Hi,
Around 3 months back i left my employer and on my last day i had completed 4 years 11 months and 14 days in that organisation. As i moved to a govt organisation so i need to withdraw my EPF. So i have few queries if someone can help me out:
1. As i have not completed 5 years ( heard that if tenure is 5 years then no deductions are done in case of withdrawal) by the last day in organisation so would the complete amount be provided to me or some deductions will be done when amount is withdrawn? If yes then how much?
2. As you can see i was just 15 days short of completing 5 years so the time ( past 3 months) will also be included in the tenure and help me complete the 5 year duration?
3. What is the time duration till which i can keep money in my EPF and still get the interest getting paid to me?
4. Suppose i decide to keep my amount in my EPF account ( do not withdraw) for around 2 years and in the mean time my previous organisation shuts down then does it somehow risk my contribution to EPF or that will remain secured?
Thanks,
Himanshu Dabas
From India, New%20Delhi
Around 3 months back i left my employer and on my last day i had completed 4 years 11 months and 14 days in that organisation. As i moved to a govt organisation so i need to withdraw my EPF. So i have few queries if someone can help me out:
1. As i have not completed 5 years ( heard that if tenure is 5 years then no deductions are done in case of withdrawal) by the last day in organisation so would the complete amount be provided to me or some deductions will be done when amount is withdrawn? If yes then how much?
2. As you can see i was just 15 days short of completing 5 years so the time ( past 3 months) will also be included in the tenure and help me complete the 5 year duration?
3. What is the time duration till which i can keep money in my EPF and still get the interest getting paid to me?
4. Suppose i decide to keep my amount in my EPF account ( do not withdraw) for around 2 years and in the mean time my previous organisation shuts down then does it somehow risk my contribution to EPF or that will remain secured?
Thanks,
Himanshu Dabas
From India, New%20Delhi
Dear Mr.Himanshu Dabas,
1. If service is below 5 years, Income Tax is applicable on PF / Pension fund withdrawal. To avoid IT deduction, you may transfer the service to club with future services.
2. I am not clear with the 2nd point.
3.After relieving from PF service, you will get interest for 36 months further.
4. Kindly contact the Sub Regional PF Office.
Abbas.P.S
From India, Bangalore
5171. If service is below 5 years, Income Tax is applicable on PF / Pension fund withdrawal. To avoid IT deduction, you may transfer the service to club with future services.
2. I am not clear with the 2nd point.
3.After relieving from PF service, you will get interest for 36 months further.
4. Kindly contact the Sub Regional PF Office.
Abbas.P.S
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
TAXABILITY ON EPF WITHDRAWAL.docx