I dealt with 2 various facilities from 2011 to 2015 and 2015 to 2016, specifically, for which I was designated 2 various UANs and PF accounts. My present organisation, for the previous 8 years, does not have a stipulation for PF and, consequently, can not move the previous PF accounts.
Is there an on-line procedure for combining both accounts? Despite 10+ e-mails, I have actually not gotten a feedback from the PF workplace. Would there be a tax obligation responsibility on withdrawal of this quantity as the overall PF payment duration is listed below 5 years despite the fact that I have remained in solution for over one decade?
Under the guidelines of the EPF system, while each person would certainly have a different participant ID for each and every company, just one Universal Account Number (UAN) is allowed for each and every person. In this instance, as you have actually been designated 2 various UANs, you would certainly require to combine the UANs and the PF accounts. This procedure can be embarked on online on the EPFO internet site after logging right into your UAN.
As your present organisation does not have a stipulation for PF, you would certainly require to take out the equilibrium in your PF accounts by suing. However, as the insurance claim can be submitted in regard of just one UAN and PF account, you would certainly require to initial combine the UAN and after that move the equilibrium from the account which was opened up throughout your work from 2011 to 2015 (state facility A) right into the account which was opened up throughout your succeeding work in 2015 (state facility B) by declaring Form 13. For the merging of the UAN you must pick the ‘one member and one EPF account’ on the EPFO internet site after authorizing right into with the UAN qualifications in which the earlier UAN is to be combined.
Also Read: If you have greater than one Universal Account Number for EPF, do this currently
The transfer of the PF accounts would certainly require to be accepted on-line by either facility A or facility B. Once the equilibrium in the PF accounts is moved and is mirroring in your passbook, you can sue for withdrawal of the whole equilibrium of the PF.
Withdrawal of the gathered equilibrium of PF as on the day of leaving work will be excluded as you have actually made constant work for greater than 5 years. However, passion gathered after the cessation of your work in 2016 would certainly be taxed in your hands.
Also Read: Why withdrawal of cash from your PF is filled with difficulties
I benefited a personal firm for 4.5 years approximately October 2015 yet did not withdraw my EPF. I have actually currently taken out the quantity after 9 years at the age of 58. Is the taken out quantity taxed?
The taxability of the gathered equilibrium of EPF on withdrawal depends upon your duration of work and would certainly not depend upon your age at the time of withdrawal. Therefore, the reality that you have actually taken out the equilibrium after transforming 58 years would certainly not lead to your withdrawal being excluded as your constant duration of work was much less than 5 years. Further, in such a circumstance, the EPFO will subtract TDS on the quantity payable.
Mahesh Nayak, legal accounting professional, CNK & &Associates
