Hi,
Background:
I have recently resigned from my current organization and starting my own venture. I have worked in close to around four different companies in the span of 10 years of my career. I have not withdrawn my PF from any of the PF Commisionerate/trust.
When I joined my current employer, i had filled in a form to transfer of PF fund from my previous one employer. That amount has not been transferred yet.
Now I am leaving this organization and setting up my own venture, I will be opening PPF account.
Queries
1. Since the money from my last PF account has not been transferred to my current PF a/c and if I apply for a withdrawl/transfer of amount from the current PF account after leaving this organization, will that be a problem.
2. Can we transfer money from PF accounts to my PPF account? If yes, will the maximum annual deposit limit is applicable to that, in one financial year.
3. Are there any superanuation funds available in private sector who can manage all of this?
Please advice
From India, Delhi
Background:
I have recently resigned from my current organization and starting my own venture. I have worked in close to around four different companies in the span of 10 years of my career. I have not withdrawn my PF from any of the PF Commisionerate/trust.
When I joined my current employer, i had filled in a form to transfer of PF fund from my previous one employer. That amount has not been transferred yet.
Now I am leaving this organization and setting up my own venture, I will be opening PPF account.
Queries
1. Since the money from my last PF account has not been transferred to my current PF a/c and if I apply for a withdrawl/transfer of amount from the current PF account after leaving this organization, will that be a problem.
2. Can we transfer money from PF accounts to my PPF account? If yes, will the maximum annual deposit limit is applicable to that, in one financial year.
3. Are there any superanuation funds available in private sector who can manage all of this?
Please advice
From India, Delhi
Vaibhav,
Either you get the fund from last PF Acct to new account throgh personal liaison. There is a certain timeframe within the same should have been done.
Alternately, apply for woithdrawal from both the PF Accts separately.
There is no superannuation in the PPF, which has no employee contribution, nor the Govt contributes any %age as it does for Pension in Pension Fund (EPF and MP Act)
Will that be alright.
Pradeep Bajaj
From India, Delhi
1Either you get the fund from last PF Acct to new account throgh personal liaison. There is a certain timeframe within the same should have been done.
Alternately, apply for woithdrawal from both the PF Accts separately.
There is no superannuation in the PPF, which has no employee contribution, nor the Govt contributes any %age as it does for Pension in Pension Fund (EPF and MP Act)
Will that be alright.
Pradeep Bajaj
From India, Delhi
Pradeep, Can I transfer money from a PF A/c to PPF a/c. I know its possible. But there is a limitation of deposit to a PPF account, will that be applicable here as well.
From India, Delhi
From India, Delhi
Hello,
I have a query on EPF withdrawal.
I had worked in an organization (say A) for 4 years 6 months where my final EPF balance had accumulated to Rs 1,30,000.
Immediately after that I joined another organization (say B). The organization 'B' there is no EPF cut in salary as it has less than 20 members. At 'B' I have worked 8 months and left the job.
So now I have done service of 5 years 2 months in total but EPF has been deducted only at A.
I want to know is my EPF withdrawal taxable i.e. after 5 years 2 months ?
I have a query on EPF withdrawal.
I had worked in an organization (say A) for 4 years 6 months where my final EPF balance had accumulated to Rs 1,30,000.
Immediately after that I joined another organization (say B). The organization 'B' there is no EPF cut in salary as it has less than 20 members. At 'B' I have worked 8 months and left the job.
So now I have done service of 5 years 2 months in total but EPF has been deducted only at A.
I want to know is my EPF withdrawal taxable i.e. after 5 years 2 months ?
The PF withdrawal will be taxed as income from other sources.
10% tax is leviable as per provisions in current budget.
If you had joined another organisation where you have transferred your PF and continued for more than 5 years it would not have been taxable.
Member may take opinion of other learned members before acting upon this advice.
From India, Pune
10% tax is leviable as per provisions in current budget.
If you had joined another organisation where you have transferred your PF and continued for more than 5 years it would not have been taxable.
Member may take opinion of other learned members before acting upon this advice.
From India, Pune
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