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Pf withdrawal: tds and tax %

Rajan (Application Engineer) (26 Points)

12 September 2012

Hello experts,

If I withdraw the PF amount(around 22000 INR),

1. Will it come fully?

2. If no, what is the TDS %?

3. What is the Tax %?

4. If TDS is cut 30%, can I claim it(or a part of it) back according to my form 16 next year if I my total income is not in 30% tax slab? Or is it non-refundable amount?

Info:

I worked in the company for 1 year. Now I have joined another company.

The company was a private company.

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6 Replies

prateek aanchalia (CA) (859 Points)
Replied 12 September 2012

If PF means Professional Fee Income Than Its liable to TDS @ 10% (194J)on full income. that TDS deduct by income .. u provide professional service in company and u r not in employee or employer relation with co. so in ur case TDS @ 10% applicable.. hence 30% TDS question does not arise.. and also TDS deduct on ur income when u file ur income tax return than u claim that TDS as tax payable by u..if any excess amount arise that amount eligible for refund....

1 Like

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 13 September 2012

best way to transfer the EPF balance to new company EPF by submitting form 13.

as more years of continued job will fetch more reqards at your elder age in terms of finance ( pension)

1 Like

Rajan (Application Engineer) (26 Points)
Replied 13 September 2012

Originally posted by : prateek aanchalia
	If PF means Professional Fee Income Than Its liable to TDS @ 10% (194J)on full income. that TDS deduct by income .. u provide professional service in company and u r not in employee or employer relation with co. so in ur case TDS @ 10% applicable.. hence 30% TDS question does not arise.. and also TDS deduct on ur income when u file ur income tax return than u claim that TDS as tax payable by u..if any excess amount arise that amount eligible for refund....