PF account: Do this work immediately after changing job
PF Account: Along with the happiness of increasing salary, people often ignore an important task, due to which heavy tax can also be imposed.
PF Account Whereas when you start a job, you get a Universal Account Number (UAN) from EPFO.
Your employer then opens a PF account under this UAN and both you and your company contribute to it every month
And when you change jobs, you give your UAN to the new employer, who later opens another PF account under the same UAN.
Due to which the PF contribution of your new employer is credited to this new account. In such a situation, it is very important to merge the old PF account with the new job as well as the new PF account.
It is possible that due to some reasons the amount deposited in the PF account has to be withdrawn.
In this case, according to government rules, if your tenure with a company is less than five years and the total amount deposited in your PF account is less than Rs 50,000
So you are exempted from paying any tax on withdrawal. However, if the amount exceeds Rs.50,000,
So 10 percent TDS will be deducted. On the contrary, if you have completed five years of service then there will be no tax on withdrawal of your PF funds.
If PF accounts are merged then UAN will add all your experience. Wherein if PF accounts are not merged
The experience of each company will be added separately, due to which TDS will also be deducted while withdrawing the money.