PF
1) Is there any ceiling on PF Amount for tax exemption while withdrawing the entire amount after retirement?
2)Is it allowed to keep money in the PF Account itself after retirement without withdrawing? Will this PF money accrue a compounded interest rate till withdrawal?
3)Is there any time limit to withdraw the PF Amount after retirement?
4)Is it allowed to continue & Contribute Funds to an employee to PF account after retirement? If so, how long?
From India, Chennai
1) Is there any ceiling on PF Amount for tax exemption while withdrawing the entire amount after retirement?
2)Is it allowed to keep money in the PF Account itself after retirement without withdrawing? Will this PF money accrue a compounded interest rate till withdrawal?
3)Is there any time limit to withdraw the PF Amount after retirement?
4)Is it allowed to continue & Contribute Funds to an employee to PF account after retirement? If so, how long?
From India, Chennai
Hi,
1. Employee provident fund (EPF) amount is exempted from tax when if it is withdrawn after retirement. Tax is applicable only when the employee has not completed total 5 years of continuous service and te EPF withdrawal amount is more than 50,000.
2. Yes Interest will be paid till withdrawal but after 58 years only 3 years interest will be paid after that the interest will not be paid.
3. After the age of 58, full EPF amount can be withdrawn. Pension contribution can be withdrawn if less than 10 years of continuous service or can apply for pension if the total service period is more than 10 years.
4. After retirement if the employee is continuing in service PF can be contributed. Without in service PF alone cannot be contributed.
From India, Madras
9411. Employee provident fund (EPF) amount is exempted from tax when if it is withdrawn after retirement. Tax is applicable only when the employee has not completed total 5 years of continuous service and te EPF withdrawal amount is more than 50,000.
2. Yes Interest will be paid till withdrawal but after 58 years only 3 years interest will be paid after that the interest will not be paid.
3. After the age of 58, full EPF amount can be withdrawn. Pension contribution can be withdrawn if less than 10 years of continuous service or can apply for pension if the total service period is more than 10 years.
4. After retirement if the employee is continuing in service PF can be contributed. Without in service PF alone cannot be contributed.
From India, Madras
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