i have changed my job recently. how can i withdraw or transfer the pf from my old employer to new employer. transfer or withdrawal. what is the best option?
i have changed my job recently. how can i withdraw or transfer the pf from my old employer to new employer. transfer or withdrawal. what is the best option?
Dear Sir, When I withdrew PF after I joined a new company, I did not get any documents. Only a sum was credited to my account. I would like to know how can I find out if my PF was already taxed or I will have to show the same in my IT returns. I have not completed 5 years of service, all employers put together. Also under what head should this income go? Secondly, I have to get a IT refund for assessment year 2004-05. I had got the cheque, which had expired by the time I out it in the bank. Repeated reminders have failed to get a reply. Please let know how do I get the Refund back. It is possible to set it off against this years returns? Thanks & Regards
PF withdrawal is taxed
by Abhijeet Banerjee on Jul 27, 2006 07:01 PM
Hi, PF withdrawal is taxed. However, like u, I too did not get the statement of accounts from the PF Office, nor from the previous employer anytime during the two yrs of employment.
I'd like to know that in case of the PF account. The following cause -
If your contributions are pertaining to five or more years of continuous period of employment, then there would be no tax impact on such withdrawal.
Does the above clause mean continuous five years of employement with my current employer or in totality my work experince should be more than 05 years for me to avail tax free withdrawal?
I am working with a concern for the past 10 years. Now I want some money for an emergency purpose. I would like to withdraw the total amount from PF, but I came to know that they PF authorities will not give full amount. They will keep the 40% of the total amount & the same will be issued as pension to by after completion of my 60 years. In this connection they will give a certificate. Can I request them to release the full amount by a letter. I will also would like to resign the present job.
dear sir i8 am getting 24000/- salary and 54000/- bonus and 14400/- LTA,14400 medical for this year so irequisting you to guide for savings to avoid tax for this financial year. inmy salary basic 14400 balance is allowences
