Tax On PF Withdrawal: Why You Must Merge Your Previous PF Account With New One
1 year, 7 months ago

Tax On PF Withdrawal: Why You Must Merge Your Previous PF Account With New One

News 18  

Many of us change jobs every 2-3 years to secure higher salaries and better opportunities. When you switch jobs, you provide your UAN to the new employer, who subsequently opens another PF account under the same UAN. It is essential to merge your previous PF account with the new one after opening the latter. Rule of PF withdrawal As per the regulations, if your tenure with a company is less than five years and the total deposit in your PF account is below Rs 50,000, you are exempted from paying any taxes upon withdrawal. Consequently, if you decide to withdraw funds from your PF account without merging, each company’s two-year duration will be treated individually, resulting in a 10 per cent TDS deduction for each.

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History of this topic

Assigned two UANs? Here's how you can rectify it
2 weeks, 1 day ago

Assigned two UANs? Here's how you can rectify it

India Today  

When employees switch jobs, they often apply for a new Universal Account Number to access their Employees' Provident Fund services online. As per Employees Provident Fund Organisation guidelines, a member is not allowed to hold more than one UAN. — EPFO November 27, 2024 Further, to resolve the issue of multiple UANs, employees should consolidate their previous employment details with …

If you have more than one Universal Account Number for EPF, do this now
2 weeks, 3 days ago

If you have more than one Universal Account Number for EPF, do this now

Live Mint  

The Employee Provident Fund Organisation allows individuals to only have one Universal Account Number. It said that in case two UANs have been issued, the member should apply to transfer money from the previous EPF account to the new one. In case the previous employer was still making payments to the old account, EPFO said, its system would recognise the …

Should I withdraw my PF account corpus?
11 months, 2 weeks ago

Should I withdraw my PF account corpus?

Live Mint  

I left my job recently after working there for five years and two months. —Name withheld on request Since your current employer is not covered under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, it will be unable to establish a PF account on your behalf. Given the absence of a new PF account with your current employer, the …

Why You Should Merge Your Multiple EPF Accounts And How To Do So
1 year, 6 months ago

Why You Should Merge Your Multiple EPF Accounts And How To Do So

News 18  

If you have worked in multiple private companies, you might be aware that a new Employee Provident Fund account is opened by each employer every time you join a new job. You must provide information such as the account number, employer and employee names, and net income earned to combine your current EPFO accounts. Enter the information for the accounts …

What happens if you don’t transfer your PF account after changing job
3 years, 7 months ago

What happens if you don’t transfer your PF account after changing job

Live Mint  

Provident Fund is mainly considered as a retirement-oriented investment option, which is mandatory for an employee. However, due to the lack of Universal Account Number or UAN and PF account number and some formalities required for transfer of the EPF account, it has been found that employees don't transfer their previous EPF account to the new place of work. In …

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