POSTED BY October 17, 2012 12:25 am COMMENTS (3)ON
I joined company A on August 2005 and worked for 1 year. They created a PF account for me. Then 1 year I took a break and did some research assistantship. So no PF was deposited for that time. Then again in 2007 August I took up another job. I transferred the old PF account to the new Company. I worked in the company till 2010 January. After that i left for starting my own venture. And no PF has been deposited from 2010 january till now.
So I have totally worked for 3 1/2 years of service in 2 different companies.
I heard that PF amount becomes dormant after 3 years (There is no interest). So I am planning to withdraw the amount after closing the account. Is it advisable ?. And will there be TDS on the source on the amount ?. If yes, whats the percentage. You can assume that I don’t earn any money this year since i am running a startup. And my amount is 2.5 lakhs rupees. Or is there a way I can reactivate the account ?
Can you advice me on the same please.