Hi all, I resigned from a private company on 20 March 2015. I want to withdraw my EPF money. I recently read that the PF amount is taxable. I served there for 2.9 years, and my EPF amount is about 50,000 in total (employee plus employer contributions). Is it taxable? Also, if I submit Form 15G to them, can this amount become tax-free?
From India, undefined
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If you submit Form 15G, it will be given without TDS deduction. But whether it is tax-free depends on your total income for the year, adding this amount of Rs. 50,000. One must remember that the submission of Form 15G should be carefully done with the correct PAN number. Your income should be below the taxable limit. Submission of the incorrect Form 15G can lead to penal consequences. One must remember that a copy of Form 15G is sent to the local IT office.
Some links:
[EPFO to deduct TDS on PF withdrawals in some cases from June - Business Today](http://businesstoday.intoday.in/story/epfo-to-deduct-tds-on-pf-withdrawals-in-some-cases-from-june/1/219671.html)
From India, Pune
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3251Some links:
[EPFO to deduct TDS on PF withdrawals in some cases from June - Business Today](http://businesstoday.intoday.in/story/epfo-to-deduct-tds-on-pf-withdrawals-in-some-cases-from-june/1/219671.html)
From India, Pune
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You can withdraw from the PF account if you have remained unemployed for two months (say more than) from the date of relief from the organization you have served to the organization you are going to join. It's better to get the PF transfer and accumulated for future purposes. Yet, the tax deductions could not be avoided.
From India, Arcot
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From India, Arcot
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Withdrawl Process for EPF.pdf