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PF Withdrawal Issue: Unable to File for Over x Lacs - 3+ Years Employed, 2 Companies

Milind

Milind Vadjikar  | Answer  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 15, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Asked by Anonymous - Oct 15, 2024Hindi
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Pls guide me so as to withdraw PF amount from EPF scheme, subject to aforementioned conditions a. Set period of employment is >3 years. b. I had employment with 2 companies, one I transferred and the next I withdrew. Main, problem is withdraw amount is > x lacs and unable to file for withdrawal- 2 times rejected. Pls help me.

Ans: Request you to kindly rephrase your query.
Asked on - Dec 31, 2024 | Answered on Jan 01, 2025
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Want to claim EPF from my UAN ( Period> 5 years already). But service is short less than 45 days with the current organization. Amount > 2 lac is already there- as it had been transferred from another organization. How to settle and get the amount despite filing 5 times- all times rejected.
Ans: Hello;

What is the reason given for rejection?

I suggest you visit EPFO office and speak to concerned about your issue.

But remember the employees of all organisations have to follow certain rules, regulations and laws.

Best wishes;
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

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Mutual Funds, Financial Planning Expert - Answered on May 23, 2024

Asked by Anonymous - May 16, 2024Hindi
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Hi My wife was employed in a company which paid her salary with monthly deduction of EPF from 2017-2020. She left that job. She joined again as a consultant in another company which doesn’t pay EPF. She files her taxes under 44AD We have not yet withdrawn her EPF money which has been accumulated. My queries 1) Tax implications of money withdrawn 2) whether we need to fill form 15G 3) What financial year to enter in form if I place request for withdrawal right now ?
Ans: Understanding EPF Withdrawal and Tax Implications
Withdrawing funds from your wife's Employees' Provident Fund (EPF) entails certain tax implications and procedural considerations. Let's delve into each of your queries:

Your proactive approach to understanding the tax implications of EPF withdrawal reflects your commitment to financial responsibility.

1. Tax Implications of EPF Withdrawal
EPF withdrawals are subject to tax considerations based on the duration of employment and the reason for withdrawal:

Tax on Withdrawal: If the EPF withdrawal occurs before completing 5 years of continuous service, it is taxable as per the Income Tax Act.
Tax-Free Withdrawal: EPF withdrawals after 5 years of continuous service are tax-free.
2. Requirement of Form 15G
Form 15G is a declaration under the Income Tax Act to claim TDS exemption on interest income. Whether your wife needs to submit Form 15G depends on the withdrawal amount and her total income:

No TDS for Amounts Below Threshold: If the EPF withdrawal amount is below the threshold specified by the Income Tax Department, no TDS is deducted.
Form 15G for TDS Exemption: If the withdrawal amount exceeds the threshold but the total income for the year is below the taxable limit, submitting Form 15G can prevent TDS deduction.
3. Financial Year for Form Submission
When filling out the withdrawal form, specify the financial year during which the withdrawal occurs:

Current Financial Year: If the withdrawal request is placed now, indicate the current financial year.
Previous Financial Years: If the withdrawal pertains to previous financial years, specify the respective financial years accurately.
Conclusion
Before proceeding with EPF withdrawal, consider consulting a tax advisor to assess the tax implications based on your wife's employment tenure and total income. This ensures compliance with tax regulations and maximizes the benefits of EPF withdrawal.

Best Regards,

K. Ramalingam, MBA, CFP

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www.holisticinvestment.in

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Ramalingam

Ramalingam Kalirajan  |10231 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jun 03, 2024

Asked by Anonymous - May 29, 2024Hindi
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Hi Sir, Greetings! I worked in the company for 22 years. I resigned and moved to abroad for better opportunity. Currently my is 50 years and not withdrawn my EPF. I have the following query. 1. When can I withdraw my full EPF? 2. Upto what age I can earn interest on my EPF? 3. Tax on EPF interest.
Ans: Congratulations on your new opportunity abroad. It's great to see you're planning your EPF withdrawal wisely. Let's address your queries in detail.

