I would like to know the rules of PF withdrawal. Details mainly needed are:
1. How old should the PF account be for withdrawal?
2. Is the PF withdrawal amount taxable or non-taxable?
3. If taxable, what is the tax deduction percentage?
4. What is the percentage interest on the PF amount?
Thanks in advance.
Regards,
Asna
From India, Hyderabad
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211. How old should the PF account be for withdrawal?
2. Is the PF withdrawal amount taxable or non-taxable?
3. If taxable, what is the tax deduction percentage?
4. What is the percentage interest on the PF amount?
Thanks in advance.
Regards,
Asna
From India, Hyderabad
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You can withdraw the PF amount after 2 months from your date of resignation. If you want to withdraw, you should fill Form 19 & 10C along with a cancellation cheque of the withdrawal member. If you worked for at least 6 months, then you can withdraw 24% (12%+12%) of your accumulated amount; otherwise, you will get 15.67% only.
PF amount is not taxable. PF interest would be announced by PF authorities at the end of the PF financial year. Presently, the interest rate would be 8.25%.
From India, Visakhapatnam
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PF amount is not taxable. PF interest would be announced by PF authorities at the end of the PF financial year. Presently, the interest rate would be 8.25%.
From India, Visakhapatnam
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Thank you for sharing the information with us. I heard that to withdraw the PF amount, the PF account should be at least 5 years old. If we intend to withdraw the PF amount before 5 years, some percentage of tax is applicable. Is this statement correct?
Regards,
Asna
From India, Hyderabad
Acknowledge(0)Amend(0)
Regards,
Asna
From India, Hyderabad
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PF WITHDRAWAL RULES.zip
Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc