Hi, I've resigned from my job about 9 months ago. Currently I'm not employed by any organization and is running a blog which has a monthly income of [deleted] rupees. I wanted to withdraw my PF. Can I do that?
Dear Client,
An EPFO subscriber can withdraw his or her EPF balance after remaining unemployed for two months. If the EPFO subscriber has contributed towards his or her employee provident fund or EPF for a period more than five years, the amount received upon withdrawal is exempted from income tax.
One may choose to withdraw EPF completely or partially. EPF can be completely withdrawn under any of the following circumstances:
a. When an individual retires from employment
b. When an individual remains unemployed for a period of 2 months or more. Here, it needs a mention that the fact that the individual is unemployed for more than 2 months has to be certified by a gazetted officer.
What I'm concerned about is, whether my blog income (very nominal) be a reason for my claim getting rejected? It is a personal blog and I'm the only person working on it
withdrawal of PF can be done either by:
Sir you need a certificate from the gazetted officer showing that you are unemployed if you get same then you can withdraw same. In my view though the income from the blog shall not be considered.
The only condition in which you can withdraw your PF so soon is (a) You have quit the job, and are currently jobless, and (b) At least 2 months have passed since you have been unemployed. You can withdraw your entire amount in such a situation
Another situation is if you have a medical emergency, in which case you can withdraw even within 5 months.
According to current rules, an EPFO subscriber can withdraw his or her EPF balance after remaining unemployed for two months. If the EPFO subscriber has contributed towards his or her employee provident fund or EPF for a period more than five years, the amount received upon withdrawal is exempted from income tax.
In the case of employment with different employers, if the PF balance maintained with the old employer is transferred to the PF account of the new employer, it is considered continuous employment.
If an employee has been terminated because of certain reasons beyond his or her control (such as ill health and discontinuation of a business of employer), the withdrawal does not attract any tax, irrespective of the number of years of employment.
In case of withdrawal before five years, the amount becomes taxable in the same financial year.
Thus, the amount has to be shown in your tax return for the next assessment year. The employer's contribution to PF and interest earned on it is added to one's income and taxed accordingly.
In addition, if you have claimed benefits under Section 80C on your own PF contribution, it will be taxed as salary. The interest earned on your own contribution will be taxed as 'income from other sources' and taxed according to the respective tax slabs.
A recent ruling by the Income Tax Tribunal upheld a law which states that the interest accumulated in your EPF or employee provident account after you quit the job is taxable.
This means if you delay withdrawal after leaving employment, any interest accrued thereafter shall be taxed.
An EPFO subscriber can take advance from EPF deposits for purposes such as purchase/construction of the house, repayment of a loan, non-receipt of wage for two months, for the marriage of self/daughter/son/brother, for medical treatment of family member etc. For each type of partial withdrawal/advance, the amount varies and the employee needs to meet specific criteria to be eligible for the advance. One can also apply online through EPFO's member's portal for an advance/partial withdrawal.
regards
Don`t show it.
On your resignation from
the company you are at liberty to withdraw your PF
1) Yes, you can withdraw whole PF from your account.
If you have already resigned and you have completed 3 month then you can apply Forbidden of the balance in your PF account you can submit a form in this regard to your company duly filled and by providing your bank account detail and crossed cheque to transfer the balance to your account a company will submit your application to the regional provident fund commissioner in this regard and you can get the information in this regard or your phone by sms
Yes, it's your money.
You can withdraw the same at your will and desire.
The reason may be small or without much significance but you may produce documentary evidence to prove genuineness to convince PF authorities to permit withdrawal.
Dear Sir
If you have contributed minimum period to P F then you will get it.
