I have completed a contract in my present organization and have completed 4 years of service. I am now shifting to China for another job assignment. I cannot transfer my PF there as it is not applicable. And If I withdraw the PF here, I will have to pay tax. Now this is a situation beyond my control. Do I have to pay tax on PF withdrawal or is there some way out?
From India, Mussoorie
From India, Mussoorie
You do not have to pay income tax.You can fully withdraw your PF without waiting for two months . Varghese Mathew
From India, Thiruvananthapuram
912From India, Thiruvananthapuram
I have a PF account with a schools PF trust. I have served the school for 3.9 years and now my contract is over with the school in June. I am moving to Hongkong for another job and I will be a NRI in July.
I cannot transfer my PF abroad as there is no provision and I do not want to withdraw it. The school authorities are saying that they will deduct TDS on this PF and even if I withdraw it next year I will have to pay tax on it.
I have no option in front of me what to do to save tax a they are planning to cut TDS and give me my hard earned money after deducting tax before I go abroad.
There is a provision in the PF rules that this could be tax exempt if there are circumstances beyond control. Now please could you help me in this as to what could be done in this situation and whether I still have to pay TDS when I have no other option to transfer my PF as I am moving to a different country for work.
From India, Mussoorie
I cannot transfer my PF abroad as there is no provision and I do not want to withdraw it. The school authorities are saying that they will deduct TDS on this PF and even if I withdraw it next year I will have to pay tax on it.
I have no option in front of me what to do to save tax a they are planning to cut TDS and give me my hard earned money after deducting tax before I go abroad.
There is a provision in the PF rules that this could be tax exempt if there are circumstances beyond control. Now please could you help me in this as to what could be done in this situation and whether I still have to pay TDS when I have no other option to transfer my PF as I am moving to a different country for work.
From India, Mussoorie
Better to withdraw the same, in the matter you need not to wait for two months you simply attach the offer letter copy, your passport & visa copy duly attested by your employer with for 19 & 10c your claim will settle at earliest.
thanks & regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
thanks & regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Dear Quantum,
Is there any possibility for you to come back to India in a few years and then take up another employment in India and continue with the PF A/c with a new employer with the same A/c No. ?, say within 3 yrs. ?
From India, Bangalore
Is there any possibility for you to come back to India in a few years and then take up another employment in India and continue with the PF A/c with a new employer with the same A/c No. ?, say within 3 yrs. ?
From India, Bangalore
Dear Sir, PF is non Taxable. You can withdrw it in three months. After that you will not get intrest on that amount.
From India
From India
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
Provident fund.zip
PROVIDENT FUND.rar