A person worked in company 'A' for 12 years, and then in company 'B' for 1 year and returned to company 'A' where he has been working for 1.5 years now. When he returned to company 'A' for the 2nd stint, a new PF account was opened. This person had regular, uninterrupted service and now desires to withdraw the PF money lying in his earlier account with company 'A' and with company 'B'. Can he do so, if yes, under provisions of the EPF Rules. What Forms to use and what is the taxability of the amount withdrawn.
Thanks in advance,
Sanjay
From India, Gurgaon
Thanks in advance,
Sanjay
From India, Gurgaon
This is a little bit confusing
First of all Just want to know did that person had tranferred his account to Company B and even B to A when he again moved to A?.
However if it has been done then he can withdraw his PF amount to a certain extent that we called Loan& Advance from PF fund. for which he has to fill "Form 31"
But if he has not transferred his PF account from B to A and vice versa then
1. From Company A: As he has completed his services for more then 10 Yrs i.e. he can withdraw and get PF contribution except pension fund contribution i.e 8.33% of employer's contribution. As after 10 Yrs one will get eligible for the pension which will be payable to him after completion of the age of 58 Years.(need to follow some procedure for enrolling under pension Scheme)
2. From Company B he can with draw both the amount(EPF+Pension Fund)
For withdrawing amount
In case of company A. one need to fiill Form 19, Form 10 and Form 5,form 3a(issue by the company containing details of the PF contribution for current financial year),and SSN form
In case of Company B Form 19 and form 10C along with form 5 and form 10, Form 3A and SSN Form
Note: The whole amount would be Tax exempted
For further clarification please do let me know
Regards,
Yajuvendra Singh Bisht
From India, Delhi
3First of all Just want to know did that person had tranferred his account to Company B and even B to A when he again moved to A?.
However if it has been done then he can withdraw his PF amount to a certain extent that we called Loan& Advance from PF fund. for which he has to fill "Form 31"
But if he has not transferred his PF account from B to A and vice versa then
1. From Company A: As he has completed his services for more then 10 Yrs i.e. he can withdraw and get PF contribution except pension fund contribution i.e 8.33% of employer's contribution. As after 10 Yrs one will get eligible for the pension which will be payable to him after completion of the age of 58 Years.(need to follow some procedure for enrolling under pension Scheme)
2. From Company B he can with draw both the amount(EPF+Pension Fund)
For withdrawing amount
In case of company A. one need to fiill Form 19, Form 10 and Form 5,form 3a(issue by the company containing details of the PF contribution for current financial year),and SSN form
In case of Company B Form 19 and form 10C along with form 5 and form 10, Form 3A and SSN Form
Note: The whole amount would be Tax exempted
For further clarification please do let me know
Regards,
Yajuvendra Singh Bisht
From India, Delhi
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TAXABILITY ON EPF WITHDRAWAL.docx