How to withdraw funds from my PF corpus

I maintain two Provident Fund (PF) accounts with a niche in between the roles. The first job was from 2015 to 2017 and the second from 2020 to 2021. The purpose for the hole was that the intermediate job didn’t have any provision for the PF because it was below a fellowship. My current job additionally has no provision for PF. Now, I’ve round ₹70,000 in my Universal Account Number (UAN) with two PF accounts. I’ve tried withdrawing the funds a number of occasions however to no avail. What could be one of the simplest ways to withdraw the utmost quantity from it as I need to use this sum to repay my dwelling mortgage instalments. 

Also, since my work retains me making such shifts from fellowships to full-time jobs, what ought to I do in an effort to guarantee a clean transition of my PF account? 

                                              —Vikrant

We perceive that you’ve got contributed in direction of the Employee Provident Fund (EPF) account throughout the interval 2015 to 2017 and 2020 to 2021 with two totally different employers as per the provisions of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. You haven’t transferred the PF accumulations with the primary employer to the second employer. We assume you might be an Indian citizen and your PF account is maintained with the Employees’ Provident Fund Organization (EPFO) and never by means of a personal PF belief of your employer.

As per the provisions of the EPF scheme, put up cessation of employment, a member might withdraw the EPF accumulations from the fund if he/she just isn’t employed at another institution, the place the provisions of EPF is relevant, within the previous two months from the date of constructing withdrawal software. Considering that your current employer just isn’t lined below the provisions of the EPF Act, you might be eligible to withdraw the complete quantity of EPF accumulations.

While submitting the declare kind on-line, among the many different necessities, it’s worthwhile to be certain that the date of exit / cessation of employment is up to date by each the erstwhile employers, KYC paperwork are uploaded and authorised by the employer, Aadhaar quantity is seeded/ linked together with your EPF account, cellular quantity is tagged with the Aadhaar, and so on. In case you continue to face challenges in withdrawal of EPF accumulations by means of the web process, it’s possible you’ll consider visiting the involved EPFO workplace to determine the explanations for rejection.

With respect to your future employment, in case you have an current EPF steadiness out of your earlier employer and your new employer is a lined institution, it’s possible you’ll switch the EPF accumulations to your new employer EPF account. In case your new employer just isn’t a lined institution, it’s possible you’ll select to withdraw the earlier accumulations as mentioned above. To guarantee clean switch / withdrawal of EPF accumulations. it’s worthwhile to be certain that your EPF information and UAN are up to date.

We haven’t commented on the implications below the Income-tax Act of switch/ withdrawal, which can should be individually analysed.

Parizad Sirwalla is accomplice and head, world mobility providers, tax, KPMG in India.

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