Sir/Mam,
Due to WFR, i lost my job in less than 5 years of service. Pls clarify if my company will deduct TDS on my PF withdrawal. I have more than 5 lakhs in my PF account and it's been 2 months since i am without any job. As per latest EPF Withdrawal, no income tax (TDS) shall be deducted as per Rule 8 of Fourth Schedule to the Income Tax Act, 1961, if the employee has been terminated due to his ill health or discontinuance of business of employer or other cause beyond the control of the member shall not be required. Based on the above fact, I would like to know the below
1. will my PF attract 10% TDS
2. My company is asking me to mention only Resigned in PF forms, which can be misleading.
3. Is there any way I can avoid TDS on PF
4. In case I dont withdraw my PF for 5 years, then with draw later even though I am not in serice/employed will it attract TDS.
CAclubindia
