SIDDHARTH KOTHARI (N.A) (280 Points)
26 August 2012HI FRIENDS,
MR.X WORKED FOR 4 YEARS (2007 TO 2011) - SAY IN HSBC -ACCOUMULATED BALANCE IN EPF - 10 LACS
AFTER RESINGING FROM THE HSBC MR.X JOINED BNP PARIBAS.THOUGH THE MR X HAS REQUESTED TO BNP PARIBAS TO COMBINE THE BALANCE OF EPF HSBC WITH THEM ......BNP PARIBAS HAS OPNED THE NEW EPF ACCOUNT.
NOW MR X WANTS TO WITHDRAW THE AMOUNT ACCOUMULATED IN HSBC'S EPF ACCOUNT.
WHETHER THE AMOUNT WITHDRWN BE TAXABLE OR NOT EXPLAIN.........??
THANKS IN ADVANCE
B.SEKAR
(manager-accts.)
(61 Points)
Replied 31 August 2012
Sir,
It is not taxable, I think so. Because expainable with an illsutration. Rs.50000/- is the gross salary and EPF @ 12% will be Rs.6000/-. Rs.50000/- is taken as taxable Income and This Rs.6000/- will be taken as deduction for income. you are going to w/d the money from employees provident fund. Then how t is taxable. Ok if it is wrong, leave a letter / message to me. please. I will correct myself. B.SEKAR>>>>>>>
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 31 August 2012
submit form 13 duly signed from HSBC to EPF office of BNP paribas to effect the transfer, once transferred its your money.
BNP paribas can not ask by self to hsbc or pf office to merge your account, unless you submit form 13 to BNP or PF office of BNP
as its only 4 years , 5th year is still due and it may get subject to TDS ( pf accounts below 5 years are subjected to TDS)
B.SEKAR
(manager-accts.)
(61 Points)
Replied 01 September 2012
Mr. Sharma, thanks for the infn. But I would like to add something. The above person who has claimed in 80c deduction, should be taxed. i.e. only employer's portion and not employee portion and Interst for pf amount. This is what I heard. correct me if it is worng. The question of form 13 arises, when the new company is not opened new PF a/c. He has to obtain the signature in the old company and that should be given to the new company. In the old company PF a/c no: it self, the pf will be remitted / accumalated by the new company deduction. >>>>>>>>>>sekar>> bala7123 @ dataone.in>>>>>>>>>Deduction of TDS is compulsory if not, the person has to pay tax.
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