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PF withdrawal after 5 years
One of my friend resigned from a job from Private sector after completion of 5 years. Now he has switched to Govt. job. There is no option of transfer account. He wants to withdraw PF amount. What will be the taxability. How much amount exempt and how much included in taxable income? Also consider 10% TDS.
Replies (10)
Quick Summary
Withdrawal after 5 years won't attract taxability. moreover to be absolute, deposit that withdrawn amount to new pf account
Full amount can be withdrawn. file FORM 31
No tax liability on withdrawal after 5 years? what about employer's contribution and Interest part?
It can be withdrawn too using Form 31
Ok... thanks .. but computation given by previous company charged tax on Employer's cont. and interest part.
Maybe the PF holder had not completed 5 years of service at that time. PF withdrawal before completion of 5 years of service attracts TDS at 10% on providing PAN and 20% in case of failure to provide PAN.
Ok thank u
if you are withdrawing the amount from pf after completing 5 years of service then no TDS will be deducted. however if you are withdrawing pf amount even 1 day before 5 years then 10% tds will be deducted if amount is more than Rs. 50,000.
What about part of amount included in our ITR? If more than 5 year or less than 5 year? like Employer's Cont., Employees Cont. and Interest part.
In case of less than 5 year.... is this possible thar I will withdraw amount in part in various years... like 50% in current year and 50% in next year
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