Experts!!! Pls share the new PF withdrawal rule
Hello friends
Pls clarify withdrawal rules as there is confusion now. The rule keeps changing by the week.
My date of birth is 29th Mar 1962 and i have completed 54 years of age just last week. I live in chennai. I had worked for 5 yrs and 2 months continuously in a company and had resigned and got relieved on Dec 9, 2015. I am not going to work after that and i do not seek to be in a permanent job in future. I have my PAN mentioned in the forms and i am a honest tax payer all the years. My company had filed for my PF withdrawal on the 25th Feb 2015 with EPFO to refund the entire corpus to me. The PF total corpus ( incl employee + employer + interest ) is expected to be over Rs 20 lakhs. I have heard that if I have completed 5 yrs of completed service and if I am not working for more than 2 months after relieving, there will not be any tax and I will get 100% payment. Still thought of clarifying with someone who is an expert. My questions are
- Will i be refunded to withdraw 100% of my and company contribution
- Will there be any TDS on this refund amount. If yes, is there anyway i can avoid the tax on refund. Like i can take back my refund application and refile it after i become 58.
- If i do that, will i get interest for the next 4 years. Pls clarify. Thanks for your kind reply.
Regards
Vetrivel R
Chennai
95 66 22 4321 more
Pls clarify withdrawal rules as there is confusion now. The rule keeps changing by the week.
My date of birth is 29th Mar 1962 and i have completed 54 years of age just last week. I live in chennai. I had worked for 5 yrs and 2 months continuously in a company and had resigned and got relieved on Dec 9, 2015. I am not going to work after that and i do not seek to be in a permanent job in future. I have my PAN mentioned in the forms and i am a honest tax payer all the years. My company had filed for my PF withdrawal on the 25th Feb 2015 with EPFO to refund the entire corpus to me. The PF total corpus ( incl employee + employer + interest ) is expected to be over Rs 20 lakhs. I have heard that if I have completed 5 yrs of completed service and if I am not working for more than 2 months after relieving, there will not be any tax and I will get 100% payment. Still thought of clarifying with someone who is an expert. My questions are
- Will i be refunded to withdraw 100% of my and company contribution
- Will there be any TDS on this refund amount. If yes, is there anyway i can avoid the tax on refund. Like i can take back my refund application and refile it after i become 58.
- If i do that, will i get interest for the next 4 years. Pls clarify. Thanks for your kind reply.
Regards
Vetrivel R
Chennai
95 66 22 4321 more
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View all 6 comments Below 6 comments
You can get your entire amount of your pf accumulations and your amount will not attract any TDS as Mr. Sanjay said. Please go ahead with your refund. Still you have any doubt on this, you can go to the PF office and meet the PF commissioner to clear all your doubts. more
Apr 04
Mr Vetrivel R has questions which appear to be applicable for quite a few members in the age group of 50 +. If his questions can be answered by an expert in this area, it would help many people. Thanks more
Apr 04
Dear friend I have receied full refnd almost same time as you have applied for and similar case plz followup with epfo you are entitled to get all mony without TDS..just go to pf office and meet asst commissioner and he will help you out. This is my experience with pf office more
Apr 04
Most of the honest tax payers only suffer most in India.We are milking cows for the Govt. more
Apr 04
Mr Subodh Kumar Assistant Manager (Slitting) Uflex Limited (Packaging Division) A-1, Sector 60, Noida-201301 Phone No. : +91-120-4002651 Mobile No. : +91-9811967507 Your change of email ID has nothing to do with the problem faced by Mr. Vetrivel Rajupillai (Senior Management in Private sector). Please try to help Mr. Vetrivel Rajupillai (Senior Management in Private sector) if you have any information on the subject more
Apr 04
