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  
Post a Comment

Related Posts

    • Interest for 19-20

      Has anybody received Interest for 2019-20 credited in their account? News said 8.15% would be credited by Diwali but I couldn't see anything in my account.

      By Shibdas Mallick
    • Inoperative account of PF

      I have a company PF which I left 2010 and I didn't claim the PF amount. As gone thru EPFO website I got to know that my account will under inoperative account. I have sent composite claim form (Non...

      By Punitha M
    • PF fund withdrawal after retirement - Age 59

      I submitted PF withdrawal form when I took retirement from the Pvt employer and I received majority of the PF balance - employer contribution as well as my contribution. I applied after ...

      By Ajit Shah
    • Senior Citizens

      Govt. is only to extract taxes for its leaders. Senior Citizens get concessional or free welfare measures in a welfare state. Ours is a leaders govt. for its own welfare. Revenue hardly meets its l...

      By Vijay Agarwal
    • Senior Citizens Plight

      Got across a post written by a senior citizen known to me..His post is as follows..After the age of 70..senior citizens are not eligible for medical Insurance..loan on EMI..No driving license..no j...

      By Satyapal Singh
    • EPFO screws citizens

      While people are heartbroken over arrest of Rhea or angry with demolition of house of Kangana, EPFO lowered interest rate of 8.15% to subscribers for 2019-20 for now. Interest on your money.... So ...

      By Satvik Singh
    • when does the pension start

      I have just finished 58 years a few days back ( in August 2020 ). when I checked the PF portal no information is available regarding my pension number/Bank even though I filled it up 3 years back ....

    • PF deductions

      At he age of 58 PF becomes matured and payable to respective employees. PF should not be deducted if employee does not want to contribute. However, if deduction is made with consent of employee, bo...

      By Vijay Agarwal
    • Can employer deduct pf after 58 years ?

      If employer wants to retain employees after their retirement age then what is the procedure for it ?

      By Sonal Shingare
    • How to calculate pension under EPS 1995

      How to calculate pension under EPS 1995 after attaining the age of 58 years Date of Joining - 01/10/1983 Date of Exit - 30/06/2018 Pensionable salary (5 years average) = 13,017/- per...

      By Alok Kumar Shrivastav
    • PF - pension closure

      Dear friends, Already I closed my pf account in previous company employee /employer contribution is received 2years back , but in my pf account pension amount cannot able to withdrawn current...

      By Bala Gopal
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)