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PF Withdraw

Muni Sammy
Ranch Hand

Joined: May 24, 2008
Posts: 80
My Friend want to withdraw the his PF account money for his personal use, may i know how can we withdraw the money from that account ?

is there any way to check the current balance in the PF account online ?
Sree Chinna
Ranch Hand

Joined: Jul 15, 2008
Posts: 42
Originally posted by Muni Sammy:
My Friend want to withdraw the his PF account money for his personal use, may i know how can we withdraw the money from that account ?

is there any way to check the current balance in the PF account online ?

AFAIK PF can be withdrawn only if he is jobless for 2 months or more. There are other reasons also but if he is switching job in India, he cannot withdraw
Muni Sammy
Ranch Hand

Joined: May 24, 2008
Posts: 80
then what is the process of withdraw ?
Sunit Gupta
Ranch Hand

Joined: Jul 21, 2008
Posts: 44
AFAIK PF can be withdrawn only if he is jobless for 2 months or more


As far as I know, there's no rule like that, you can withdraw the PF after 2-3 months of leaving the company.

There's however a glitch these days, you need to acquire a nation wide common PF identification number from EPFO India (which will now be common across all states) without which PF withdrawal will not be possible.
Ashu Upadhyaya
Greenhorn

Joined: Sep 27, 2005
Posts: 19
There is an excellent article on rediff - http://www.rediff.com/money/2008/jun/13pf.htm. Do read the comments posted by readers.


One can withdraw money within few months of leaving company. But if you withdraw before 5-yrs then tax will be deducted. my brother got a paltry sum (partial) after three years due to taxes. also you wont get all the money in one go & that too after a long hiatus after your appl for withdrawl!
Shiv Sidhaarth
Ranch Hand

Joined: Aug 06, 2001
Posts: 119
Tax deduction applies if it is 5 years from the date of leaving the organization or date of joining organization???
Ashu Upadhyaya
Greenhorn

Joined: Sep 27, 2005
Posts: 19
Originally posted by Shiv Sidhaarth:
Tax deduction applies if it is 5 years from the date of leaving the organization or date of joining organization???


5-yrs from the date when EPF account was opened irrespective of how many companies one left or joined in between.
Muni Sammy
Ranch Hand

Joined: May 24, 2008
Posts: 80
My PF belongs to Mumbai, may i know how can i see the remaining balance ?
Muni Sammy
Ranch Hand

Joined: May 24, 2008
Posts: 80
Will the company contribution of PF amount which is deposited in the bank will come user our income when we file the Tax ?

will that come under my Investment Amount, for Example if my basic is 100 and my PF will be Rs 12 like the same company will also deposit another Rs 12.

So in my Inversement can i show that Rs 24 or only Rs 12 which i contributed.

any thoughts
Pradeep bhatt
Ranch Hand

Joined: Feb 27, 2002
Posts: 8919

Originally posted by Muni Sammy:
Will the company contribution of PF amount which is deposited in the bank will come user our income when we file the Tax ?

will that come under my Investment Amount, for Example if my basic is 100 and my PF will be Rs 12 like the same company will also deposit another Rs 12.

So in my Inversement can i show that Rs 24 or only Rs 12 which i contributed.

any thoughts


It is your contribution which can be considered under section 80 c. So it will be Rs.12.00


Groovy
Pradeep bhatt
Ranch Hand

Joined: Feb 27, 2002
Posts: 8919

Originally posted by Muni Sammy:
My PF belongs to Mumbai, may i know how can i see the remaining balance ?


Sir,
Please talk your finance/accounts department. They will tell you.
 
I agree. Here's the link: http://aspose.com/file-tools
 
subject: PF Withdraw