Taxation on provident fund
This query is : Resolved
Sanyam Jain
(Querist)
06 May 2013
I had worked with my old employer for 3 years which ended on 7th May 2010, and after a break of almost one year, i have joined a new company in June 2011. I have never bothered to close my old PF account and got a new PF account with my current employer. I would like to get my old PF account to merge in my new PF account. Now my queries are:
1. Since i had worked only for 3 years with my old employer, whether my transferred balance from old PF to new PF attracts tax.
2. To avoid tax liability will the years I worked for old employer be clubbed with the years I worked for current year for tax exemption because I am planning to leave my current employer within few months (most likely by July this year).
1. Since i had worked only for 3 years with my old employer, whether my transferred balance from old PF to new PF attracts tax.
2. To avoid tax liability will the years I worked for old employer be clubbed with the years I worked for current year for tax exemption because I am planning to leave my current employer within few months (most likely by July this year).
CMA Ramesh Krishnan
(Expert)
16 July 2013
1. Transfer of one PF account to another will not attract any tax, you can do the same
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