When Can You Withdraw Your Full EPF?
You can withdraw your EPF under certain conditions:

Retirement: Full EPF withdrawal is allowed at the age of 58.

Unemployment: If you are unemployed for more than two months, you can withdraw your EPF.

Early Withdrawals
Partial Withdrawal: You can partially withdraw for specific reasons like home purchase, marriage, or education.

After 50: Since you are 50, you can withdraw up to 90% of your EPF one year before your retirement.

Upto What Age Can You Earn Interest on Your EPF?
Your EPF account earns interest until you withdraw the amount. However, there are important points to consider:

Active Accounts: As long as you are contributing, your EPF account remains active and earns interest.

Inactive Accounts: If there are no contributions for three years, your account becomes inactive.

Interest on Inactive Accounts
Interest Continuation: Even if your account is inactive, it continues to earn interest until the age of 58.

Post 58: After 58, interest is credited only if you have not withdrawn the EPF balance.

Tax on EPF Interest
Understanding the tax implications on EPF interest is crucial:

Exempted Interest: Interest earned on EPF is tax-free if you complete five continuous years of service.

Pre-Mature Withdrawal: If you withdraw before completing five years, interest is taxable.

Taxation on Withdrawals
After 5 Years: Withdrawals after five years are tax-free.

Before 5 Years: Taxable as per your income slab, and TDS is deducted if the amount exceeds Rs 50,000.

Analytical Insights
Full EPF Withdrawal at Retirement
Withdrawing EPF at 58 ensures you benefit from tax-free interest. Your funds continue to grow, providing a substantial retirement corpus.

Managing Inactive EPF Accounts
It's wise to keep track of your EPF account even if it's inactive. Ensure your KYC details are updated to avoid any complications during withdrawal.

Tax Planning
Consider tax implications before withdrawing your EPF. Plan withdrawals strategically to minimise tax liability.

Benefits of Regular Monitoring
Regularly monitor your EPF account to ensure it's earning interest. Update your bank details and KYC to avoid any issues during withdrawal.

Conclusion
By understanding when to withdraw your EPF, the interest it earns, and the tax implications, you can make informed decisions. Regular monitoring and strategic planning will help you maximise your EPF benefits.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

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Nitin

Nitin Narkhede  |98 Answers  |Ask -

MF, PF Expert - Answered on Sep 24, 2024

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Dear Sir, I am working in IT industry for past 20 years and have worked in multiple companies (10) and have not worked in any company for more than 4 years. I have EPF corpus for 25 lacs. so I am part of EPF for past 20 years but I dont have continuous EPF in any organization for 5 years. If I withdraw EPF will it be taxed at my income tax slab.
Ans: About EPF Continuous Service -Since you’ve been contributing to EPF for 20 years across different companies, your overall service with the EPF remains uninterrupted.
About Tax-Free EPF Withdrawal- According to EPF rules, if you have completed 5 years of continuous service (which includes service across multiple employers without withdrawing the balance between jobs), your EPF withdrawal is tax-free. So, despite changing jobs, your service duration with the EPF is counted collectively.
Since you've been contributing for 20 years without breaking the EPF continuity, your withdrawal will not be taxed. You can withdraw the EPF corpus of Rs 25 lakh without worrying about it being taxed at your income tax slab rate.
However, if at any point your EPF service was discontinued and restarted (without a transfer of funds between accounts), the period might reset, leading to taxation concerns. If you are unsure, you could consult with your EPF office or a tax advisor to confirm your exact status. Think about linking all the old accounts in to the current account so that your continuity of service can be verified by PF authorities. Now EPF office have started unified account and you linking your old accounts to the latest account will give you combined value and tax benefits. within my Prosperity Lifestyle Hub community we share such topics to get our financial challenges resolved.
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