PF and pension amount premature withdrawal
September 25, 2009
HI,
I worked in an organization for 4 yrs and 10 months. I then quit and currently do not work. I opted for withdrawal of my PF. Since I did not complete 5 yrs of continuous service 30.9% tax was levied on my net balance PF amount. The amount deposited to my account was after withhelding this tax amount. Also it was informed that 8.33% of employer PF is paid towards pension scheme. I would like to know
1) Is 30.9% tax applied on the net balance amount ie. both the employee and employer PF contribution or is it on the employee interest and the employer contribution amount?
2) Is there any way we can claim this amount?
3) What is the eligibility to get the pension fund amount?
I worked in an organization for 4 yrs and 10 months. I then quit and currently do not work. I opted for withdrawal of my PF. Since I did not complete 5 yrs of continuous service 30.9% tax was levied on my net balance PF amount. The amount deposited to my account was after withhelding this tax amount. Also it was informed that 8.33% of employer PF is paid towards pension scheme. I would like to know
1) Is 30.9% tax applied on the net balance amount ie. both the employee and employer PF contribution or is it on the employee interest and the employer contribution amount?
2) Is there any way we can claim this amount?
3) What is the eligibility to get the pension fund amount?
Kindly clarify
Thanks.
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