Employee Provident Fund

- As service rendered to the last employer was less than 5 years and the old PF amount was not transferred to the PF A/c of last employer therefore it is taxable 

Hi,

The PF amount received is fully taxable since the old PF account has not been transferred to the previous employer and therefore the total period of the service rendered can not be said to be 5 years or more.

So you are not eligible to claim any refund of tax deducted on the PF amount. 

Hello,

In your case, it appears that the total period of service recorded in your current PF account is less than 5 years, and you did not transfer your previous PF balance to the current PF account. As a result, TDS (Tax Deducted at Source) was deducted when you applied for a full PF withdrawal (Form-19 and 10C).

Since the service rendered to your last employer, as reflected in your current PF account, was less than 5 years, and the old PF amount was not transferred to the PF account of your last employer, the PF amount you received is considered fully taxable. Unfortunately, you may not be eligible to claim a refund of the tax deducted on the PF amount, as the total period of service cannot be considered as 5 years or more in this scenario.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

hi sorry i dont have expertise on this subject

Only Individual, HUF, partnership firm (not LLP) can avail the benefit of presumptive taxation scheme. You can incorporate OPC in Jan. 2024

For detailed discussion you may opt for phone consultation

Yes you can still opt for presumptive taxation. It is better to register OPC in April but you should start process in March as it takes time to incorporate company