sandeep (student) 12 June 2016
one of my client change the job from one to another company ,there is a deposit in the pf account with the previous employer.
know my client want to withdraw money from that pf account .please suggest how he can withdraw the money.weather is has to take permission from previous employer
CA Harshal Totla (Chartered Accountant) 12 June 2016
If the employee has rendered continuous service with the previous employer(s) for five years or more then such withdrawal is not taxable. However, if he has not completed 5 years and the withdrawal amount is more than Rs.50,000 then tds is to be deducted u/s 192A @ 10%. Ni permission is required from previous employer