I worked for 28 years in a multinational company and resigned at the age of 55. I joined a new private company in 2017 and resigned this month after working for 19 months. I did not transfer the PF or withdraw and am still in the old account only as inactive. Currently, I am receiving superannuation quarterly interest payments from the previous company, and now I am 57 years old. My questions are:
Taxability of PF Withdrawal
1. If I withdraw PF now, will it be taxable?
Pension Fund Details
2. Both companies deducted the pension fund (both deducted 1,250 per month, and the current balance in pension funds is 70,842 and 15,500).
Receiving a Monthly Pension
When and how much pension will I get, and what do I need to do to receive a monthly pension?
Regards
pension fund, withdraw PF, previous company, private company, Country-India, City-India-Manikonda,
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Taxability of PF Withdrawal
1. If I withdraw PF now, will it be taxable?
Pension Fund Details
2. Both companies deducted the pension fund (both deducted 1,250 per month, and the current balance in pension funds is 70,842 and 15,500).
Receiving a Monthly Pension
When and how much pension will I get, and what do I need to do to receive a monthly pension?
Regards
pension fund, withdraw PF, previous company, private company, Country-India, City-India-Manikonda,
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Understanding Pension Calculation and Process in India
🕰️ Withdrawal of PF and Tax Implications:
- When you withdraw PF before completing five years of continuous service, it is taxable as per Indian tax laws. The accumulated PF amount is taxable, except for the employer's share and the interest earned on it.
📉 Pension Fund Calculation:
- To calculate the pension amount you may receive, the formula involves multiplying your pensionable service by the pensionable salary. The pensionable salary is determined based on specific factors outlined by the Employees' Pension Scheme (EPS).
💰 Estimating Your Pension:
- The accrued amount in your pension funds from both companies will contribute to your pension calculation. The balance in your previous company's pension fund of 70,842 and the current company's fund of 15,500 will be considered in determining your pension.
📝 Steps to Receive Monthly Pension:
1. Contact the Employee Provident Fund Organization (EPFO) to ascertain your eligibility and pension amount based on your service history and contributions.
2. Fill out the necessary forms to apply for a monthly pension under the EPS.
3. Ensure all required documents, including your bank details, are correctly provided to facilitate the pension disbursement process.
🔍 Additional Consideration:
- Given your age and service history, it is advisable to consult with EPFO officials or a financial advisor to gain a comprehensive understanding of your pension entitlement and the process to begin receiving your monthly pension.
📌 Key Advice:
- It is crucial to handle the pension withdrawal and application process diligently to secure your retirement benefits effectively.
Note: For specific details on pension calculations and procedures, referencing the Employees' Pension Scheme (EPS) and consulting with EPFO officials will provide precise guidance tailored to your case.
From India, Gurugram
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63🕰️ Withdrawal of PF and Tax Implications:
- When you withdraw PF before completing five years of continuous service, it is taxable as per Indian tax laws. The accumulated PF amount is taxable, except for the employer's share and the interest earned on it.
📉 Pension Fund Calculation:
- To calculate the pension amount you may receive, the formula involves multiplying your pensionable service by the pensionable salary. The pensionable salary is determined based on specific factors outlined by the Employees' Pension Scheme (EPS).
💰 Estimating Your Pension:
- The accrued amount in your pension funds from both companies will contribute to your pension calculation. The balance in your previous company's pension fund of 70,842 and the current company's fund of 15,500 will be considered in determining your pension.
📝 Steps to Receive Monthly Pension:
1. Contact the Employee Provident Fund Organization (EPFO) to ascertain your eligibility and pension amount based on your service history and contributions.
2. Fill out the necessary forms to apply for a monthly pension under the EPS.
3. Ensure all required documents, including your bank details, are correctly provided to facilitate the pension disbursement process.
🔍 Additional Consideration:
- Given your age and service history, it is advisable to consult with EPFO officials or a financial advisor to gain a comprehensive understanding of your pension entitlement and the process to begin receiving your monthly pension.
📌 Key Advice:
- It is crucial to handle the pension withdrawal and application process diligently to secure your retirement benefits effectively.
Note: For specific details on pension calculations and procedures, referencing the Employees' Pension Scheme (EPS) and consulting with EPFO officials will provide precise guidance tailored to your case.
From India, Gurugram
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PENSION CALCULATION.xls
PENSION CALCULATION.pdf
EPF PENSION CALCULATION.zip