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POSTED BY ON May 16, 2012 12:34 am COMMENTS (4)
Hello ,
I have change the company and now i want to withdraw my PF. I have completed 4 years and 10 months in my previous organization. My question is that will i be able to withdraw all my three coponents that is EE (Employee contribution) ER (Employer contribution ) and the pension amount.
Suppose my current EE Amoount is Rs 25000 and ER is Rs 7000 and rest is pension amount, will i be able to withdraw all the three component ..
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@Ansul are u sure EPF amount is taxable..why i am asking is i withdraw my PF amount after 3 years and no tax was deducted , i am assuming this there was no tax deduction.
Now i am again for withdrwa of my PF amount from my second company and after seeing ur comments i am confused wht i should do ..
Dear Varun, no Tax was deducted for the reason that PF withdrawls are not liable to TDS as in the case of bank FDs. The onus lies on the investor to pay his/her due taxes on the early withdrawl of PF. Please do not assume but read the taxation of early withdrawl from PF in Section 10(12) of the I T Act.
Thanks
Ashal
Dear Shakeel, why are your withdrawing? You can transfer the same to your new employer. In case you stick to redeem the same, you can do so but in this case, the amount received from all 3 ‘ll be taxable in the year of receipt.
Thanks
Ashal
1) Don’t withdraw EPF corpus. It is a mine of wealth.
2) If you withdraw it now the withdrawal will be added to your income and taxed since you did not complete 5 years.
3) EE and ER can be withdrawn. The pension amount may be withdrawn.
The following link has excellent info on all of this:
http://www.bemoneyaware.com/blog/epf-eps-transfer-withdrawl/