HI,
I have worked in a company for 3 1/2 years. I have recently changed the company.
If I withdraw PF of my previous company, will it attract tax or will I get the full amount ?
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Tax Deduction on PF Withdrawal
Replies (3)
First you should consider the following:
- Whether The PF account you were holding wih your previous year is a Recognised PF or an Unrecognised PF?
- Whether such withdrawal is allowed on or before completion of 5 years from the date of Holding of such an a/c with your previous employer?
Now if such wothdrawal is aloowable....then you can withdraw Money from your PF a/c and there will be NO deduction of tax if it is RECOGNISED....
however in case of an UNRECOGNISED PF such withdrwal shall be liable for Deduction of Tax at Source as per the provision of the Income tax act for the relevant assessment year
..
the balance after withdrawal will be ransferred to PF with new employwer
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