I joined company A on Dec 2007 and worked till July 2009. In between the company is overtaken by other company in June 2009. In the transformation instead transferring/continuing our old PF account, they created a new PF account. So I had 2 PF accounts for the same service.
Now In October 2009 till Nov 2010 I have joined new company where PF was not opted. (I took a break for personal reason from July 2009 to Oct 2009. Apprx. 3 months)
In Nov 2010 I joined the company which has its own PF trust. I have requested PF transfer from my two PF accounts. However 1 PF request was rejected and I withdraw the money from it. Other PF account (from June 2009) was got transferred to my current company PF account.
The company will ask to sign PF transfer/withdrawal form. The company said that if they do not receive a transfer request (with details of new employer) in 2 months, then it will be processed for withdrawal.
Now if my Last working day is 5th May 2014 and mostly I may take a break, below are my queries
1. If I withdraw my PF amount, how the service period will be considered?
From 1 June 2009 to 5 May 2014 even if there is break in service and PF membership?
2. If I withdraw my PF, is it taxable?
3. In PF withdrawal process if it’s taxable, will the PF trust deduct the applicable tax and then credit the PF amount?
4. If I ask for transfer while separation and not joined other company, company will wait 2 months and not receive any transfer request, automatically my PF get processed for withdrawal (after 5th July). In this case is my PF taxable? [As I read If withdraw it before 5 yrs, then its taxable, after 5 yrs its not]
(As till July 14. my PF membership will be more than 5 years starting from 1 June 2009)
5. For EPS, how many years will be considered? (In my service tenure my basic was > 6500)
Thanks