Hi Friends,
I have recently changed my company after working for 2 yrs. I am confused - whether i should withdraw my PF or I should transfer it to my new company? And if I withdraw what would be tax implications?
Thanks & Regards
Shamit
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Withdrawal of provident fund
Replies (5)
If the amount is received by the assesse before 5 years then full amount is taxable.
Therefore balance of RPF in your old company should be transfered to the new company and the period of service under previous employer shall be included in calculating the continuous service.
yes transfer of a/c is beter
Shamit ji,
If PF amount is withdrawn before 5 years of continious service then the deduction availed in previous years for the deposit of PF u/s 80C shall be deemed as income of the assessee in the relevant P.Y. and no further deduction shall be allowed for contribution in that P.Y.
Please mention whether it was RPF or URPF...
true!
yes transfer is better.
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