HI All
I am in a big Mess. I had to trnsfer my PF account from the previous organization to the new. However due to hectic schedule ..I forgot filling up the PF Transfer form ...and submitted the same after 6 months of my service in the new organization. I was amazed to find that my previous organization had already transferred my PF amount to my savings acount quoting that they received my application after 2 months of my leavin the organization ..and in that case the transfer the amount to savings account by default and without any intimation to me . Now As a result , since I had not completed 5 years of service , have to bear a huge tax liability of additional Rs 80000 (as the whole PF amount , credited to my savings account has been treated as my income).
I would like to have your sugggestions in this case . Is there really any 2 months limit within which you need to get your PF account get transferred. Can I sue them for this ??? Please Help me out .....
From India, Madras
1I am in a big Mess. I had to trnsfer my PF account from the previous organization to the new. However due to hectic schedule ..I forgot filling up the PF Transfer form ...and submitted the same after 6 months of my service in the new organization. I was amazed to find that my previous organization had already transferred my PF amount to my savings acount quoting that they received my application after 2 months of my leavin the organization ..and in that case the transfer the amount to savings account by default and without any intimation to me . Now As a result , since I had not completed 5 years of service , have to bear a huge tax liability of additional Rs 80000 (as the whole PF amount , credited to my savings account has been treated as my income).
I would like to have your sugggestions in this case . Is there really any 2 months limit within which you need to get your PF account get transferred. Can I sue them for this ??? Please Help me out .....
From India, Madras
Dear Varun,
According to me its nothing like only after two months. Few compaines might follow this, infact you can draw anytime you want after two months. But in your case if the previous employer as submitted the PF form on behalf of you, the PF dept cannot process the forms without your signature this is one major point you need to mention. Hope you have understood the point here, well try to find if you can get any information about such things in the PF website www.epfindia.com
Regards
Amith R.
From India, Bangalore
According to me its nothing like only after two months. Few compaines might follow this, infact you can draw anytime you want after two months. But in your case if the previous employer as submitted the PF form on behalf of you, the PF dept cannot process the forms without your signature this is one major point you need to mention. Hope you have understood the point here, well try to find if you can get any information about such things in the PF website www.epfindia.com
Regards
Amith R.
From India, Bangalore
But they have deposited the entire amount in my savings account , without my approval ....n saying that you had to transfer the whole PF to new company within 2 months or else we deposit it in your savings account by default. Is there reasoning apt ...or Is ther a flaw ....
From India, Madras
From India, Madras
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PF Online Transfer.pdf
Steps to transfer PF amount.jpg