Withdrawal of Provident Fund and Pension Fund

[Sonal]

Please tell me how to withdraw of Provident Fund and Pension Fund?

[Expert]

A member is eligible to apply for withdrawing his provident fund and pension fund only after 2 months from the date of resignation, provided that he / she is not employed during the said 2 months.

The member should submit Form 19 to withdraw his provident fund dues on leaving service/retirement/termination.

To claim pension, the member is required to submit Form 10 C.

The member needs to fill in Forms 19 and 10c and get it signed from the previous employer and submit it to the provident fund office (in many cases, the employer will themselves help by submitting the forms).

Normally, it takes about 40 days to have the monies credited to the bank account of the member after submission of the relevant forms.

Taxability: The withdrawals are exempt from tax if the concerned employee has rendered continuous service of more than 5 years. Otherwise, it would be taxable at the applicable slab rates.