I worked for a Company for 4.8 years before getting separated on account of superannuation at the age of 60 years. When I went to UAN portal to submit a claim after 2 months, I noticed my reason of exit from the Company is indicated as 'CESSATION (Short Service)' instead of 'Retirement / Superannuation'. Since I have withdrawn PF already twice (from my earlier 2 employments) and my current accumulation is more than Rs. 50K, how does the Income Tax (TDS) apply to my current withdrawal if the reason for exit as indicated viz. CESSATION (Short Service). Is there IT exemption for PF withdrawals after retirement / superannuation irrespective of duration of service and previously PF withdrawn or not?
From India, Bengaluru
From India, Bengaluru
@DMKarnath
it would be wise to leave the account as it is for couple of months, so that it would achieve 5+ years from the date of credit of 1st entry, then it would confirm the conditions of section 80C and TDS may be avoided
meanwhile you can approach the employer and EPF with joint declaration, however for less than 10 yrs of service, superannuation does not fetch anything extra
if you have withdrawn twice in past, as per your version, but be sure that you have got pension account also settled, if not then go for transfer of pension account added, it will enhance the service span
632it would be wise to leave the account as it is for couple of months, so that it would achieve 5+ years from the date of credit of 1st entry, then it would confirm the conditions of section 80C and TDS may be avoided
meanwhile you can approach the employer and EPF with joint declaration, however for less than 10 yrs of service, superannuation does not fetch anything extra
if you have withdrawn twice in past, as per your version, but be sure that you have got pension account also settled, if not then go for transfer of pension account added, it will enhance the service span
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