past 2 months?
3) Will I receive a cheque for the EPF settlement, or will it be credited to my account linked on the EPF Portal?
4) Will I receive the full and final settlement in one installment, or will it be in multiple installments?
5) How much time does it usually take for the withdrawal process and to receive the entire amount in my account?
From India, Mumbai
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1) No, EPF money is not taxable as your service period is more than 10 years. Tax is applicable only if the withdrawal is before 5 years and the amount is greater than 50,000/-.
2) If you are unemployed for more than 2 months from your relieving date, you can apply for EPF. Alternatively, you can transfer the same to your new employer's PF account, which acts as savings for your retirement age.
3) You need to apply for EPF through the UAN portal, and the amount will be credited to your bank account linked to your UAN login. No cheque payment will be given.
4) Full and final settlement has to be cleared by your ex-employer, which is supposed to be in one cheque.
5) If your UAN is already active (Aadhaar/PAN verified), it will be cleared soon. The timeframe varies from zone to zone. Since you have completed 14 years, you are eligible for a gratuity amount also. If not claimed, you may claim it.
From India, Madras
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2) If you are unemployed for more than 2 months from your relieving date, you can apply for EPF. Alternatively, you can transfer the same to your new employer's PF account, which acts as savings for your retirement age.
3) You need to apply for EPF through the UAN portal, and the amount will be credited to your bank account linked to your UAN login. No cheque payment will be given.
4) Full and final settlement has to be cleared by your ex-employer, which is supposed to be in one cheque.
5) If your UAN is already active (Aadhaar/PAN verified), it will be cleared soon. The timeframe varies from zone to zone. Since you have completed 14 years, you are eligible for a gratuity amount also. If not claimed, you may claim it.
From India, Madras
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BENEFITS UNDER EPF.ppt
TAXABILITY ON EPF WITHDRAWAL.docx