PF interest after leaving company and starting own firm
This query is : Resolved
05 December 2023
Hi,
I worked as an employee for more than a decade and my PF account has accumulated some fund. I left the organization and started my start up firm (Pvt ltd) around 3 years back.
1. AS AN EMPLOYEE of previous firm --
a. My PF amount is still there and it earned interest till few months back but now it is not earning any interest. There is a PF rule in that regard.
2. AS AN EMPLOYER of current start up firm --
a. My firm has PF number (it was mandatory to take during registration) but we are only 2 people (my and my partner) and we do not pay ourselves any salary. Naturally, there is no PF contribution.
Now, if I start paying myself salary and start contributing minimum PF to myself, will that RESTART the interest payment to my accumulated fund as well?
I worked as an employee for more than a decade and my PF account has accumulated some fund. I left the organization and started my start up firm (Pvt ltd) around 3 years back.
1. AS AN EMPLOYEE of previous firm --
a. My PF amount is still there and it earned interest till few months back but now it is not earning any interest. There is a PF rule in that regard.
2. AS AN EMPLOYER of current start up firm --
a. My firm has PF number (it was mandatory to take during registration) but we are only 2 people (my and my partner) and we do not pay ourselves any salary. Naturally, there is no PF contribution.
Now, if I start paying myself salary and start contributing minimum PF to myself, will that RESTART the interest payment to my accumulated fund as well?
19 January 2024
Yes, EPF interest will be credited to an account even when there is no contribution for 3 years. Thus, if your EPF account has no contribution due to unemployment or Non-Resident Indian (NRI) status, you will get the interest for 3 consecutive years from the stopping of contribution.
https://cleartax.in/s/epf-interest-rate
https://cleartax.in/s/epf-interest-rate
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- Copyright software
- Multiple trade mark
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY....../
- Transporter Declaration form
- E-Invoice applicability for new Startup
- Filing of MSME 1 form by companies
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
