Employees provident fund account
This query is : Resolved
sanjaymurarka
(Querist)
08 June 2012
A person worked in a company ABC for about 8 years. He resigned from this company and withdrew all his dues including Gratuity, Leave Encashment, etc.
He joined company XYZ for about two months. Now he wishes to re-join company ABC. My queries are regarding the EPF contribution in company ABC.
1) Will the contributions be credited to the old EPF account he had in ABC, prior to resigning from that company?
2) Will he have to open a new EPF account once he re-joins ABC? In this case, he will have two concurrent accounts in the same company and he will seek to transfer the corpus from the old account to the new.
3) What are the tax implications of this whole exercise?
4) What are the legal implications of this exercise?
5) What do you suggest as the best course of action?
He joined company XYZ for about two months. Now he wishes to re-join company ABC. My queries are regarding the EPF contribution in company ABC.
1) Will the contributions be credited to the old EPF account he had in ABC, prior to resigning from that company?
2) Will he have to open a new EPF account once he re-joins ABC? In this case, he will have two concurrent accounts in the same company and he will seek to transfer the corpus from the old account to the new.
3) What are the tax implications of this whole exercise?
4) What are the legal implications of this exercise?
5) What do you suggest as the best course of action?
Ram Avtar Singh
(Expert)
08 June 2012
He will get new EPF Account. because old account was closed & EPF Withdrawal by him.
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sanjaymurarka
(Querist)
08 June 2012
Is transfer of funds allowed from old provident fund account to new pf account? Or, funds in the old provident fund have to be withdrawn and the old account closed?
Ram Avtar Singh
(Expert)
09 June 2012
if old EPF amount not withdrawal then same EPF account to be continue.
if new accounts created wrongly then Transfer old account in new account.
if new accounts created wrongly then Transfer old account in new account.
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