Dear All,
Can anybody share the guidelines on TDS at the time of settlement viz a viz tax free period calculation for PF. I worked in two organisations from 1/7/2002 and left the last settlement on 02/04/2007, whereas my PF remained with last employer (having PF Trust) till date and was settled for payment on 30/5/2012. I have also worked in some other organisation from 2/4/2007 till 01/06/2008 but PF couldn't get transferred due to delay at employers end though reminders were sent. Kindly advice whether the TDS will be applicable on it or the final amount will be exempted from it, whereas my previous company has deducted TDS on it.
Regards
Asheesh
From India, Panipat
Can anybody share the guidelines on TDS at the time of settlement viz a viz tax free period calculation for PF. I worked in two organisations from 1/7/2002 and left the last settlement on 02/04/2007, whereas my PF remained with last employer (having PF Trust) till date and was settled for payment on 30/5/2012. I have also worked in some other organisation from 2/4/2007 till 01/06/2008 but PF couldn't get transferred due to delay at employers end though reminders were sent. Kindly advice whether the TDS will be applicable on it or the final amount will be exempted from it, whereas my previous company has deducted TDS on it.
Regards
Asheesh
From India, Panipat
If the total service is more than 5 years, income tax is not applicable on PF. But you had to transfer the first service to the second one.
Not only the transfer did not affect, but you have already settled the first service. Hence to get exemptiom from Income Tax is rare chance.
Abbas.P.S
From India, Bangalore
517Not only the transfer did not affect, but you have already settled the first service. Hence to get exemptiom from Income Tax is rare chance.
Abbas.P.S
From India, Bangalore
Sir, Thanks for your response however in my case EMPLOYER A transfered to C, whereas EMPLOYER B & C Bothe transferred to D. Also as per records of D there is gap of one month in continuation and EMPLOYER D is asking for ANNEXURE K of all the previous employer, which is not available with me and old employers are not willing to search old records. Otherwise my tenure from EMPLOYER A to D is 11 years.
Since the PF was not transferred by D to E after repeated reminders I have to withdraw both separately i.e D & E. Please advise whether I am eligible for INCOM TAX expemtion if yes then HOW can I get it.
Regards
Asheesh
From India, Panipat
Since the PF was not transferred by D to E after repeated reminders I have to withdraw both separately i.e D & E. Please advise whether I am eligible for INCOM TAX expemtion if yes then HOW can I get it.
Regards
Asheesh
From India, Panipat
Dear
first you get transfer from C to D which was transferred by A.than you can withdraw
from employer D which will be tax exempted .if you withdraw from employer E than to get tax exemption your service should be more than 5 year.
best option is to get all accounts transferred to E and get withdrawal .No tax will be
deducted.
From India, Delhi
first you get transfer from C to D which was transferred by A.than you can withdraw
from employer D which will be tax exempted .if you withdraw from employer E than to get tax exemption your service should be more than 5 year.
best option is to get all accounts transferred to E and get withdrawal .No tax will be
deducted.
From India, Delhi
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