Skip to content
  • Friday, June 13, 2025
  • Contact-Us
  • Terms and Conditions
  • Privacy Policy for Bharat Times
Bharat Times

Bharat Times

  • Home
  • Top Stories
  • Nation
    • Defence
  • World
  • Hollywood
  • Business
    • Features
      • Mutual Funds
      • Markets
      • Most Read
      • Insurance
      • Money
  • Politics
    • Elections
  • Economy
  • Events
    • Off Beat
    • Life And Style
    • Entertainment
  • Governance
    • Hindi
  • Opinion
    • Indian Abroad
    • South
  • More
    • Education
    • Astrology
    • News
    • Health
    • In Pictures
    • Judiciary
    • Science
    • Tech
    • Sport
  • Home
  • Money
  • How to transfer pf fund to new account
Money

How to transfer pf fund to new account

July 3, 2022
Sezarr

After working for three and a half years, I joined a new company in early 2020. Earlier, my provident fund (PF) contribution was deposited with a private trust of the previous company. After joining the new company, I was unable to transfer the amount deposited in my previous PF account to the new account. So, I have applied to withdraw funds from previous PF account. What are the tax implications?

– Yogesh Chandrashekhar

As per the facts of your case, we understand that you have invoked the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (‘EPF Proceedings’). Also, you are not able to transfer the PF accumulated balance in your PF account with the new employer being created with the Employees’ Provident Fund Organization (EPFO).

In accordance with the provisions of Rule 8 of Part A of the Fourth Schedule to the Income-tax Act, 1961, the accumulated balance due and to be payable to an employee participating in a recognized PF shall be excluded from computing his total income-

(i) if he has rendered continuous service with his employer for a period of five years or more, or

(ii) if the service is terminated by reason of ill health of the employee, or for the contraction or closure of the business of the employer or for other reasons beyond the control of the employee, or

(iii) if, on termination of employment, the employee takes up employment with another employer, the accumulated balance due and to be payable shall be transferred to his personal account in any recognized provident fund maintained by the new employer goes; either

(iv) If the entire balance credited to the employee’s account is transferred to his NPS account.

Also, please note that as per the provisions of the EPF Scheme, after the termination of employment, if a member is not employed in any other establishment (to which the provision of the EPF Act applies), he shall withdraw the EPF deposit from the fund. can remove. In the last two months from the date of applying for refund. However, since you have already started a new employment, you will not be eligible to withdraw the PF accumulation anyway and you can get the PF accumulation transferred under the new employer.

Since your period of service and contribution with erstwhile employer is less than five years and your case does not fall under any other prescribed scenario under Rule 8 mentioned above, the accumulated balance in your PF Trust will be treated as withdrawal of your Taxable in hand. Hence, it is advisable to transfer the balance amount along with the PF Trust to the new employer.

Please note that there is a process of transfer of funds from private trust to Regional Provident Fund Commissioner which needs to be evaluated.

Parizad Sirwalla is Partner and Head, Global Mobility Services, Tax, KPMG in India.

subscribe to mint newspaper

, Enter a valid email

, Thank you for subscribing to our newsletter!

first article

Tags: EPFO, income tax act, personal Finance, pf account, PF Fund

Post navigation

Eknath Shinde government’s score big in speaker election, facing floor test on Monday. 10 points
Part of alpine glacier splits off, killing at least 6 hikers – Times of India

Recent post

Top Stories

Access Denied

June 13, 2025
News

Netizens claim major internet outage caused by cyberattack, all details on Cloudfare, GCP and AWS downtime here | Today News

June 13, 2025
World

Access Denied

June 13, 2025
Mutual Funds

Adobe Gives Sales Outlook That Fails to Convince AI Skeptics | Company Business News

June 13, 2025

You may Missed

Entertainment

Karnataka govt. plans annual art contest for students, general public in Bengaluru

June 12, 2025
Entertainment

Access Denied

June 12, 2025
Entertainment

Salil Chowdhury’s music was high on melody and reflected his socio-political ideologies too

June 12, 2025
Entertainment

Janhvi Kapoor to Sunny Deol, celebs react to Air India Flight AI 171 crash near Ahmedabad airport

June 12, 2025

About us

BHARAT TIMES is an independent News Website bringing you comprehensive and unbiased news of the country and around the world. It offers round-the-clock coverage of the latest news covering day-to-day happenings, politics, the entertainment industry, social media, business, health, tech, and many more.

With its tagline “Sach Ke Sath”, BHARAT TIMES aims to keep its followers informed while staying on the path of Truth.
Stay Tuned!

Visit

  1. Entertainment
  2. SEO TOOLS
  3. World News
  4. Hindi News
  5. English News
  6. Latest News
  7. Daily Updates

Menu

  • Contact-Us
  • Terms and Conditions
  • Privacy Policy for Bharat Times

Recent Post

Top Stories

Access Denied

June 13, 2025
News

Netizens claim major internet outage caused by cyberattack, all details on Cloudfare, GCP and AWS downtime here | Today News

June 13, 2025
World

Access Denied

June 13, 2025
Mutual Funds

Adobe Gives Sales Outlook That Fails to Convince AI Skeptics | Company Business News

June 13, 2025
Copyright © 2025 Bharat Times
Theme by: Theme Horse
Proudly Powered by: WordPress