Hi

I need suggestion regarding my PF withdrawl. I was working with MNC for almost 4 years and my last day of working was July 31st, 2015. I couldn't file Income tax this year because my company failed to provide me Form 16 on time. I don't want to get any deduction in my PF but Form 15(g) requires all the details of filed IT of last and present years. Please advise. Thanks more  

View all 6 comments Below 6 comments
04-11-2015 Bangalore
To Sri Kiran Badaria

My reply to your above e-mail:-
1) Suggestion regarding PF withdrawal:-
There are three types of provident funds - type 1, PF maintained independently by your
employer, type 2, PF managed by E P F O established under Central Act,
type 3 : Individual's Public Provident Fund operated by an individual in any commercial
bank or post office.

In your e-mail you have not stated PF withdrawal from which type?

In type 1, every PF trust will have its own rules for withdrawal.
In type 2, for withdrawal you have to refer to EPFO and follow the rules.

Note : PF withdrawal from EPFO is always conditional that is you can withdraw
for certain purposes only.
In type 3, you are eligible for time-based P F withdrawal for any purpose you like.
Amount of withdrawal under PPF is as under:-

Deposit of say, Rs.1,00,000 (total) between 01-April- to 31-March- ...(a)
Add interest say,6000/- on 31-03- ... ...(b
Total say:1,06,000/- .....(c)

Take (c) as base financial year : say 2009-10 ....... base financial year .... 0

Next add five fiancial years to the base financial year,

that is 2010-11, 2011-12, 2012-13, 2013-14, & 2014-15.

After completion of such 5 financial years, you will be eligible to withdraw
P F in financial year 2015-16.

Eligible amount of withdrawal: Not exceeding 50% of (c) : 53000 half of 106000/-

for any purpose you like.

Latest bare acts may be referred for further clarification. However basic rules remain same.


2) Regarding non-issue of form 16 by your employer:-

It is crime if form 16 is not given to you by your employer.

You can file a case in consumer forum or lok adalath or CBDT or any other forum
convenient to you. Reason: Service deficiency. Agency and principal relationship
between you and your employer under section 186 , section 37 and section 212
of Indian Contract Act.

3) Form 15(G) : Is this under P F Act or Income Tax Act.
Your e-mail is not clear about this. You can decide yourself and do the needful.

With regards, - Nagaraj T V more  
Form 15G fill by you it is necessary avoid of deduction more  
its simple form (15G) just fill the details as mentioned by krishnamachari srivatsan and submit copy of PAN duly signed by you. do remember that, 15 G should be submitted in duplicate and if your pf balance is less than 30000 then you need not to fill the 15G, if the amount is >30000 and contributory service is less than 5 years then only you need to fill form 15G more  
Thanks a lot for your help!! more  
You can file your IT return now without any penalty provided thetotal amount of income tax has been paid by you up to 31/03/2015 more  
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