Advance PF Withdrawal: The rules of EPFO say that money can be withdrawn from the PF account many times before retirement, but the reason will have to be given for that.
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For example, if there is a marriage of a son or daughter in the house, then you can easily withdraw money from PF but not more than 3 times. We all know that while in job, Advance PF can be withdrawn . But do we know when and how many times we can withdraw. Provident Fund ( PF ) is our future deposits, which by law should be kept in reserve for retirement only.
But what to do when a difficult situation comes on the forehead. For the same time, the rule of advance withdrawal or advance withdrawal of PF has been made. Employees Provident Fund Organization ( EPFO ) helps you in this. All you have to do is to tell the reason for withdrawing money. Only then does the withdrawal process begin. If the job is lost and there is no money in hand, then this can also be a reason for PF withdrawal.
Apart from this, you can withdraw money in advance for marriage, higher education, building a house to live in, purchase of land to build a house, etc. Now it comes to how much money you can withdraw and how many times you can withdraw money.
If you open your PF account on the website of EPFO, then both the company’s money and your deposited money are visible there. That is, the company and your share appear together in the passbook.
EPFO rules
The rules of EPFO clearly state that the reason you choose for withdrawal decides how much money you will get. If for the reason you have chosen unemployment and did not get salary for two consecutive months, then whatever money you have deposited in PF, you can withdraw it. The second reason is natural disaster.
In this, you will get 75% plus interest of the total amount deposited in PF. OR 3 months salary plus DA. Whichever is less of these two, you will get. Exactly the same rule is for advance withdrawal of PF at the time of Kovid-19. PF advance can be withdrawn only once in the name of Covid-19. The question is that you can apply to withdraw money from PF account many times before retirement and how many times you can get money.
EPFO rules say that money can be withdrawn from PF account many times before retirement, but reason has to be given for that. For example, if there is a marriage of a son or daughter in the house, then you can easily withdraw money from PF but not more than 3 times.
When can you withdraw money
If you want, you can withdraw money 3 times for the education of son or daughter after 10th. If you are buying or building a house or land for it, then you can withdraw money just once.
Any number of times you can withdraw money from EPF account for medical emergency before retirement. There is no prohibition in withdrawing money, but you should also take care of its tax rules. If you withdraw PF money before 5 consecutive years of service, then TDS will be deducted at the rate of 10%. This rate is the same as when giving PAN while withdrawing money.
If PAN number is not given then TDS will be deducted at the rate of 30%. If you withdraw PF money after 5 years of continuous service, then no tax will be levied on it. If an employee transfers his EPF money to the National Pension Scheme or NSC, then he will not have to pay any kind of tax.
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