PF Withdrawal Consultant Near me

Yes, PF contributions are tax-deductible under Section 80C of the Income Tax Act, 1961.

If salaried persons wish to withdraw their EPF accounts, they have to submit form 19 to their ex-employers, who in turn, have to sign and attest it. To complete the withdrawal procedure, members have to submit various other documents, namely, resignation letter and a cancelled cheque in addition to form 19 to the EPFO.

No, you Can’t. for any others contact PF Withdrawal agents or consultant for advice.

Contact your PF Office to solve this issue

• Aadhaar card copy
• PAN Card copy
• Cancelled Cheque leaf/ bank details
• Form 15-g for above 50k Amount

For Medical Purposes:

• An employee is allowed to withdraw employee’s share with interest or six times the monthly salary (whichever is lower) from the provident fund for the medical treatment purpose.
• It is applicable for medical treatments of self, spouse, children, and parents.
• There is no lock-in period or minimum service period for this type of withdrawal.

For Wedding:

At least 7 years of service is required to be completed to be eligible for pf withdrawal agents

50% of the employee’s contribution with interest can be withdrawn.

An employee can withdraw funds for his own, siblings or child’s marriage

For Renovating and Reconstructing a House :

• The employee can withdraw funds from his EPF account for the purpose of renovation and reconstruction.
• The house should be held in his/her name or held jointly with the spouse
• The employee must complete at least 5 years of total service
• The member can withdraw 12 times his monthly salary from his Provident fund account

For Purchasing or constructing a House:

• The member can withdraw from his employee provident fund for the purpose of purchasing a plot and constructing it.
• The property should be registered in his or her name or held jointly with a spouse.
• An employee should complete a minimum of 5 years of total service.
• 24 times of the monthly salary for purchasing a plot/36 times of the monthly salary for purchasing or constructing a house or the cost of the property or the total of employee’s and his employer’s share along with the interest amount (whichever is less) can be withdrawn.
• Withdrawal is allowed only after completing 5 years of service
• Withdrawal for the purpose of purchasing a plot and constructing it can be done only once in the entire service tenure.

Retirement :

• A person can withdraw his or her entire provident fund corpus after completing 58 years of age.
• The employee is allowed to withdraw up to 90% of the provident fund balance.

Unemployment:

• A person can withdraw 75% of his or her provident fund if he/she is unemployed for more than a month.

EPF Withdrawal Rules before 5 years of Service

EPF withdrawal before 5 years of continuous service attracts TDS on the withdrawal amount. However, if the withdrawal amount is less than ₹ 50,000, no TDS is deducted. In case you want to withdraw your funds before 5 years of service, you should keep the following EPF withdrawal rules in mind:

• As per the latest modification in ITR Forms 2 and 3,  has to provide a detailed breakup of the entire amount deposited in the PF account every year.
• This will help the Income Tax Department to assess whether the withdrawal made by you is taxable or not.
• The department will also check whether additional tax has to be paid by you after revaluation.
• EPF contribution is done in four parts – Employee’s contribution, employer’s contribution and interest on each deposit.
• If the employee has claimed an exemption on EPF contribution for previous years as per Section 80-C, all four parts will be taxable.
• If the employee has not claimed an exemption in the previous year on EPF, the employee’s contribution part will be exempted from tax at the time of withdrawal.
• The tax will depend on the income slab in which the employee fell for that year.
• The tax will be applicable in the year of withdrawal but the consideration will be done for each year.

EPF Withdrawal Rules after Retirement

• As per the EPF Act, when a member retires at the age of 58 years, he has to claim for the final settlement.
• The total PF balance consists of both employees as well as the employer’s contribution.
• The member also becomes eligible for the EPS amount if he has served for a period of more than 10 years in continuation.
• In case the member has not completed 10 years of service at the time of retirement, he can withdraw the complete EPS amount along with his EPF.
• If he completes 10 years of service, the employee gets pension benefits after retirement.
• The withdrawal of the corpus accumulated in the EPF account after retirement is completely tax-free.
• The interest earned on the EPF corpus after retirement is taxable.
• If the member does not withdraw funds for three years after retirement, he will have to pay tax on the interest