Hi, I have accumulated my PF amount over 7 years while working in three different companies using the same UAN number. Now, I have joined a new company and wish to withdraw the entire PF amount. I am unsure if TDS is deductible in this scenario. Kindly guide me on the process of PF withdrawal.
From India, Bangalore
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From India, Bangalore
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In India, if you have accumulated your PF amount over 7 years with the same UAN number while working in multiple companies and now wish to withdraw the entire PF amount after joining a new company, TDS (Tax Deducted at Source) is not applicable if the total service period is more than 5 years. As per current tax regulations, if the total service period is 5 years or more, PF withdrawals are tax-free. However, if the withdrawal is within 5 years of continuous service, TDS would be applicable. It is advisable to check the latest tax regulations and consult with your company's HR or a financial advisor to ensure compliance and accurate information before proceeding with the PF withdrawal process.
From India, Gurugram
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54From India, Gurugram
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TDS ON PF-EPFO circular reg. TDS on Accumulation of Balance in UAN Ac..pdf